Hello!
I will join the University of Bern as a postdoctoral researcher in August 2026.

Research Interests
Macroeconomics, Financial and Monetary Economics, Market Microstructure

[CV]

Email: zqiao7@wisc.edu

Dissertation: Three Chapters on Markets with Frictions

• Market Liquidity and Inventory Cycles
• Endogenous Bargaining in Directed Search
• Pricing and Matching with Coordination and Information Frictions

Working Paper

• Intermediation with Imperfect Credit, with Grace Xun Gong, Yuet-Yee Wong and Randall Wright (under review)

Peer-reviewed Publications

• Revisiting the Rubinstein-Wolinsky Model of Middlemen, with Grace Xun Gong and Randall Wright, Journal of Economic Behavior & Organization, Vol. 240 (2025), 107345. [WP version]

• Middlemen in Search Equilibrium: A Survey, with Grace Xun Gong and Randall Wright, Elements in Money and Banking, edited by Chao Gu and Joseph Haslag, Cambridge University Press, 2026. [NBER WP] [online bibliography]

Work in Progress

• Pricing and Matching with Frictions and Heterogeneity, with Peter Norman and Randall Wright

• Open Banking: Inclusion, Pricing and Efficiency, with Yuteng Cheng and Kee-Youn Kang