![Zhirong Ou BSc, MSc, PhD, FHEA](https://profiles-cardiff.imgix.net/attachments/1373?w=200&h=200&auto=format&crop=faces&fit=crop&q=90")
Zhirong Ou
BSc, MSc, PhD, FHEA
- Available for postgraduate supervision
Teams and roles for Zhirong Ou
Director of Undergraduate Studies, Reader in Economics
Overview
I am the Director of Undergraduate Studies of the Business School and a Reader in Economics.
I am an applied macroeconomist. My research focuses on the application of dynamic stochastic general equilibrium (DSGE) models to policy questions.
I teach Year 2 Introductory Econometrics, and supervise both MSc dissertations and PhD theses.
I previously held the position of the Academic Lead for International Exchange (Program Director), and chaired the Exchange Student Examination Board and co-chaired the Intercalary Year Examination Board between 2019 and 2022.
I also serve as an External Examiner for the Imperial College.
Publication
2025
- Liu, C., Minford, P. and Ou, Z. 2025. Can Modern Monetary Theory fit the post-Crisis US facts? Evidence from a full DSGE model. International Journal of Finance and Economics 30(1), pp. 983-1006. (10.1002/ijfe.2955)
2024
- Liu, C. and Ou, Z. 2024. Has fiscal expansion inflated house prices in China? Evidence from an estimated DSGE model. International Review of Economics and Finance 96(Part A), article number: 103541. (10.1016/j.iref.2024.103541)
- Minford, P., Ou, Z. and Zhu, Z. 2024. Testing for consumer risk-pooling in the open economy - further results. Open Economies Review (10.1007/s11079-024-09782-5)
2022
- Minford, P., Ou, Z., Wickens, M. and Zhu, Z. 2022. The eurozone: what is to be done to maintain macro and financial stability?. Journal of Financial Stability 63, article number: 101064. (10.1016/j.jfs.2022.101064)
- Ou, Z. 2022. China property crisis: why the housing market is collapsing – and the risks to the wider economy. The Conversation 2022, article number: 23 August.
- Liu, C. and Ou, Z. 2022. Revisiting the determinants of house prices in China's megacities: cross-sectional heterogeneity, interdependencies and spillovers. Manchester School 90(3), pp. 255-277. (10.1111/manc.12397)
- Minford, P., Ou, Z. and Zhu, Z. 2022. Is there consumer risk-pooling in the open economy? The evidence reconsidered. Open Economies Review 33, pp. 109-120. (10.1007/s11079-021-09622-w)
2021
- Liu, C. and Ou, Z. 2021. What determines China's housing price dynamics? New evidence from a DSGE-VAR. International Journal of Finance and Economics 26(3), pp. 3269-3305. (10.1002/ijfe.1962)
- Minford, A., Ou, Z. and Zhu, Z. 2021. Can a small New Keynesian model of the world economy with risk-pooling match the facts?. International Journal of Finance and Economics 26(2), pp. 1993-2021. (10.1002/ijfe.1890)
- Cao, Z. and Ou, Z. 2021. On potential debt monetisation for China’s post-Covid recovery: what can we learn from the past?. Economic Issues 26(2), pp. 39-56.
2020
- Gai, Y., Minford, P. and Ou, Z. 2020. Is housing collateral important to the business cycle? Evidence from China. Journal of International Money and Finance 109, article number: 102216. (10.1016/j.jimonfin.2020.102216)
- Ou, Z., Zeng, F. and Zhan, X. 2020. Does public spending structure affect the efficiency of spending? Evidence from a panel tobit model for Chinese provinces. International Journal of Management,Economics and Social Scienes 9(3), pp. 206-223. (10.32327/IJMESS/9.3.2020.11)
2019
- Haider, J., Ou, Z. and Pettit, S. 2019. Predicting corporate failure for listed shipping companies. Maritime Economics & Logistics 21(3), pp. 415-438. (10.1057/s41278-018-0101-4)
2016
- Fan, J., Minford, A. P. L. and Ou, Z. 2016. The role of fiscal policy in Britain's Great Inflation. Economic Modelling 58, pp. 203-218. (10.1016/j.econmod.2016.05.027)
2015
- Minford, A. P. L., Ou, Z. and Wickens, M. 2015. Revisiting the Great Moderation: policy or luck?. Open Economies Review 26(2), pp. 197-223. (10.1007/s11079-014-9319-7)
- Haider, J., Ou, Z. and Pettit, S. J. 2015. Predicting corporate failure for shipping companies. Presented at: International Association of Maritime Economists Conference, Kuala Lumpur, 24 - 26 August 2015.
- Haider, J., Ou, Z. and Pettit, S. 2015. Analysing risk in ship finance. Presented at: International Symposium on Logistics 2015, Bologna, Italy, 7 - 8 July 2015.
2013
- Fan, J., Minford, P. and Ou, Z. 2013. The Fiscal Theory of the Price Level: identification and testing for the UK in the 1970s. Working paper. Cardiff: Cardiff University.
- Minford, P., Ou, Z. and Wickens, M. 2013. Revisiting the Great Moderation using the method of Indirect Inference. Working paper. Cardiff: Cardiff University.
- Le, V. P. M., Meenagh, D., Minford, P. and Ou, Z. 2013. What causes banking crises? An empirical investigation for the world economy. Working paper. Cardiff: Cardiff University.
- Le, V. P. M., Meenagh, D., Minford, A. P. L. and Ou, Z. 2013. What causes banking crises? an empirical investigation for the world economy. Open Economies Review 24(4), pp. 581-611. (10.1007/s11079-013-9274-8)
- Minford, A. P. L. and Ou, Z. 2013. Taylor rule or optimal timeless policy? Reconsidering the Fed's behavior since 1982. Economic Modelling 32, pp. 113-123. (10.1016/j.econmod.2013.01.029)
2011
- Ou, Z. 2011. US post-war monetary policy and the Great Moderation: was the Fed doing a good job?. PhD Thesis, Cardiff University.
2010
- Minford, P. and Ou, Z. 2010. US post-war monetary policy: What caused the Great Moderation?. Working paper. Cardiff: Cardiff University.
- Minford, P. and Ou, Z. 2010. Taylor rule or optimal timeless policy? Reconsidering the Fed’s behaviour since 1982. Working paper. Cardiff: Cardiff University.
Articles
- Liu, C., Minford, P. and Ou, Z. 2025. Can Modern Monetary Theory fit the post-Crisis US facts? Evidence from a full DSGE model. International Journal of Finance and Economics 30(1), pp. 983-1006. (10.1002/ijfe.2955)
- Liu, C. and Ou, Z. 2024. Has fiscal expansion inflated house prices in China? Evidence from an estimated DSGE model. International Review of Economics and Finance 96(Part A), article number: 103541. (10.1016/j.iref.2024.103541)
- Minford, P., Ou, Z. and Zhu, Z. 2024. Testing for consumer risk-pooling in the open economy - further results. Open Economies Review (10.1007/s11079-024-09782-5)
- Minford, P., Ou, Z., Wickens, M. and Zhu, Z. 2022. The eurozone: what is to be done to maintain macro and financial stability?. Journal of Financial Stability 63, article number: 101064. (10.1016/j.jfs.2022.101064)
- Ou, Z. 2022. China property crisis: why the housing market is collapsing – and the risks to the wider economy. The Conversation 2022, article number: 23 August.
- Liu, C. and Ou, Z. 2022. Revisiting the determinants of house prices in China's megacities: cross-sectional heterogeneity, interdependencies and spillovers. Manchester School 90(3), pp. 255-277. (10.1111/manc.12397)
- Minford, P., Ou, Z. and Zhu, Z. 2022. Is there consumer risk-pooling in the open economy? The evidence reconsidered. Open Economies Review 33, pp. 109-120. (10.1007/s11079-021-09622-w)
- Liu, C. and Ou, Z. 2021. What determines China's housing price dynamics? New evidence from a DSGE-VAR. International Journal of Finance and Economics 26(3), pp. 3269-3305. (10.1002/ijfe.1962)
- Minford, A., Ou, Z. and Zhu, Z. 2021. Can a small New Keynesian model of the world economy with risk-pooling match the facts?. International Journal of Finance and Economics 26(2), pp. 1993-2021. (10.1002/ijfe.1890)
- Cao, Z. and Ou, Z. 2021. On potential debt monetisation for China’s post-Covid recovery: what can we learn from the past?. Economic Issues 26(2), pp. 39-56.
- Gai, Y., Minford, P. and Ou, Z. 2020. Is housing collateral important to the business cycle? Evidence from China. Journal of International Money and Finance 109, article number: 102216. (10.1016/j.jimonfin.2020.102216)
- Ou, Z., Zeng, F. and Zhan, X. 2020. Does public spending structure affect the efficiency of spending? Evidence from a panel tobit model for Chinese provinces. International Journal of Management,Economics and Social Scienes 9(3), pp. 206-223. (10.32327/IJMESS/9.3.2020.11)
- Haider, J., Ou, Z. and Pettit, S. 2019. Predicting corporate failure for listed shipping companies. Maritime Economics & Logistics 21(3), pp. 415-438. (10.1057/s41278-018-0101-4)
- Fan, J., Minford, A. P. L. and Ou, Z. 2016. The role of fiscal policy in Britain's Great Inflation. Economic Modelling 58, pp. 203-218. (10.1016/j.econmod.2016.05.027)
- Minford, A. P. L., Ou, Z. and Wickens, M. 2015. Revisiting the Great Moderation: policy or luck?. Open Economies Review 26(2), pp. 197-223. (10.1007/s11079-014-9319-7)
- Le, V. P. M., Meenagh, D., Minford, A. P. L. and Ou, Z. 2013. What causes banking crises? an empirical investigation for the world economy. Open Economies Review 24(4), pp. 581-611. (10.1007/s11079-013-9274-8)
- Minford, A. P. L. and Ou, Z. 2013. Taylor rule or optimal timeless policy? Reconsidering the Fed's behavior since 1982. Economic Modelling 32, pp. 113-123. (10.1016/j.econmod.2013.01.029)
Conferences
- Haider, J., Ou, Z. and Pettit, S. J. 2015. Predicting corporate failure for shipping companies. Presented at: International Association of Maritime Economists Conference, Kuala Lumpur, 24 - 26 August 2015.
- Haider, J., Ou, Z. and Pettit, S. 2015. Analysing risk in ship finance. Presented at: International Symposium on Logistics 2015, Bologna, Italy, 7 - 8 July 2015.
Monographs
- Fan, J., Minford, P. and Ou, Z. 2013. The Fiscal Theory of the Price Level: identification and testing for the UK in the 1970s. Working paper. Cardiff: Cardiff University.
- Minford, P., Ou, Z. and Wickens, M. 2013. Revisiting the Great Moderation using the method of Indirect Inference. Working paper. Cardiff: Cardiff University.
- Le, V. P. M., Meenagh, D., Minford, P. and Ou, Z. 2013. What causes banking crises? An empirical investigation for the world economy. Working paper. Cardiff: Cardiff University.
- Minford, P. and Ou, Z. 2010. US post-war monetary policy: What caused the Great Moderation?. Working paper. Cardiff: Cardiff University.
- Minford, P. and Ou, Z. 2010. Taylor rule or optimal timeless policy? Reconsidering the Fed’s behaviour since 1982. Working paper. Cardiff: Cardiff University.
Thesis
- Ou, Z. 2011. US post-war monetary policy and the Great Moderation: was the Fed doing a good job?. PhD Thesis, Cardiff University.
- Liu, C. and Ou, Z. 2021. What determines China's housing price dynamics? New evidence from a DSGE-VAR. International Journal of Finance and Economics 26(3), pp. 3269-3305. (10.1002/ijfe.1962)
- Minford, A., Ou, Z. and Zhu, Z. 2021. Can a small New Keynesian model of the world economy with risk-pooling match the facts?. International Journal of Finance and Economics 26(2), pp. 1993-2021. (10.1002/ijfe.1890)
- Gai, Y., Minford, P. and Ou, Z. 2020. Is housing collateral important to the business cycle? Evidence from China. Journal of International Money and Finance 109, article number: 102216. (10.1016/j.jimonfin.2020.102216)
Research
Research and PhD supervision interests
- DSGE modelling
- Monetary economics and related fields in applied macroeconomics
- The Chinese economy
Teaching
Introductory Econometrics (Year 2)
Biography
I have been employed by the University since 2011, after I graduated from Cardiff University (PhD in Applied Macroeconomics, 2011; MSc in International Economics, Banking & Finance (with Distinction), 2006).
Supervisions
- DSGE modelling
- Monetary economics and related fields in applied macroeconomics
- The Chinese economy (Business cycle; house prices)
Current supervision
Contact Details
OuZ@cardiff.ac.uk
+44 29208 75190
Aberconway Building, Room B14, Colum Road, Cathays, Cardiff, CF10 3EU
+44 29208 75190
Aberconway Building, Room B14, Colum Road, Cathays, Cardiff, CF10 3EU