Anthony Lee Zhang


I'm an assistant professor of finance at the UChicago Booth School of Business. My research covers topics such as banking and financial intermediation, household finance, money markets, housing markets, and crypto/DeFi. My CV is here. You can reach me at, or DM me on Twitter or Wechat.

If you're an undergrad or grad student at UChicago, I'm also occasionally hiring for part-time RA work. Shoot me an email if you're interested!

Working papers

Concentration in Product Markets, with Lanier Benkard and Ali Yurukoglu, April 2021
Media: The Times, NBER Digest

The Bank Churn Channel, with Erica Jiang, July 2021

Competition and Selection in Credit Markets, with Constantine Yannelis, August 2021

Monetary Policy Transmission in Segmented Markets, with Jens Eisenschmidt and Yiming Ma, October 2021
Media: ECB

Competition and Manipulation in Derivative Contract Markets, September 2021. R&R, Journal of Financial Economics.

Quantifying Bargaining Power Under Incomplete Information: A Supply-Side Analysis of the Used-Car Industry, with Brad Larsen, August 2021
Subsumes some material from A Mechanism Design Approach to Identification and Estimation.

Intermediaries in Bargaining: Evidence from Business-to-Business Used-Car Inventory Negotiations, with Carol Lu and Brad Larsen, August 2021
Media: CEC

Liquidity in Residential Real Estate Markets, with Nadia Kotova, April 2021. R&R, Review of Financial Studies.
Video presentation (AREUEA Virtual Seminar 2020).

Subsidy Schemes in Double Auctions, with Daniel Chen, December 2020


Depreciating Licenses, with Glen Weyl, June 2021. Forthcoming, AEJ: Economic Policy.

Short papers

Redesigning Spectrum Licenses, with Paul Milgrom and Glen Weyl, Regulation, 2017, 40(3): 22–26.

Implementability, Walrasian Equilibria, and Efficient Matchings, with Piotr Dworczak, Economics Letters, 2017, 153 pp. 57–60.



Miscellaneous writing

Notes and derivations


Grad school advice, etc.

My Medium