Juniorprofessor Qizhou Xiong, Ph.D.

Juniorprofessor Qizhou Xiong, Ph.D.
Aktuelle Position

seit 11/15


Otto-von-Guericke-Universität, Magdeburg

seit 8/15

Leiter der Forschungsgruppe Dynamische diskrete Entscheidungen von Individuen

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)


  • Haushaltsfinanzen
  • dynamische Discrete-Choice-Modelle
  • empirische Arbeitsmarktökonomik
  • Finanzmarkt

Qizhou Xiong ist seit November 2015 Juniorprofessor an der Otto-von-Guericke-Universität Magdeburg und seit August 2015 Mitglied der Abteilung Finanzmärkte am IWH. Er forscht zu den Themen angewandte Mikroökonometrie, Haushaltsfinanzen, Wohnungsmarkt und Arbeitsmarktökonomik.

Qizhou Xiong absolvierte seinen Bachelor an der Peking University. Sowohl den Master als auch die Promotion schloss er an der Toulouse School of Economics in Frankreich ab. Bevor er zum IWH kam, unterrichtete er an der Toulouse School of Economics.

Ihr Kontakt

Juniorprofessor Qizhou Xiong, Ph.D.
Juniorprofessor Qizhou Xiong, Ph.D.
Mitglied - Abteilung Finanzmärkte
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College Choice, Selection and Allocation Mechanisms: A Structural Empirical Analysis

J.-R. Carvalho T. Magnac Qizhou Xiong

in: Quantitative Economics, im Erscheinen


We use rich microeconomic data on performance and choices of students at college entry to analyze interactions between the selection mechanism, eliciting college preferences through exams, and the allocation mechanism. We set up a framework in which success probabilities and student preferences are shown to be identified from data on their choices and their exam grades under exclusion restrictions and support conditions. The counterfactuals we consider balance the severity of congestion and the quality of the match between schools and students. Moving to deferred acceptance or inverting the timing of choices and exams are shown to increase welfare. Redistribution among students and among schools is also sizeable in all counterfactual experiments.

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Housing Consumption and Macroprudential Policies in Europe: An Ex Ante Evaluation

Qizhou Xiong Antonios Mavropoulos

in: IWH-Diskussionspapiere, Nr. 17, 2018


In this paper, we use the panel of the first two waves of the Household Finance and Consumption Survey by the European Central Bank to study housing demand of European households and evaluate potential housing market regulations in the post-crisis era. We provide a comprehensive account of the housing decisions of European households between 2010 and 2014, and structurally estimate the housing preference of a simple life-cycle housing choice model. We then evaluate the effect of a tighter LTV/LTI regulation via counter-factual simulations. We find that those regulations limit homeownership and wealth accumulation, reduces housing consumption but may be welfare improving for the young households.

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The Liquidity Premium of Safe Assets: The Role of Government Debt Supply

Qizhou Xiong

in: IWH-Diskussionspapiere, Nr. 11, 2017


The persistent premium of government debt attributes to two main reasons: absolute nominal safety and liquidity. This paper employs two types of measures of government debt supply to disentangle the safety and liquidity part of the premium. The empirical evidence shows that, after controlling for the opportunity cost of money, the quantitative impact of total government debt-to-GDP ratio is still significant and negative, which is consistent with the theoretical predictions of the CAPM with utility surplus of holding convenience assets. The relative availability measure, the ratio of total government liability to all sector total liability, separates the liquidity premium from the safety premium and has a negative impact too. Both theoretical and empirical results suggest that the substitutability between government debt and private safe assets dictates the quantitative impact of the government debt supply.

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Censored Fractional Response Model: Estimating Heterogeneous Relative Risk Aversion of European Households

Qizhou Xiong

in: IWH-Diskussionspapiere, Nr. 11, 2015


This paper estimates relative risk aversion using the observed shares of risky assets and characteristics of households from the Household Finance and Consumption Survey of the European Central Bank. Given that the risky share is a fractional response variable belonging to [0, 1], this paper proposes a censored fractional response estimation method using extremal quantiles to approximate the censoring thresholds. Considering that participation in risky asset markets is costly, I estimate both the heterogeneous relative risk aversion and participation cost using a working sample that includes both risky asset holders and non-risky asset holders by treating the zero risky share as the result of heterogeneous self-censoring. Estimation results show lower participation costs and higher relative risk aversion than what was previously estimated. The estimated median relative risk aversions of eight European countries range from 4.6 to 13.6. However, the results are sensitive to households’ perception of the risky asset market return and volatility.

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