Jie Zhou

Senior Economist

Jie Zhou is a Senior Economist in the Financial Stability Department at the Bank of Canada. His main research interests include household finance, pensions, retirement saving, and wealth distribution. Prior to joining the Bank of Canada, Jie was an Assistant Professor at Nanyang Technological University in Singapore. He received his PhD in economics from the University of Western Ontario.


Jie Zhou

Senior Economist
Financial Stability
Real Sector Stability

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9


Housing and Tax-Deferred Retirement Accounts

Staff Working Paper 2016-24 Anson T. Y. Ho, Jie Zhou
Assets in tax-deferred retirement accounts (TDA) and housing are two major components of household portfolios. In this paper, we develop a life-cycle model to examine the interaction between households’ use of TDA and their housing decisions.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Housing JEL Code(s): C, C6, C61, D, D1, D14, D9, D91, E, E2, E21, H, H2, H24, R, R2, R21

December 15, 2015 Indebted Households and Potential Vulnerabilities for the Canadian Financial System: A Microdata Analysis

Over the past decade, an increasing proportion of households in Canada have become highly indebted relative to their income. These highly indebted households now hold one-fifth of total Canadian household debt.Simulations suggest that this greater degree of household indebtedness could exacerbate the impact of shocks to income and interest rates relative to the pre-crisis period. However, an assessment of the vulnerability of the Canadian financial system should, among other factors, account for the ability of Canadian financial institutions to withstand losses from the household sector.

Household Stockholding Behavior During the Great Financial Crisis

Staff Working Paper 2015-15 Jie Zhou
Using the Panel Study of Income Dynamics, this paper studies household stock market participation and trading behavior in 2007–09, a period that saw a major stock market downswing. The stock market participation rate fell after the market crash.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Asset Pricing, Financial markets JEL Code(s): G, G0, G01, G1, G11

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Journal Articles

  • “Life-cycle Stock Market Participation in Taxable and Tax-deferred Accounts,”
    Journal of Economic Dynamics and Control, Volume 36(11), p.1814-1829, November 2012.
  • “New Evidence on Asset Location from the Survey of Consumer Finances,”
    (with Yothin Jinjarak), Public Finance Review, Vol. 39(4), p.594-615, July 2011.
  • “Why Did the Private Business Equity Share Fall in Canada?”
    Eastern Economic Journal, Vol. 37(2), p.197-213, March 2011.
  • “The Effects of Employer Matching and Income Risk in 401(k) Plans,”
    Economic Modelling, Vol. 26(6), p.1193-1200, November 2009.
  • “The Asset Location Puzzle: Taxes Matter,”
    Journal of Economic Dynamics and Control, Vol. 33(4), p.955-969, April 2009.

Book Review

  • Review on “Pension Systems and Old-Age Income Support in East and Southeast Asia,”
    edited by Donghyun Park (Routledge 2011). Singapore Economic Review, Vol. 58(2), June 2013.

Other Publications

  •  “Saving and Wealth: The Adequacy of Household Saving in Canada,”
    (with Huju Liu and Yuri Ostrovsky), The Canadian Economy in Transition, Statistics Canada Catalogue no. 11-622-M ― No. 029, June 2013. Ottawa: Statistics Canada.

Other Working Papers

  • “Private Pensions, Retirement Wealth and Lifetime Earnings”
    (with Jim MacGee)
  • “Household Stockholding Behavior during the Great Financial Crisis”
  • “Housing and Tax-deferred Accounts”
    (with Anson Ho)


  • Ph.D., University of Western Ontario (2007)

Research Interests

  • Household Finance
  • Pensions and Retirement Saving
  • Macroeconomics


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