Bo Zhao
Bo Zhao
Senior Economist

Research

email  Bo.Zhao@bos.frb.org

617-973-3061

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Publications

Refereed Journal Articles

Zhao, Bo, and David Coyne. Forthcoming. "Walking a Tightrope: Are U.S. State and Local Governments on A Fiscally Sustainable Path?" Public Budgeting and Finance.

Zhao, Bo. 2016. "Saving for a Rainy Day: Estimating the Needed Size of U.S. State Budget Stabilization Funds." Regional Science and Urban Economics 61: 130–152.

Zhao, Bo. "From Urban Core to Wealthy Towns: Nonschool Fiscal Disparities across Municipalities" Public Finance Review (forthcoming).

Zhao, Bo. 2015. "Municipal Aid Evaluation and Reform." Municipal Finance Journal 36(1): 27–50.

Zhao, Bo and David Coyne. 2015. "A More Equitable Approach to Cutting Intergovernmental Aid." Public Finance Review 43(1): 32–52.

Bo Zhao. 2011. "The Fiscal Impact of Local-Option Taxes on Municipalities: The Case of Massachusetts." Municipal Finance Journal 31(4): 63–86 (April).

Katharine Bradbury and Bo Zhao. 2009. “Measuring Non-School Fiscal Disparities among Municipalitie.,” National Tax Journal. 62(1): 25–56 (March).

Bo Zhao and Katharine Bradbury. 2009. “Designing State Aid Formulas.” Journal of Policy Analysis and Management 28( 2): 278–295 (March).

Lloyd A. Blanchard, Bo Zhao, and John Yinger. 2008. “Do Lenders Discriminate Against Minority and Woman Entrepreneurs?” Journal of Urban Economics 63(2): 467–497 ( March).

Bo Zhao, Jan Ondrich, and John Yinger. 2006. “Why Do Real Estate Brokers Continue to Discriminate? Evidence from the 2000 Housing Discrimination Study.” Journal of Urban Economics 59(3): 394–419 (May).

Bo Zhao. 2005. “Does the Number of Houses a Broker Shows Depend on a Homeseeker’s Race?” Journal of Urban Economics 57(1): 128–147 (January).

Book Chapters

Zhao, Bo, and Jennifer Weiner. "Measuring Municipal Fiscal Disparities in Connecticut." In Ebel, Robert and Michael Bell eds., Connecticut Tax Panel Final Report Volume 2. 2015.

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.

Bank Publications

"Reintegrating the Ex-offender Population in the U.S. Labor Market: Lessons from the CORI Reform in Massachusetts," 2017. With Osborne Jackson and Riley Sullivan. Federal Reserve Bank of Boston NEPPC Research Report no. 17-1.

"Does Changing Employers' Access to Criminal Histories Affect Ex-offenders' Recidivism? Evidence from the 2010‒2012 Massachusetts CORI Reform." 2016. With Osborne Jackson. Federal Reserve Bank of Boston Working Paper no. 16-31.

"The Effect of Changing Employers' Access to Criminal Histories on Ex-offenders' Labor Market Outcomes: Evidence from the 2010‒2012 Massachusetts CORI Reform." 2016. With Osborne Jackson. Federal Reserve Bank of Boston Working Paper no. 16-30.

Zhao, Bo, and Calvin Kuo. 2016. "Haves and Have-Nots: Municipal Fiscal Disparities in Connecticut." Communities & Banking, spring issue, pp 28–31.

"From Urban Core to Wealthy Towns: Nonschool Fiscal Disparities across Connecticut Municipalities." 2015. Federal Reserve Bank of Boston, Working Paper Series, paper no. 15-14.

"Achieving Greater Fiscal Stability: Guidance for the New England States," 2015. with Yolanda K. Kodrzycki. FRB Boston NEPPC Research Report, paper no. 15-2.

"Measuring Municipal Fiscal Disparities in Connecticut," with Jennifer Weiner. 2015. FRB Boston NEPPC Research Report, paper no. 15-1.

"Saving for a Rainy Day: Estimating the Appropriate Size of U.S. State Budget Stabilization Funds," 2014. FRB Boston Working Paper Series, paper no. 14-12.

"The Role of Economic, Fiscal, and Financial Shocks in the Evolution of Public Sector Pension Funding," with Robert K. Triest. 2013. FRB Boston Working Papers Series, paper no. 13-26.

"Walking a Tightrope: Are U.S. State and Local Governments on a Fiscally Sustainable Path?" with David Coyne. 2013. Federal Reserve Bank of Boston Working Paper Series, paper no. 13-18.

"Making State Aid Cuts More Equitable" with David Coyne. 2012. Communities & Banking magazine, Spring issue, pp. 24–26.

"A More Equitable Approach to Cutting State Aid" with David Coyne. 2011. Federal Reserve Bank of Boston NEPPC Policy Brief no. 11-2.

"Designing Formulas for Distributing Reductions in State Aid," with David Coyne. 2011. Federal Reserve Bank of Boston NEPPC Working Paper Series 11-1.

"Municipal Aid Evaluation and Reform." 2011. Federal Reserve Bank of Boston NEPPC Working Paper Series 11-1.

"Making Municipal Aid Count: Mind the Gap!" with David J. Coyne. 2011. Communities & Banking magazine, spring issue, pp 23–25.

"Reforming Municipal Aid in Massachusetts: The Case for a Gap-Based Formula," with David J. Coyne. 2010. Federal Reserve Bank of Boston NEPPC Policy Brief Series 10-2.

"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. 2010. Federal Reserve Bank of Boston NEPPC Working Paper Series 10-4.

"The Fiscal Impact of Potential Local-Option Taxes in Massachusetts.” 2010. Federal Reserve Bank of Boston NEPPC Working Paper Series 10-2.

"Designing State Aid Formulas: The Case of a New Formula for Distributing Municipal Aid in Massachusetts,” with Katharine Bradbury. 2008. FRB Boston Series, paper no. 08-2.

"Measuring Non-School Fiscal Imbalances of New England Municipalities,” with Katharine Bradbury. 2007. Federal Reserve Bank of Boston NEPPC Policy Brief Series no. 07-6.

"Measuring Disparities in Non-School Costs and Revenue Capacity among Massachusetts Cities and Towns,” with Katharine Bradbury. 2007. 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. 2006. Federal Reserve Bank of Boston NEPPC Working Paper Series, no. 06-1.

Other

"Time for Massachusetts to Reform Obsolete, Unfair Local Aid Program," with Yolanda K. Kodrzycki. 2015. New Bedford Standard-Times. January 16.

"Symposium on Fiscal Disparity and Equalization: Introduction to Symposium," with Yonghong Wu. 2014. Public Finance and Managment 14(4): 371–373.

"State Needs to Reform Local Aid Program," with Yolanda K. Kodrzycki. 2013. Boston Globe's “The Podium.” May 21.

"Reforming Municipal Aid in Massachusetts," with David J. Coyne. 2011. MassBenchmarks 13(2,): 15–20.

"Do Credit Market Barriers Exist for Minority and Women Entrepreneurs?” with Lloyd A. Blanchard and John Yinger. 2005. Center for Policy Research Working Paper Series no. 74, Syracuse University.

"Why Do Real Estate Brokers Continue to Discriminate? Evidence from the 2000 Housing Discrimination Study,” with Jan Ondrich and John Yinger. 2005. Center for Policy Research Working Paper Series no. 67, Syracuse University.

Conference presentations:

Counting What Matters: Good Data for Good Policy in Connecticut" organized by Connecticut Data Collaborative, 2016

National Tax Association (NTA) Annual Conference, 2006, 2007, 2012–2016

Association for Public Policy Analysis & Management (APPAM) Annual Fall Research Conference, 2008, 2011, 2012, 2014, 2016

Federal Reserve System Regional Analysis Annual Conference, 2012, 2013, 2016

Lincoln Institute of Land Policy, Seminar on Critical Issues for the Fiscal Health of New England Cities and Towns, 2016

Public Choice Society Annual Meetings, 2016

Atlantic States Fiscal Leaders Forum, organized by National Conference of State Legislatures, Pew Charitable Trusts, and

New England Public Policy Center, 2014, 2016

North American Meetings of the Regional Science Association International (NARSC), 2015

Association for Budgeting and Financial Management (ABFM) Annual Conference, 2013–2015

Lincoln Institute of Land Policy, Economic Perspectives on State and Local Taxes Seminar, 2011, 2015 (Jan. and Dec.)

London School of Economics Asia Research Centre and Sun Yat-Sen University, A Conference on Financing Local Investments within a Sustainable Development Strategy for P. R. China, 2015 (presented by coauthor)

Southern Economic Association (SEA) Annual Conferece, 2014

National Conference on Public Employee Retirement Systems and the Institute on Public Pension Solutions, Public Pension Funding Forum, 2014 (presented by coauthor)

Federal Reserve Bank of Cleveland, A Conference on Public Pension Underfunding: Closing the Gaps, 2013 (presented by coauthor)

Arizona State University, School of Public Affairs, Fiscal Sustainability Workshop, 2013

Federation of Tax Administrators (FTA) Revenue Estimation & Tax Research Conference, 2011, 2012

National Association of State Budget Officers (NASBO), A Meeting on Lessons Learned from the Downturn, 2012

Federal Reserve System Applied Microeconomics Annual Conference, 2007, 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

World Bank Institute and National Institute of Public Finance and Policy (India), International Seminar on Measuring Fiscal Health of Cities, 2008

Federal Reserve Bank of Boston, A Conference on Financing Municipalities in New England: Revisiting the State-Local Relationship, 2007

Seminar presentations

Clark University, 2016

FDIC, 2016

Federal Reserve Bank of Boston, New England Study Group, 2005, 2007, 2009, 2012, 2014

Suffolk University, Beacon Hill Institute, 2010

University of New Hampshire, 2009

Harvard University, Rappaport Institute for Greater Boston, 2007

Northern Illinois University, 2005

Federal Reserve Bank of Kansas City, 2005

Freddie Mac, 2005

Grand Valley State University, 2005

Alfred University, 2005

JP Morgan Chase, 2005

Testimonies, Briefings, and Economic Talk

New England Advisory Council, 2010–2016

Massachusetts Executive Office of Administration and Finance and Department of Revenue, 2010, 2016

Massachusetts Executive Office of Administration and Finance, 2015

North Eastern States Tax Officials Association Annual Conference, 2015

Connecticut State and Local Tax Study Panel, 2015

Massachusetts House and Senate Joint Committee on Municipalities and Regional Government, Public hearing on H. 1828 "An

Act Regarding Revenue Sharing with Cities and Towns," 2015

Connecticut General Assembly's Legislative Program Review and Investigations Committee, 2015

Massachusetts State House, Local Aid Day, 2011, 2015

Connecticut General Assembly's Office of Legislative Program Review and Investigations and Office of Fiscal Analysis, 2015

Belmont Savings Bank, A Forum on Massachusetts Economy Convened for Municipal Treasurers, 2014

New England Fiscal Leaders Forum, organized by National Conference of State Legislatures, Pew Charitable Trusts, and New England Public Policy Center, 2013

Municipal Tax Authority Working Group of the Connecticut Legislature’s Municipal Opportunities and Regional Efficiency Commission (M.O.R.E.), 2013

1000 Friends of Connecticut, 2013

Massachusetts House and Senate Joint Committee on Municipalities and Regional Government, Public hearing on H. 1820 "An Act Reforming Additional Assistance to Municipalities," 2013

Hispanic-American Chamber of Commerce of Greater Boston, 2012

City of Boston, MA Administration, 2011

Metro Mayors’ Coalition, 2006, 2011

Pioneer Valley Planning Commission and the Franklin Regional Council of Governments, Municipal Aid Forum, 2011

Chair of Massachusetts House Ways and Means Committee, 2011

City of New Bedford, MA Administration, 2010

House Chair of Massachusetts Gateway Cities Caucus, 2010

House Chair of Massachusetts House and Senate Joint Committee on Revenue, 2010

Boston Municipal Research Bureau, 2010

Massachusetts Executive Office of Administration and 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, MA Administration, 2010

Boston Redevelopment Authority, 2010

Massachusetts Annual Governor's Conference on Travel and Tourism, 2009

Environmental Business Council of New England, 2008

Community Development Advisory Council, 2008

Massachusetts Chapter of the American Society of Public Administration, 2008

Massachusetts Lodging Association’s Boston Outlook Conference, 2007

Massachusetts Municipal Association, Fiscal Policy Committee and Revenue Sharing Task Force, 2006

Gordon College, 2006

New Hampshire House and Senate Ways and Means and Finance Committees, Joint Economic Briefing, 2005