Staff Economists


Zhu Wang

headshot of Zhu Wang

My research interests include macroeconomics, industry dynamics and productivity, banking, payments and financial systems.


Professional Experience

Zhu Wang is a senior economist in the Research Department. His research has been published in several economic journals, including the American Economic Review, the Review of Economic Dynamics, and the International Journal of Industrial Organization.

Prior to joining the Richmond Fed in June 2011, Wang worked as a senior economist in the Research Department of the Federal Reserve Bank of Kansas City.


Ph.D., University of Chicago, 2004
M.A., Rutgers University, 1999
B.A., Beijing University (China), 1996

Curriculum vitae

"Why Do Payment Card Networks Charge Proportional Fees?" (with Oz Shy). American Economic Review 101, no. 4 (June 2011): 1575-1590.

"Market Structure and Payment Card Pricing: What Drives the Interchange?" International Journal of Industrial Organization 28, no. 1 (January 2010): 86-98.

"Income Distribution, Market Size and the Evolution of Industry." Review of Economic Dynamics 11, no. 3 (July 2008): 542-565.

"Technological Innovation and Market Turbulence: The Dot-com Experience." Review of Economic Dynamics 10, no. 1 (January 2007): 78-105.

Contact Us


Zhu Wang
(804) 697-8247