My research focuses on two related areas: 1) the role of health in economic models and its public policy implications, and (2) the macroeconomic consequences of population aging and the role of the family. Most of my research involves using quantitative dynamic models with heterogeneous agents. I have worked several projects in the past that are relevant for InCHIP. One example is Zhao (JME, 2014), which addresses the question of why health spending as a share of GDP increased so much. In it, I propose and study a new hypothesis: the expansion of pay-as-you-go Social Security is one of the drivers behind the rising U.S. health spending.
PhD, University of Western Ontario, 2011
1. “Household Saving, Financial Constraints, and the Current Account in China”. (with Ayse İmrohoroğlu), International Economic Review, forthcoming.
2. “The Chinese Saving Rate: Long-Term Care Risks, Family Insurance, and Demographics” (with Ayse İmrohoroğlu), Journal of Monetary Economics, Volume 96, June 2018.
3. “Employment-based Health Insurance and Aggregate Labor Supply”. (with Zhigang Feng), Journal of Economic Behavior & Organization, Volume 154, October 2018.
4. “Social Insurance, Private Health Insurance and Individual Welfare”,
Journal of Economic Dynamics and Control, Volume 78, May 2017.
5. “Intergenerational Transfers and China’s Social Security Reform” (with Ayse İmrohoroğlu), Journal of the Economics of Ageing, Volume 11, May 2018.
6.”Health Spending and Public Pension: Evidence from Panel Data” (with Yonghong An and Rong Zhou), Applied Economics, Volume 48, Issue 11, 2016.
7.”The Impact of the Correlation between Health Expenditure and Survival Probability on the Demand for Insurance”, European Economic Review, Volume 75, April 2015.
8.”Social Security and the Rise in Health Spending”,
Journal of Monetary Economics, Volume 64, May 2014.
9.”War Finance and the Baby Boom”,
Review of Economic Dynamics, Volume 17(3), July 2014.
10.”Home Production and the Welfare Cost of Labor Supply Tax Distortions” (with John Whalley), Applied Economic Letters, Volume 20, Issue 1, 2013.
11.”Social Security, Differential Fertility, and the Dynamics of the Earnings Distribution”, The B.E. Journal of Macroeconomics (Contributions), 2011, 11(1), Article 26.
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