CURRICULUM VITAE

A. BIOGRPHICAL INFORMATION

1. PERSONAL

Name: Xiaodong Zhu University address:

Citizenship: Canada Department of Economics

Birth Date: December 3, 1961 University of Toronto

Cell Phone: 416-824-7779 150 St. George Street

Toronto, Ont. M5S 3G7

416-978-7134

2. DEGREES

Ph.D. June, 1991 University of Chicago

M.S. July, 1985 Wuhan University

B.S. July, 1982 Wuhan University

Title of Ph.D. thesis: “Optimal Fiscal Policy in a Stochastic Growth Model.” Advisor: Robert E. Lucas, Jr.

3. EMPLOYMENT

2004-- Full Professor, Department of Economics, University of Toronto

1997-2004 Associate Professor, Department of Economics, University of Toronto

Fall 1999 Visiting Associate Professor, Department of Economics, University of Chicago

1992 to 1997 Assistant Professor, Department of Economics, University of Toronto

1991 to 1992 Research Officer, Derivatives Research, J.P. Morgan Securities Inc.

1989 to 1990 Summer Research Associate, J.P. Morgan Securities Inc.

Date appointed to graduate school: July 1995

Date of tenure award: July 1997

4. Research Awards

SSHRC (Social Science and Humanity Research Council, Canada) research grant, 2008-2011, “Accounting for China’s Growth Miracle.” $56,000.

SSHRC research grant, 2004-2007, “Barriers to Structural Transformation and Aggregate Economic Performance.” $68,540.

SSHRC research grant, 2001-2004, “Cities, Agriculture, Population, and Growth.” $59,000

SSHRC research grant, 1997-2000, “Fiscal Shocks and Fiscal Risk Management.” $44,000

SSHRC research grant, 1994-1998, “Dynamic Aspects of the Relationship Among Income Distribution, Government Policy and Output Growth.” $44,000

Dean’s Travel Fund, 2000, $2,000

SSHRC general research grant, 1998, “Regional Growth in China.” $3,000

J.P. Morgan research grant, 1994-1996, “The Development of Non-Bank Financial Institutions in China.” $30,000

Connaught New Staff Grant, 1992-1994, “Optimal and Time Consistent Policies.” $10,000

5. PROFESSIONAL AFFILIATIONS AND ACTIVITIES

Special-term professor, Tsinghua University, China, 2002-present

International Fellow, Center for Institutions, Policy and Culture in the Development

Process, University of Zurich, 2010-present

Research Fellow, China Center for Public Finance, Peking University, 2009-present

Research Fellow, Hong Kong Institute of Monetary Research, May, 2011

Co-editor, China Economic Review, 2010-present

Editor, China Journal of Economics, 2004-present

Editorial Advisory Board, China Economic Review, 2005-2009

Academic Advisory Board, China Economic Quarterly, 2001-present

Associate Editor, Annals of Economics and Finance, 2000-present

Consultant:

J.P. Morgan Securities Inc.

Centre Re Risk Solutions

Toronto Dominion Securities (USA)

Vice President, Chinese Economists Society, 2002-2003

Organizer, Tsinghua Workshop in Macroeconomics, every year since 2009

Organizer, Conference on Chinese Economy, 2010 and 2011

Organizer, Tsinghua Workshop on Saving and Investment in China, September 2009

Organizer, Toronto Workshop on China’s Macroeonomy, January 2010

Organizer, Far Easter Econometric Society Meetings in Bejing, August 2006

Organizer, Canadian Macro Study Group Meeting, November 2003

Organizer, Chinese Economists Society Annual Meeting, June 2003

Session Organizer, American Economic Association Meeting, January 2002

Organizer, Canadian Macro Study Group Meeting, November 1997

Organizer, Canadian Theory Study Group Meeting, May 1995

External Reviewer for Tenure or Promotion to Full Professor:

Chinese University of Hong Kong

Nanyang Technology University, Singapore

University of Hong Kong

University of Windsor

Referee: American Economic Review, Journal of Political Economy, Econometrica,

Quarterly Journal of Economics, Review of Economic Studies, International Economic Review, Review of Economic Dynamics, Journal of Money, Credit and Banking, Journal of Public Economics, Journal of Comparative Economics, Journal of Development Economics, Journal of Banking and International Finance, Taxation and International Public Finance, Canadian Journal of Economics, China Economic Review, Hong Kong Research Council Grant Competition, Social Science and Humanity Research Council Grant Competition, Canadian Research Chair Competition

B. RESEARCH ENDEAVOURS

Growth and Development

Macroeconomics

Public Economics

Financial Economics

C. SCHOLARLY AND PROFESSIONAL WORK

7. REFEREED PUBLICATIONS

A. Articles

“Agriculture and aggregate productivity: A quantitative cross-country analysis” (with

Diego Restuccia and Dennis Tao Yang), Journal of Monetary Economics, Vol. 55

(2), March 2008, pp. 234-250.

“Using Financial Market Information to Enhance Canadian Fiscal Policy,” (with Huw

Lloyd-Ellis) Public Finance Management. Vol. 6 (2), August 2006.

“Tax Smoothing with Stochastic Interest Rates: A Re-assessment of Clinton’s Fiscal Legacy,” (with Huw Lloyd-Ellis and Shiqiang Zhan) August, 2005 Journal of Money, Credit, and Banking. (30 pages)

“Differential Fecundity and Gender Biased Parental Investments,” (with Aloysius Siow) Review of Economic Dynamics 5 (2002), pp. 999-1024.

“Fiscal Shocks and Fiscal Risk Management,” (with Huw Lloyd-Ellis) Journal of Monetary Economics, 48 (2001), pp. 309-38.

“Soft Budget Constraints and Inflation Cycles,” (with Loren Brandt) Journal of Development Economics, 64 (2001), pp. 437-57.

“Redistribution in a Decentralized Economy: Growth and Inflation in China under Reform,” (with Loren Brandt) Journal of Political Economy, 108 (2000), pp. 422-39.

“The Creation of Plants and Firms,” (with Aloysius Siow) Journal of Economic Dynamics and Control, 22 (1997), pp. 141-78.

“Endogenous Capital Utilization, Investor's Effort, and Optimal Fiscal Policy,” Journal of Monetary Economics, 36 (1995), pp. 655-77.

“Optimal Fiscal Policy in a Stochastic Growth Model,” Journal of Economic Theory, 58 (1992), pp. 250-89

“Effects of Autocorrelations and Temporal Sampling Schemes on Estimates of Trend and Spatial Correlation,” (with G.C. Tiao et al.) Journal of Geophysical Research-Atmospheres, 95 (1990): pp.20507-517.

“Correlation of K-groups of Random Variables,” (with Yaoting Zhang), Chinese Journal of Applied Probability and Statistics, 4 (1988)

B. Book Edited and Book Chapters

Co-editor, Private Enterprises and China’s Economic Development, Taylor & Francis

Ltd Routledge, 2007.

“Growth and structural transformation in China,” (with Loren Brandt and Chang-Tai Hsieh),

in Loren Brandt and Thomas Rawski ed. China’s Great Economic Transformation,

pp.569-632. Cambridge University Press, 2008.

“China’s Banking Sector and Economic Growth,” with Loren Brandt in Charles Calormiris

(ed.) China at Cross-Road, pp.86-136, Columbia University Press, 2007.

“Sharing Catastrophe Risk under Model Uncertainty,” in Heping Zhang and Jian Huang

ed., Development of Modern Statistics and Related Topics (2003), pp.179-88, World

Scientific Publishing Co, River Edge, New Jersey.

“What Ails China: A Long-Run Perspective on Growth and Inflation (or Deflation) in

China,” (with Loren Brandt) in A.E. Safarian and Wendy Dobson ed., East Asia in

Transition: Economic and Security Challenges (2002), pp. 49-72, University of Toronto

Press, Toronto. Excerpts of this article will be published in Regions (Federal Reserve Bank

of Minneapolis).

“Financial Structure and Macro-Stability: Comparison between Taiwan and Mainland

China,” (in Chinese) in S.F. Song and X. H. Fang ed., Raising International

Competitiveness: Taiwan’s Experience and Its Implications for Mainland China

(1998), pp.143- 57. China Economic Press, Beijing.

8. Non-Refereed Publications

A. Articles

“Decentralization and Macroeconomic Consequences of Commitment to State--Owned Firms,'' (with Loren Brandt). William Davidson Institute Working Paper Number 54, University of Michigan, June 1997 (20 pages).

“Financial Reform and the Role of Non-bank Financial Institutions in China,'' (with Loren Brandt) Technical report prepared for J.P. Morgan, May 1995 (27 pages).

9. Papers under submission or revision

“Understanding China’s Growth: Past, Present and Future” under preparation for Journal of Economic Perspectives (invited by the co-editor).

“Factor Market Distortions Across Time Space and Sectors in China” (with Loren Brandt and Trevor Tombe) accepted and presented at the Review of Economic Dynamics mini-conference on misallocation at the Society of Economic Dynamics meeting in Ghent, Belgium, July 2011.

“Modernization of Agriculture and Long-Term Growth,” (with Dennis Yang) under review at Journal of Political Economy.

“Accounting for China’s Growth,” (with Loren Brandt) under revision.

“Misallocation of Capital Across Time: China’s Investment Rate Puzzle,” under revision

D. LIST OF COURSES TAUGHT

10.

A. UNDERGRADUATE

Economics 202Y (Intermediate Macroeconomics)

Economics 208Y (Intermediate Macroeconomics for Specialists)

Economics 362H (Economic Growth: Theory and Evidence)

Economics 460Y (Economics of Risk Management)

This is a new course that I designed and taught

Economics 421H (Long Term Economic Growth: Historical and Theoretical Perspectives)

B. GRADUATE

Economics 1011H (Math-Stat Review for Ph.D. students)

Economics 2031H (Ph.D. Macroeconomics)

Economics 2103H (Topics in Growth Theory)

Economics 2506H (Economics of Risk Management)

Economics 2061H (Economic Theory-Macro for MFE students)

C. OTHER

Macroeconomics and Chinese Economy: MBA course at the Shanghai Advanced Institute of Finance.

Macroeconomics and Monetary Policy: EMBA course at the Shanghai Advanced Institute of Finance.

Derivatives and Risk Management: A course taught to Chinese bank officials and

traders on behalf of the US investment bank J.P. Morgan.

Macroeconomics and Public Debt Management: A course taught to Chinese

officials in fiscal departments from various regions.

C. PH.D. STUDENT SUPERVISIONS

Trevor Tombe : Supervisor, “Dual Economy Trade and Income Differences,” 2011. (Initial employment: Wilfred Laurier University)

Baran Doda: Committee member, “Three Essays on Macroeconomics,” 2010. (Initial employment: post-doc at London School of Economics )

Qing Liu: Committee member, “Essays on International Economics,” 2008. (Initial employment: Tsinghua University)

Aamir Rafique Hashmi: Committee member, “Essays on Market Structure, Innovation, Institutions and Technology Adoption,” 2007. (Initial employment: National University of Singapore)

Tasso Adamopoulos: Supervisor, “Essays in Macroeconomics and Development,” 2005. (Initial employment: York University)

Constantine Angyridis: Supervisor, “Essays on Dynamic Optimal Fiscal Policy,” 2004. (Initial employment: Ryerson University)

Yiguo Sun: Supervisor, “Essays on Semiparametric Efficient Adaptive Estimation and an Empirical Analysis of Catastrophe-linked Securities,” 2002. (Initial employment: University of Guelph)

Xian Yang: Committee member, “An Investigation of Asset Pricing Puzzles with Cyclical Risk Aversion and Intertemporal Substitution,” 2001. (Initial employment: Algorithmics)

Gregory Gagnon: Committee member, “Dynamic Analysis of Economic Systems,”

2000. (Initial employment: Ryerson University)

Sanjit Dhami: Committee memeber, “Three Essays in the Formation and Evolution of Fiscal Policy under Uncertainty and Asymmetric Information,” 1997. (Initial employment: University of Essex)

Dajiang Guo: Committee member, “Essays on Implied Stochastic Variance from Currency Options,” 1996. (Initial employment: University of Guelph)

F. OTHER RESEARCH RELATED CONTRIBUTIONS

“China’s Last Frontier in Financial Services,” with Loren Brandt, commentary published online by ChinaOnline.Com, November 2000.

“The Dragon that Slew Keynes,” with Loren Brandt, op-ed article in The Asian Wall Street Journal, April 7 2000.

“What Ails China?” with Loren Brandt, excerpted article published in The Region by the US Federal Reserve Bank of Minneapolis, December 2003.