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.
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.
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.
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.
“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.
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.
“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)