DR HAMID YAHYAEI
DR HAMID YAHYAEI
Dr Hamid Yahyaei is a dedicated financial economist and fixed income expert. Currently serving as a Portfolio Manager & Strategist at NGS Super, he plays a pivotal role in managing the fixed income portfolio. He possesses a unique skill set encompassing quantitative modeling, portfolio management, and macroeconomic research skills, with deep expertise across rates and credit.
Previously, he held the position of Investment Strategist within Macquarie Group's Wealth Management Investment Strategy Team. Dr Yahyaei also served as Director of Financial Modelling at Macroeconomics Advisory, as a Macroeconomic and Credit Market Advisor at Tribeca Investment Partners, and held senior analyst roles at both the Reserve Bank of Australia and Spectrum Asset Management. His academic work has been published in esteemed journals including the Journal of Financial Stability, the Journal of International Financial Markets, Institutions and Money, and the Journal of Climate Finance.
He is a distinguished alumnus of Macquarie University, holding a Bachelor of Applied Finance (BAppFin), a Master of Research (MRes) in Applied Finance, and a PhD in Financial Economics. He was awarded the prestigious University Medal in recognition of his academic accomplishments.
Dissertation: Essays in Financial Economics
Supervisors: Professor Tom Smith and Associate Professor Abhay Singh.
Dissertation: The Volatility Spillovers of U.S. Quantitative Easing – Evidence from Australia
Supervisors: Associate Professor Abhay Singh and Dr Lurion De Mello.
Overseeing the $2.7 billion fixed income portfolio across sovereign, corporate, and derivative exposures.
Developing tactical derivative overlays, managing risk exposures, and rebalancing of funds.
Manager selection and research, portfolio construction, and global macroeconomic research.
Senior researcher as part of Macquarie Private Bank's Wealth Investment Strategy Team.
Developing and running the multi-asset allocation framework.
Market-leading research covering global macro and fixed income markets.
Analysis of global macroeconomic trends to formulate monetary and fiscal policy outlooks.
Coverage of Asian credit markets with a particular focus on bank capital.
Responsible for trade recommendations and security valuations.
Overseeing portfolio construction and asset allocation projects.
Researching topics in macroeconomic policy.
Writing opinion pieces and generating business leads.
Covered the credit, equity, and money markets desks in the international financial markets team.
Developed monthly financial market updates for the Reserve Bank Governors.
Introduced relative-value indicators to the credit desk, enhancing the quality of analysis.
Credit research covering domestic and foreign corporates.
Backup portfolio manager conducting valuations and risk modelling.
Presentation of weekly micro meetings, credit profile updates, and relative value trade ideas.
Teaching corporate finance to students enrolled in the Master of Business Administration (MBA).
Facilitating an online introductory finance and accounting unit for undergraduate students.
Designed a new online unit that covers the principles of finance for undergraduate students.
Presenting lectures on corporate debt, securitisation, and credit portfolio management.
Designed and delivered the MQ-AFMA Financial Markets Certification Program (FX & Debt Units).
Teaching PhD-level mathematics & R programming to finance research candidates.
Authored an open-source mathematics textbook for finance research students.
Teaching a proprietary course to students with non-finance backgrounds.
[1] Anthony, S., & Yahyaei, H. (2022). Bringing credibility back to macroeconomic policy frameworks. Economic Papers: A journal of applied economics and policy, 41(3), 276-295. https://doi.org/10.1111/1759-3441.12360
We propose an ex ante measure of dynamic efficiency loss to test the implications of unconventional monetary policy.
[2] Yahyaei, H., Kitsios, V., & De Mello, L. (2024). Risk Transference between Climate Variability and Financial Derivatives: Implications for Global Food Security. Journal of Climate Finance, 7, 100038. https://www.sciencedirect.com/science/article/pii/S2949728024000087
Using information embedded in financial derivative prices, we estimate the impact of climate variability onto risk for commodities that underpin food security.
[3] Yahyaei, H., Singh, A., & De Mello, L. (2024). The Federal Reserve’s Quantitative Easing Policy and Volatility Spillovers: Evidence from Australia. International Review of Economics & Finance, 103397. https://www.sciencedirect.com/science/article/pii/S1059056024003897
The Federal Reserve's Quantitative Easing policies are shown to affect bilateral volatility between Australian and US equity markets.
[4] Yahyaei, H., Singh, A., & Smith, T. (2024). International Transmission of Monetary Policy Shocks and the Bank Lending Channel: Evidence from Australia. Journal of Financial Stability, 75, 101343. https://www.sciencedirect.com/science/article/pii/S1572308924001281
We show that the supply of local bank credit in Australia is influenced by the monetary policy decisions of offshore central banks.
[5] Yahyaei, H., Singh, A., & Smith, T. (2025). Ex Ante Bond Returns and Time-Varying Monotonicity. Journal of International Financial Markets, Institutions and Money, 99, 102114. https://www.sciencedirect.com/science/article/pii/S1042443125000046
We develop a time-varying test of monotonicity and apply it to ex ante Treasury bond returns, demonstrating a violation of the liquidity preference hypothesis.
[6] Yahyaei, H., Singh, A., & Smith, T. (2025). How Does the Smart Money Feel? Hedge Fund Sentiment, Returns, and the Business Cycle. Journal of Experimental and Behavioral Finance, 47, 101082. https://www.sciencedirect.com/science/article/pii/S2214635025000632
We construct a unique measure of hedge fund sentiment and show that business cycle fluctuations asymmetrically shape it.
[7] Yahyaei, H. (2025). Asset Pricing Under Inferential Complexity. Available at SSRN 5585090. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5585090
I develop a continuous-time general equilibrium model that formally incorporates a complexity premium into asset returns.
[1] Jindal School of Banking and Finance Academic Seminar. (2021). The Volatility Spillovers of U.S. Quantitative Easing - Evidence from Australia.
[2] Australian Conference of Economists. (2021). Bringing Credibility Back to Macroeconomic Policy Frameworks.
[3] 24th International Congress on Modelling and Simulation. (2021). The Impacts of the El Niño–Southern Oscillation on Global Food Security: An Implied Volatility Approach.
[4] 7th Vietnam Symposium in Banking and Finance. (2022). International Monetary Policy, Credit Supply, and Bank Lending Channels.
[5] 11th Financial Research Network (FIRN) Annual Conference. (2022). International Monetary Policy, Credit Supply, and Bank Lending Channels.
[6] 13th Financial Markets and Corporate Governance (FMCG) Conference. (2023). International Monetary Policy, Credit Supply, and Bank Lending Channels.
[7] China Finance Review International & China International Risk Forum Joint Conference. (2023). International Monetary Policy, Credit Supply, and Bank Lending Channels.
[8] 16th Annual Meeting of the Academy of Behavioral Finance & Economics (2023). How Does the Smart Money Feel? Hedge Fund Sentiment, Returns, and the Business Cycle.
[9] 18th Conference on Asia-Pacific Financial Markets (2023). International Monetary Policy, Credit Supply, and Bank Lending Channels.
[10] 36th Australasian Finance and Banking (AFBC) Conference (2023). How Does the Smart Money Feel? Hedge Fund Sentiment, Returns, and the Business Cycle.
[11] 9th Vietnam Symposium in Banking and Finance. (2024). Ex Ante Bond Returns and Time-Varying Monotonicity.
[12] 37th Australasian Finance and Banking (AFBC) Conference (2024). Ex Ante Bond Returns and Time-Varying Monotonicity.
[13] Macquarie University Accounting and Finance Conference (2025). Asset Pricing Under Inferential Complexity.
[1] Australia's debt mountain: What does it mean for the kids?
[2] How bad is Australia's debt? Will young people still be paying it back? The federal budget explained
[3] Where does money come from?
[4] The Future of Money Webinar
[6] What is Modern Monetary Theory – and could it save the economy?
Hong Kong University of Science and Technology: Monetary Policy in the Asia Pacific Course (Completed September 2022)
CFA Institute: Private Markets and Alternative Investments Certificate (Completed November 2025)
Awarded the Robert A. Olsen Best Doctoral Student Paper in Behavioral Finance & Economics (2023)
Recipient of the Macquarie University Postgraduate Research Fund (PGRF) Grant (2023)
Best PhD paper at the 2022 Financial Research Network (FIRN) conference (2022)
Young Ambassador for the Banking and Finance Oath (2022)
Best research paper at the 4th Australasian Commodity Markets Conference (2022)
Macquarie University Medallist in Applied Finance (2021)
Best student presentation at the 24th International Congress on Modelling and Simulation (2021)
Valedictorian for the graduating class of 2020 (2021)
Winner of the MQU 3 Minute Thesis (3MT) Competition (2021)
Executive Dean’s Commendation for Academic Excellence (2021)
Australian Government Research Training Program PhD Scholarship (2020)
Macquarie University Master of Research Thesis Scholarship (2019)
Financial Services Institute of Australasia (FINSIA) Prize (2015)
Australian Finance Conference Prize (2015)
Department of Accounting & Corporate Governance Prize for Environmental Accounting (2015)