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Bo Zhao

Tenured Associate Professor of Economics

China Center for Economic Research,
National School of Development,
Peking University


Office Phone Number: +86-10-62758375


Research Areas

Quantitative Macroeconomics, Labor Economics, Chinese Economy, Housing Economics


Education Backgroud

PhD in Economics, University of Oslo, Norway 2008-2012

Master of Economics, School of Economics, Fudan University, 2007-2009

Bachelor of Information and Computing Science,  School of Mathematics, Fudan University, 2001-2005

Work/Visit Experience

2021 -          , Tenured Associate Professor of Economics, National School of Development, Peking University

2012 -  2021, Assistant Professor of Economics, National School of Development, Peking University

2009 - 2011, Visiting Scholar of Minnesota Research Department of Federal Reserve and University of Minnesota

Publications in English

1.    Dong, Feng and Liu, Jianfeng and Xu, Zhiwei and Zhao, Bo, Flight to Housing in China, forthcoming at Journal of Economic Dynamics and Control

2.    Xuan Han, Yan Shen, Bo Zhao* , Winning at the starting line: The primary school premium and housing prices in Beijing,  China Economic Quarterly International, Volume 1, Issue 1, March 2021, Pages 29-42


3.    Bo Zhao, COVID-19 Pandemic, Health Risks, and Economic Consequences: Evidence from China, 2020, China Economic Review, Volume 64,101561.


3.    Qian Hu, Xiaoyan Lei, and Bo Zhao*, Demographic Changes and Economic Growth: Impact and Mechanism, forthcoming, China Economic Journal


4.    Bo Zhao, Too Poor to Retire? House Prices and Retirement”, Review of Economic Dynamics, Volume 27, January 2018, Pages 27-47


5.    Bo Zhao, Rational Housing Bubble, 2015, Economic Theory, Volume 60, Issue 1, Page 141-201 (Third Prize of the Eighth University Scientific Research Outstanding Achievement Award in Humanities and Social Sciences, Ministry of Education, 2020)


6.    Bo Zhao, Cyclical Dynamics in Idiosyncratic Labor-market risks: Evidence from March CPS 1968–2011, 2013, Economics Letters, vol. 120(3), pages 528-531.


Publications in Chinese (CSSCI)

1. Xuan Han, Bo Zhao*, Luxury Blue Sky-the Estimation of Air Quality Premium in Housing Prices and Its Heterogeneity, China Economics Quarterly, forthcoming

2. Xuan Han, Yan Shen, Bo Zhao*, Evaluation of the Premium of high-quality Education in Housing Prices: Taking Beijing as an example, 2020, China Economics Quarterly, Vol 5.

3. Bo Zhao*, Huaqing Tan, Labor Market Friction, Labor Reallocation and China's Employment Cycle, Issue 3, 2019, Economic Science, Economic Science 2019 Excellent Paper

4. Huaqing Tan, Yi Zhou, Bo Zhao, Xu Wei, The Impact of Education on the Migration of Urban and Rural Labor Force and Its Mechanism, 2018 September, Finance Research

5. Huaqing Tan, Bo Zhao, Yi Zhou, Estimation of Income Elasticity of Medical Expenditure: An Empirical Analysis Based on Global Panel Data, 2016 December, Economy and Management Research

6. Dong Yuan, Qiugu He, Bo Zhao*, Research on the Influencing Factors of House Price Changes: Literature Review, 2016 March, Economy and Management Research, Vol 37(3), 77-85

7. Dong Yuan, Qiugu He, Bo Zhao*, Real Effective Exchange Rate, Hot Money Flow and House price-theory and Empirical Research, September 2015, Financial Research, 17-33

8. Xuebin Wang, Bo Zhao, Zonglai Kou, Lei Shi, The Lost East Elm, The Harvested Mulberry: The Bank Card Organization in the Bilateral Market, 2006.10, China Economics Quarterly, 227-252


Working Papers

1. Kjetil Storesletten, Bo Zhao, and Fabrizio Zilibotti, Business Cycle during Structural Change: Arthur Lewis’ Theory from a Neoclassical Perspective, R&R at the Economic Journal



Undergraduate course: Intermediate Macroeconomics

Postgraduate courses: Macroeconomics Theory, Quantitative Macroeconomics, Macroeconomic Perspectives of Economic Policy


Third Prize of the 8th University Scientific Research Outstanding Achievement Award in Humanities and Social Sciences, Ministry of Education, China, 2020

Excellent Paper Award of Economic Science Journal, 2019

Peking University Teaching Excellence Award, 2019

Peking University Industrial and Commercial Bank of China Economics Outstanding Scholar Award, 2018

Peking University Teaching Excellence Award, 2018

The third prize of the 10th Beijing University Teaching Fundamental Skills Competition for Young Teachers, 2017

The second prize of the 16th Young Teachers Teaching Skills Competition (Humanities and Social Sciences) of Peking University, 2016

Research Projects

1. "From "Choosing a School" to "Choosing a House"? Policy Evaluation of Admission to the nearest Enrollment for Compulsory Education Interviews", the subject of "Research on Issues of Promoting High-Quality Development" of the State Council Research Office, 2018, one of the principals

2. "Analysis of Labor Mobility and Employment Situation in China", China Finance Office Project, 2017, participant

3. "Development Trends and Prospects of China's Real Estate Industry", a project of Evergrande Group, 2017, head of sub-report

4. "Research on Economic Growth, Asset Allocation and International Capital Flow Trends in Aging Society", Grant Number: 71603011, 2017-2019, National Natural Science Youth Science Foundation project, project leader

5. "Vigorously Develop Inclusive Finance and Promote the Establishment of Private Small and Medium Banks", General Office of the State Council, 2015, Sub-report leader

6. "China's Macro Forecast Model Based on Computable General Equilibrium", the Administration of Foreign Exchange, 2015, participant