Dora Xia

Dora Xia

Principal Economist
Monetary and Economic Department, Economics and Financial Markets for Asia and the Pacific
dora.xia@bis.org

Dora Xia joined the BIS in 2016 after working two years for Merrill Lynch Global Rates and Currencies Research as a strategist. Her work focuses mainly on the impact of monetary policy on financial marekts. Her papers on shadow interest rates have been widely referenced and discussed by policymakers, academia and practitioners, and have become a benchmark for measuring the monetary policy stance during the zero lower bound. She also works on topics related to monetary policy spillovers and central bank communications. Dora holds an MSc in physics and a PhD in economics from the University of California, San Diego.

Fields of interest
  • Financial markets
  • Monetary policy
  • Econometrics

All BIS publications (30)

BIS Working Paper No 1009 21 Mar 2022
Quantitative forward guidance through interest rate projections
We assess quantitative forward guidance through interest rate projections along four key dimensions: (i) predictability, (ii)…
By
Boris Hofmann
and
Dora Xia
Achievements and challenges in ESG markets
Publication 6 Dec 2021
Achievements and challenges in ESG markets
This special feature explores the market's role in the transition to a fairer and more sustainable economy. It finds that bonds…
By
Michela Scatigna
,
Dora Xia
,
Anna Zabai
and
Omar Zulaica
Monetary policy, relative prices and inflation control: flexibility born out of success
Publication 20 Sep 2021
Monetary policy, relative prices and inflation control: flexibility born out of success
This Special Feature finds that in a regime of low and stable inflation, sector-specific price changes account for most of the…
By
Claudio Borio
,
Piti Disyatat
,
Dora Xia
and
Egon Zakrajsek
Publication 1 Mar 2021
Investor size, liquidity and prime money market fund stress
Massive redemptions at money market funds (MMFs) investing primarily in high-quality short-term private debt securities were an…
By
Fernando Avalos
and
Dora Xia
BIS Working Paper No 917 12 Jan 2021
Trade sentiment and the stock market: new evidence based on big data textual analysis of Chinese media
Trade tensions between China and US have played an important role in swinging global stock markets but effects are difficult to…
By
Marlene Amstad
,
Leonardo Gambacorta
,
Chao He
and
Dora Xia
BIS Bulletin No 25 26 Jun 2020
Investors' risk attitudes in the pandemic and the stock market: new evidence based on internet searches
The sharp drop and subsequent rebound in global stock markets in the current pandemic focuses attention on changes in investors…
By
Marlene Amstad
,
Giulio Cornelli
,
Leonardo Gambacorta
and
Dora Xia
Publication 8 Dec 2019
Offshore markets drive trading of emerging market currencies
FX markets for the currencies of emerging market economies grew more rapidly than those for major currencies between 2016 and…
By
Nikhil Patel
and
Dora Xia
BIS Working Paper No 818 11 Oct 2019
Predicting recessions: financial cycle versus term spread
Financial cycles can be important drivers of real activity, but there is scant evidence about how well they signal recession…
By
Claudio Borio
,
Mathias Drehmann
and
Dora Xia
Publication 16 Dec 2018
The financial cycle and recession risk
Financial cycle booms can end in crises and, even if they do not, they tend to weaken growth. Given their slow build-up, do…
By
Claudio Borio
,
Mathias Drehmann
and
Dora Xia

All external publications (15)

External publication 22 Dec 2025
Macroeconomic news and repricing of monetary policy expectations
By
Dora Xia
and
Sonya Zhu
External publication 20 Nov 2025
Dollar depreciation and the financial winds buffeting emerging markets
By
Philip Wooldridge
,
Mikael Juselius
and
Dora Xia
External publication 25 Sep 2025
Global Market Reactions to the China-US 2018-2019 Trade War: Evidence From a Chinese Media Sentiment Index
By
Leonardo Gambacorta
,
Dora Xia
and
Chao He
External publication 2 Jan 2025
Liquidity in the euro area sovereign bond market during the "dash for cash" driven by the COVID-19 crisis
By
Dora Xia
and
Vassilios Papavassiliou
External publication 18 Oct 2024
The effects of climate change-related risks on banks: a literature review
By
Gregory Sutton
,
Dora Xia
,
Olivier De Bandt
,
Azusa Takeyama
,
Haakon Solheim
,
Fulvio Pegoraro
,
Nora Pankratz
and
Laura-Chloé Kuntz
External publication 31 Oct 2023
The term structure of inflation forecasts disagreement and monetary policy transmission
By
Dora Xia
,
Alessandro Barbera
and
Sonya Zhu
External publication 6 Oct 2023
The term structure of carbon premia
By
Dora Xia
and
Omar Zulaica
External publication 13 Jun 2023
Global inflation and global monetary policy tightening: implications for the Euro area
By
Richhild Moessner
,
Fabrizio Zampolli
and
Dora Xia
External publication 15 Dec 2022
Quantitative forward guidance through interest rate projections
By
Boris Hofmann
and
Dora Xia

All videos (2)

00:01:49
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Deconstructing global trade
Video 16 Sep 2024
Deconstructing global trade
Geopolitics plays an important role in driving the volume of trade between countries. Dora Xia and James Yetman explain in this…
By
James Yetman
and
Dora Xia
00:02:20
qt2103.jpg
The pandemic-related financial turmoil of March 2020
Video 1 Mar 2021
The pandemic-related financial turmoil of March 2020
A year after the pandemic-induced financial turmoil of last March, BIS economists review some of the lessons on the functioning…
By
Dora Xia
,
Wenqian Huang
and
Karamfil Todorov

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