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Research Areas
Macro Finance
Zhu, Xiaodong

Professor of Economic
University of Toronto


Educational Background

Ph.D., University of Chicago


Professor Xiaodong Zhu is a Professor of economics at the University of Toronto. He also worked at the Derivatives Research in J.P. Morgan Securities Inc. prior to joining the faculty of University of Toronto.

Honors / Achievements

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

Short BIO

Professor Zhu's research interests are Growth and Development, Macroeconomics, Chinese Economy, Public Economics, and Financial Economics. His papers have appeared in top economics journals such as the Journal of Economic Theory, Journal of Monetary Economics, and Journal of Political Economy. He is co-editor of the book Private Enterprises and China’s Economic Development. He also serves as an Editor of China Journal of Economics, and a Co-editor of China Economic Review.


  • Book Edited

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

    Ltd Routledge, 2007.



    “Commentary on Potential output in a rapidly developing economy: the case of China and a comparison with the United States and the European Union,” Review, July 2009, pp.343-348. Federal Reserve Bank of St. Louis.

    “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.

    “Agriculture and aggregate productivity: A quantitative cross-country analysis” (with Diego Restuccia and Dennis Tao Yang), Journal of Monetary Economics, March 2008, Vol.55(2), March 2008, pp. 234-250.

    “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.

    “International Dimensions of China’s Long Boom,” (with Loren Brandt and Thomas G. Rawski), in William W. Keller and Thomas Rawski ed. China’s Rise and the Balance of Influence in Asia,

    pp. 14-46, University of Pittsburgh Press, 2007.

    “Using Financial Market Information to Enhance Canadian Fiscal Policy,” (with Huw Lloyd-Ellis), Public Finance Management, 2006, Vol. 6(2), pp. 151-185.

    “Tax Smoothing with Stochastic Interest Rates: A Re-assessment of Clinton’s Fiscal Legacy,” (with Huw Lloyd-Ellis and Shiqiang Zhan), Journal of Money, Credit, and Banking, August 2005, Vol.37(4), pp. 699-724.

    “Sharing Catastrophe Risk under Model Uncertainty,” in Heping Zhang and Jian Huang ed., Development of Modern Statistics and Related Topics, pp.179-88, World Scientific Publishing Co, River Edge, New Jersey, 2003.

    “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, pp. 49-72. University of Toronto

    Press, Toronto, 2002.

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

    “Fiscal Shocks and Fiscal Risk Management,” (with Huw Lloyd-Ellis) Journal of Monetary Economics, October 2001, Vol. 48(2), pp. 309-38.

    “Soft Budget Constraints and Inflation Cycles,” (with Loren Brandt) Journal of Development Economics, April 2001, Vol. 64(2), pp. 437-57.

    “Redistribution in a Decentralized Economy: Growth and Inflation in China under Reform,” (with Loren Brandt) Journal of Political Economy, April 2000, Vol. 108(2), pp. 422-39.

    “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

    pp.143- 57. China Economic Press, Beijing, 1999.

    “The Creation of Plants and Firms,” (with Aloysius Siow) Journal of Economic Dynamics and Control, November 1997, Vol. 22(1), pp. 141-78.

    “Endogenous Capital Utilization, Investor's Effort, and Optimal Fiscal Policy,” Journal of Monetary Economics, December 1995, Vol. 36(3), pp. 655-77.

    “Optimal Fiscal Policy in a Stochastic Growth Model,” Journal of Economic Theory, December 1992, Vol. 58(2), 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, pp. 20507-517, 1990.

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