Bo Zhao is a Senior Economist in the New England Public Policy Center (NEPPC) at the Federal Reserve Bank of Boston. He specializes in urban and regional economics and public economics. His research interests currently focus on state and local public finance, housing markets, and fair housing and lending.
Mr. Zhao served on the Municipal Aid Subcommittee of the Municipal Finance Task Force between 2006 and 2007. He was selected by the Ewing Marion Kauffman Foundation as one of 20 young scholars nationwide to participate in the 2005 Entrepreneurship Research Boot Camp at the University of North Carolina at Chapel Hill. His articles have appeared in the Journal of Urban Economics, National Tax Journal and the Journal of Policy Analysis and Management. He has made presentation at various academic meetings, including the National Tax Association's annual conferences and the APPAM annual research conference.
Mr. Zhao earned a Ph.D. in economics and an M.S. in applied statistics from Syracuse University.
Ph.D., economics, The Maxwell School, Syracuse University, 2005
Paul Speranza Tax Policy Research Scholarship, 2002-2004
Maxwell Summer Fellowship, 2004
Center for Policy Research Summer Research Fellowship, 2002
M.S., applied statistics, Syracuse University, 2002
B.A., economics, Renmin University of China, with distinction, 1997
Refereed Journal Articles:
Bo Zhao and David Coyne. “A More Equitable Approach to Cutting Intergovernmental Aid." Public Finance Review.
Bo Zhao, "The Fiscal Impact of Local-Option Taxes on Municipalities: The Case of Massachusetts," Municipal Finance Journal, Vol . 31, No. 4, 63-86, April 2011.
Katharine Bradbury and Bo Zhao, “Measuring Non-School Fiscal Disparities among Municipalities,” National Tax Journal, Vol. 62, No. 1, 25-56, March 2009.
Bo Zhao and Katharine Bradbury, “Designing State Aid Formulas,” Journal of Policy Analysis and Management, Vol.28, No. 2, 278-295, March 2009.
Lloyd A. Blanchard, Bo Zhao, and John Yinger, “Do Lenders Discriminate Against Minority and Woman Entrepreneurs?” Journal of Urban Economics, Vol. 63, No. 2, 467-497, March 2008.
Bo Zhao, Jan Ondrich, and John Yinger, “Why Do Real Estate Brokers Continue to Discriminate? Evidence from the 2000 Housing Discrimination Study,” Journal of Urban Economics, Vol. 59, No. 3, 394-419, May 2006.
Bo Zhao, “Does the Number of Houses a Broker Shows Depend on a Homeseeker’s Race?” Journal of Urban Economics, Vol. 57, No. 1, 128-147, January 2005.
Racial and Ethnic Discrimination in Urban Housing Markets: Evidence from Audit Studies, PropQuest/UMI, 2006.
"Data Appendix," in The Color of Credit: Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement by Stephen L. Ross and John Yinger, pp. 387-388, The MIT Press, 2002
"Making State Aid Cuts More Equitable" with David Coyne, Communities & Banking magazine, Spring issue, pp. 24-26, 2012.
"A More Equitable Approach to Cutting State Aid" with David Coyne, Federal Reserve Bank of Boston NEPPC Policy Brief no. 11-2, 2011.
"Designing Formulas for Distributing Reductions in State Aid" with David Coyne, Federal Reserve Bank of Boston NEPPC Working Paper Series 11-1, 2011.
"Municipal Aid Evaluation and Reform" Federal Reserve Bank of Boston NEPPC Working Paper Series 11-1, 2011.
"Making Municipal Aid Count: Mind the Gap!" with David J. Coyne, Communities & Banking magazine, spring issue, pp 23-25, 2011.
"Reforming Municipal Aid in Massachusetts: The Case for a Gap-Based Formula" with David J. Coyne, Federal Reserve Bank of Boston NEPPC Policy Brief Series 10-2, 2010.
Does Springfield Receive Its Fair Share of Municipal Aid? Implications for Aid Formula Reform in Massachusetts with Marques Benton, Lynn Browne, Prabal Chakrabarti, DeAnna Green, Ana Patricia Muñoz, and Richard Walker, Federal Reserve Bank of Boston NEPPC Working Paper Series 10-4, 2010.
“The Fiscal Impact of Potential Local-Option Taxes in Massachusetts,” Federal Reserve Bank of Boston NEPPC Working Paper Series 10-2, 2010.
“Designing State Aid Formulas: The Case of a New Formula for Distributing Municipal Aid in Massachusetts,” with Katharine Bradbury, FRB Boston Series, paper no. 08-2, 2008.
“Measuring Non-School Fiscal Imbalances of New England Municipalities,” with Katharine Bradbury, Federal Reserve Bank of Boston NEPPC Policy Brief Series no. 07-6, 2007.
“Measuring Disparities in Non-School Costs and Revenue Capacity among Massachusetts Cities and Towns,” with Katharine Bradbury, FRB Boston Series, paper no. 06-3, 2006, revised May 2007.
“The Lack of Affordable Housing in New England: How Big a Problem? Why Is It Growing? What Are We Doing About It?” with Alicia Sasser and Darcy Rollins Saas, Federal Reserve Bank of Boston NEPPC Working Paper Series, no. 06-1, 2006.
"State Needs to Reform Local Aid Program," with Yolanda K. Kodrzycki. Boston Globe's The Podium. May 21, 2013.
"Reforming Municipal Aid in Massachusetts," with David J. Coyne, MassBenchmarks Volume 13, Issue 2, PP. 15-20, 2011.
“Do Credit Market Barriers Exist for Minority and Women Entrepreneurs?” with Lloyd A. Blanchard and John Yinger, Center for Policy Research Working Paper Series no. 74, Syracuse University (2005).
“Why Do Real Estate Brokers Continue to Discriminate? Evidence from the 2000 Housing Discrimination Study,” with Jan Ondrich and John Yinger, Center for Policy Research Working Paper Series no. 67, Syracuse University (2005).
Massachusetts House and Senate Joint Committee on Municipalities and Regional Government, Public hearing on H. 1820 "An Act Reforming Additional Assistance to Municipalities," 2013.
New England Fiscal Leaders Meeting, sponsored by the National Conference of State Legislatures, the Pew Center on the States, and the New England Public Policy Center, 2013
Fiscal Sustainability Workshop, School of Public Affairs, Arizona State University, 2013
National Tax Association Annual Conference, 2012
APPAM Fall Research Conference, 2012
Federation of Tax Administrators Revenue Estimation & Tax Research Conference, 2012
Federal Reserve System Committee on Regional Analysis Annual Conference, 2012
National Association of State Budget Officers Budget Officer Discussion: Lessons Learned from the Downturn, 2012
Hispanic-American Chamber of Commerce of Greater Boston, 2012
APPAM Annual Research Conference, 2011
Federation of Tax Administration Revenue Estimation & Tax Research Conference, 2011
Eastern States Legislative Fiscal Officers Association Conference, 2011
Collaboration and Leadership in Smaller Industrial Cities: A Forum on the Economic, Fiscal and Political Challenges and Opportunities Facing New England's Smaller Industrial Cities, 2011
City of Boston Administration, MA, 2011
Metro Mayors' Coalition, 2011
Federal Reserve System Committee on Applied Microeconomics Annual Conference, 2011
Masssachusetts State House, 2011
Lincoln Institute of Land Policy, 2011
Municipal Aid Forum co-sponsored by Pioneer Valley Planning Commission & Franklin Regional Council of Governments, 2011
Chair of Massachusetts House Ways and Means Committee, 2011
Beacon Hill Institute, Suffolk University, 2010
City of New Bedford Administration, MA, 2010
House Chair of Massachusetts Gateway Cities Caucus, 2010
House Chair of Massachusetts Joint Committee on Revenue, 2010
Boston Municipal Research Bureau, 2010
New England Advisory Council, 2010
Massachusetts Executive Office of Administration & Finance and Department of Revenue, 2010
Massachusetts Budget and Policy Center, 2010
Massachusetts Association of Regional Planning Agencies, 2010
Jobs for Massachusetts Forum, 2010
UMass Dartmouth Urban Initiative, 2010
City of Brockton Administration, MA, 2010
Boston Redevelopment Authority, 2010
University of New Hampshire, 2009
Federal Reserve Bank of Boston, 2005, 2007, 2009, 2012
Massachusetts Annual Governor's Conference on Travel & Tourism, 2009
Environmental Business Council of New England, 2008
APPAM Annual Research Conference, 2008
International Seminar on Measuring Fiscal Health of Cities, organized by the World Bank Institute and National Institute of Public Finance and Policy (India), Washington DC, 2008
Community Development Advisory Council, 2008
Massachusetts Chapter of the American Society of Public Administration, 2008
Harvard University, Rappaport Institute for Greater Boston, 2007
National Tax Association Annual Conference, 2007
Federal Reserve System Committee on Applied Microeconomics Annual Conference, 2007
Massachusetts Lodging Association’s 2008 Boston Outlook Conference, 2007
National Tax Association Annual Conference, 2006
Metro Mayors’ Coalition, 2006
Fiscal Policy Committee and Revenue Sharing Task Force of the Massachusetts Municipal Association, 2006
Gordon College, 2006
Northern Illinois University, 2005
Federal Reserve Bank of Kansas City, 2005
Freddie Mac, 2005
Grand Valley State University, 2005
Alfred University, 2005
New Hampshire House and Senate Ways and Means and Finance Committees, Joint Economic Briefing, 2005
Referee: Southern Economic Journal; Journal of Urban Economics; Regional Science and Urban Economics; Scandinavian Journal of Economics; Public Budgeting & Finance; Municipal Finance Journal; Eastern Economic Journal; Cityscape: A Journal of Policy Development and Research; Regional Studies; and National Tax Journal
Technical adviser, Local Aid Task Force of Massachusetts Executive Office of Administration and Finance, 2011
Editorial board member, Communities & Banking magazine, 2008—2009
Discussant, National Tax Association Annual Conference, 2006, 2008-2012
Discussant, APPAM Annual Research Conference, 2008, 2010
Chair, "Property Tax Administration and Property Tax Data" session, National Tax Association Annual Conference, 2008
Judge for the APPAM Poster Session Award, APPAM Annual Research Conference, 2008
Discussant, AEA Annual Meeting, 2008
Ph. D. dissertation committee member, Department of Economics, University of New Hampshire, 2007—2008
Discussant, Federal Reserve System Committee on Applied Microeconomics Annual Conference, 2008
Discussant, Federal Reserve System Committee on Regional Analysis Annual Conference, 2007
Judge, College Fed Challenge Competition and High School Fed Challenge Competition, 2007—2009
Municipal aid subcommittee member, Municipal Finance Task Force, 2006—2007