Zhu Wang is a Senior Economist in the Payments System function of the Economic Research Department at the Federal Reserve Bank of Kansas City.

Zhu received his Ph.D. in economics from the University of Chicago, and joined the Federal Reserve in July 2004. His research interests include applied macroeconomics; industrial organization and dynamics; innovation and entrepreneurship; banking, credit and payments system.

Publications in journals and books

"Market Structure and Payment Card Pricing: What Drives the Interchange?" International Journal of Industrial Organization, forthcoming.

"Income Distribution, Market Size and the Evolution of Industry," Review of Economic Dynamics, 2008, 11(3), 542-565.

"Technological Innovation and Market Turbulence: The Dot-com Experience," Review of Economic Dynamics, 2007, 10 (1), 78-105.

"Nonbanks and Risk in Retail Payments: EU and US," joint with ECB and KC Fed staff, Managing Information Risk and the Economics of Security, Eric M. Johnson, ed., Springer Publishing, 2008.

Federal Reserve Bank of Kansas City Economic Review articles

"Nonbanks in the Payments System: Innovation, Competition, and Risk - A Conference Summary," with Richard J. Sullivan, Third Quarter 2007. (Summary | Article PDF 109K)

Federal Reserve Bank of Kansas City Working Papers

"Spin-offs: Theory and Evidence from the Early U.S. Automobile Industry," with Luis Cabral, RWP 08-15. (PDF, 1,104K)

"Product Innovation and Network Survival in the U.S. ATM and Debit Card Industry," with Fumiko Hayashi, RWP 08-14. (PDF, 470K)

"Why Do Card Issuers Charge Proportional Fees?" with Oz Shy, RWP 08-13. (PDF, 413K)

"The Economics of Two-Sided Payment Card Markets: Pricing, Adoption and Usage," with James McAndrews, RWP 08-12. (PDF, 838K)

"Market Structure and Payment Card Pricing: What Drives the Interchange?" 2009. (PDF, 1,783K)

"Internet Banking: An Exploration in Technology Diffusion and Impact," with Richard J. Sullivan, 2008. (PDF, 418K)

"Income Distribution, Market Size and the Evolution of Industry," 2007. (PDF, 2,151K)

"Technological Innovation and Market Turbulence: The Dot-com Experience," 2006. (PDF,1,141K)

Other Federal Reserve Bank of Kansas City publications

"Online Banking Comes of Age," Ten Newsletter Article, January 2006, (PDF 179K)

Work in progress

"Network Effects and Geographic Concentration of Industry," with Luis Cabral and Yi Xu, NYU, 2009.

"Industry Concentration and Credit Card Puzzles," with Jean-Charles Rochet, U of Toulouse, 2009.

Biography	Research Working Papers
Curriculum Vitae (PDF)	Economic Review articles
Publications in journals and books	Other publications
	Work in progress