Current Affiliation:

Fiscal Affairs Department

International Monetary Fund

1900 Pennsylvania Avenue NW

Washington, DC  20431, USA

Contact Information

Email: anzy2008@gmail.com

 Research Interests

• Public Economics

• Macroeconomics

• International Economics

• Financial Economics

• China Studies

 Teaching (Note: The teaching language of the following courses is English)

• Public Economics (Undergraduate, Master, and PhD)

• Microeconomics (Undergraduate and Master)

• Principles of Economics (Undergraduate)

Academic Journal Articles (In English)

1. An, Zhiyong, "Social versus Private Insurance: The Implications of a Non-welfarist Social Welfare Function," Under Peer Review, 2024.

2. An, Zhiyong, "Non-welfarist Social Welfare Function and the Production Efficiency Theorem: A Complement to Diamond and Mirrlees (1971)," Under Peer Review, 2024.

3. An, Zhiyong, "Intangible Capital, Returns to Scale and Aggregate Price Stickiness," Under Peer Review, 2023.

4. An, Zhiyong, "Local Public Goods as A Double-Edged Sword: Positive Benefit Spillovers versus Negative Externalities," Under Peer Review, 2023.

5. An, Zhiyong, and David Coady, "Social versus Individual Work Preferences: Implications for Optimal Linear Income Taxation,"  Journal of Public Finance and Public Choice, April 12, 2024. (Download)

6. An, Zhiyong, "A Note on Welfarist  versus Non-welfarist Social Welfare Function," International Tax and Public Finance, July 15, 2023. (Download)

7. An, Zhiyong, "On the Marginal Cost of Public Funds: The Implications of Charitable Giving and Warm Glow," Fiscal Studies, 2023, 44(3), 299-307. (Download) 

8. An, Zhiyong, and Kohei Asao, "Options to Strengthen the Social Safety Net in Japan," IMF Selected Issues Paper No. 2023/033, May 18, 2023. (Download) 

9. An, Zhiyong, "Paternalism versus Veblen: How should the Government Address the Concern for Relative Consumption in Housing?" Journal of Housing Research, 2023, 32(1), 57-65. (Download)

10. An, Zhiyong, and David Coady, "Social versus Individual Work Preferences: Implications for Optimal Income Taxation," FinanzArchiv/Public Finance Analysis, 2022, 78(4), 393-421. (Download) 

11. An, Zhiyong, "Profit Taxation and Aggregate Price Stickiness," Annals of Economics and Finance, 2022, 23(2), 279-287. (Download)

12. An, Zhiyong, "Eurobonds: Three Lessons from China's 'Debt Centralization/Decentralization' Experience," the Economists' Voice, 2021, 18(1), 67-80. (Download)

13. Shang, Baoping, Brooks Evans, and Zhiyong An, "Expenditure Policies in Support of Firms and Households," Special Series on Fiscal Policies to Respond to COVID-19, 2020, Washington, DC: International Monetary Fund. (Download)

14. An, Zhiyong, and Yilin Hou, "Debt Authority and Intentional Overstatement of Budgetary Deficit: Evidence from Chinese Provinces," International Tax and Public Finance, 2020, 27(2), 461-477. (Download)

15. An, Zhiyong, "Two General Lessons from the 2019 Personal Income Tax Reform of China," the Economists' Voice, 2019, 16(1), 1-5. (Download)

16. An, Zhiyong, and Yilin Hou, "Centralised versus Decentralised Subnational Debt and Soft Budget Constraint: Evidence from China," Journal of Public Finance and Public Choice, 2019, 34(2), 173-188.  (Download)

17. An, Zhiyong, "On the Tax Bias against Investments in Fixed Assets: Empirical Evidence from China," the World Economy, 2019, 42(2), 419-428. (Download)

18. An, Zhiyong, and Yilin Hou, "Population Policy, Demographic Change, and Firm Returns: Evidence from China," the B. E. Journal of Economic Analysis and Policy, 2019, 19(1), 1-11. (Download)

19. An, Zhiyong, "Rent Seeking, Institutional Quality, and Optimal Income Taxation," Tax Notes, 2018, 159(3), 339-345. (Download)

20. An, Zhiyong, "A Proposal to Reform the Size-Based Policies of China's VAT," Tax Notes International, 2018, 89(2), 169-170. (Download)

21. An, Zhiyong, "Policy and Taxable Income Elasticity: A Comment on Hendren," Tax Notes, 2017, 157(10), 1449-1551. (Download)

22. An, Zhiyong, "The Debate over U.S. Corporate Tax Reform: How should China Respond?" Tax Notes International, 2017, 86(9), 819-823. (Download) (Cover Story)

23. An, Zhiyong, "Private Property Rights and Capital Structure: Empirical Evidence from the 2004 Constitutional Amendment in China" Journal of Institutional and Theoretical Economics, 2017, 173(3), 454-469. (Download)

24. An, Zhiyong, "A New Comparison between Ad Valorem and Unit Taxation in a Monopoly," Tax Notes, 2017, 155(10), 1461-1463. (Download)

25. An, Zhiyong, "When Preferences Differ: ETI Insufficient to Calculate DWL," Tax Notes, 2017, 155(6), 825-827. (Download)

26. An, Zhiyong, "A Note on the Puzzle of the Standard Model of Tax Compliance," Tax Notes, 2017, 154(1), 143-145. (Download)

27. An, Zhiyong, "How Should the Government Address the Concern for Relative Consumption in Housing: Property Tax or Income Tax?" Journal of Housing Research, 2016, 25(1), 105-113. (Download)

28. An, Zhiyong, "On the Sufficiency of Using the Elasticity of Taxable Income to Calculate Deadweight Loss: the Implications of Charitable Giving and Warm Glow," International Tax and Public Finance, 2015, 22(6), 1040-1047. (Download)

29. An, Zhiyong, and Zhiwei Chong, "Debt Centralization and Soft Budget Constraint," Public Finance and Management, 2015, 15(2), 153-164. (Download)

30. An, Zhiyong, "A Note on Voting over Taxes with Tax Avoidance," FinanzArchiv/Public Finance Analysis, 2015, 71(3), 407-414. (Download)

31. An, Zhiyong, and Congyan Tan, "Taxation and Income Shifting: Empirical Evidence from a Quasi-Experiment in China," Economic Systems, 2014, 38(4), 588-596. (Download)

32. An, Zhiyong, "Taxation and Debt Maturity: Empirical Evidence from a Quasi-Experiment in China," Journal of Multinational Financial Management, 2014, 25-26, 21-29. (Download)

33. An, Zhiyong, Ping Cheng, Zhenguo Lin, and Yingchun Liu, "How do Market Conditions Impact Price-TOM Relationship? Empirical Evidence from Real Estate Owned (REO) Sales," Journal of Housing Economics, 2013, 22(3), 250-263. (Download)

34. An, Zhiyong, "Private Property Rights, Investment Patterns, and Asset Structure," Economics & Politics, 2013, 25(3), 481-495. (Download)

35. An, Zhiyong, "An Alternative Approach to Income Taxation," Economic Modelling, 2013, 30(1), 875-878. (Download)

36. An, Zhiyong, "Taxation and Capital Structure: Empirical Evidence from a Quasi-Experiment in China," Journal of Corporate Finance, 2012, 18(4), 683-689. (Download) 

37. An, Zhiyong, and Congyan Tan, "Are the Government-Sponsored Enterprises (GSEs) Justified?," Housing Policy Debate, 2012, 22(2), 133~139. (Download)

38. An, Zhiyong, "Taxation and Foreign Direct Investment (FDI): Empirical Evidence from a Quasi-Experiment in China," International Tax and Public Finance, 2012, 19(5), 660-676. (Download)

39. An, Zhiyong, "An Indirect Approach to Estimate the Jumbo-Conforming Spread," Journal of Fixed Income, 2010, 20(1), 59~66. (Download)

40. An, Zhiyong, "Stigma, Optimal Income Taxation, and the Optimal Welfare Program: A Numerical Simulation Approach," Public Finance Review, 2010, 38(1), 102~119. (Download)

41. An, Zhiyong, "Aggregate Price Stickiness," Annals of Economics and Finance, 2009, 10(1), 15~28. (Download)

42. An, Zhiyong, “Regressive State Tax Systems: Facts, Several Possible Explanations, and Empirical Evidence,” National Tax Association Proceedings, 14~23, 2008. (Download)

43. An, Zhiyong, “Identity and Tax Evasion,” National Tax Association Proceedings, 50~63, 2006. (Download)

44. Bloomquist, Kim M., and Zhiyong An, “Geographic Variation in Schedule H Filing Rates: Why should Location Influence the Decision to Report ‘Nanny’ Taxes?” National Tax Association Proceedings, 26~39, 2005. (Download) 

Blogs (In English)

1. Shang, Baoping, Brooks Evans, and Zhiyong An, "From Lockdown to Recovery: The Design of Spending Measures to Support Firms and Households During COVID-19," Public Financial Management Blog, 2020, Washington, DC: International Monetary Fund. (Download)

Media Op-Ed Articles (in Chinese; As Part of My Public Services)

1. An, Zhiyong, "Global Minimum Corporate Tax Rate: How Should China Respond?" Caixin，4/19/2021. (Download) 

2. An, Zhiyong, and Muluan Wu, "On the Possibility of Introducing Real Estate Property Tax into Shenzhen: Viewed from the Characteristics of its Real Estate Property Market," Caixin，6/5/2020. (Download) 

3. An, Zhiyong, and Muluan Wu, "Promotion City by City: The Strategic Path for China to Introduce Real Estate Property Tax," Caixin，6/2/2020. (Download) 

4. An, Zhiyong, and Chunrong Zheng "On the Systematic 'Budgeting Bias' of Chinese Local Governments and its Implications," China Business News，9/19/2017. (Download) 

5. An, Zhiyong, "On the Relationship between Market and Government: Talking from Hoodwinking," China Business News，6/7/2017. (Download) 

6. An, Zhiyong, "On the Essence of VAT and Its Two Implications," China Business News，5/17/2017. (Download) 

7. An, Zhiyong, "Cutting Excess Production Capacity and Inventory Warrants Appropriate Government Intervention," China Business News，5/9/2017. (Download) 

8. An, Zhiyong, "Strengthening Private Property Rights Protection Can Help Promote Investment and Innovation," China Business News，3/30/2017. (Download) 

9. An, Zhiyong, "More Time Is Needed before Conducting a Comprehensive Evaluation of the VAT Reform," China Business News，12/19/2016. (Download) 

10. An, Zhiyong, "Strengthening Private Property Rights Protection Can Help Deleverage," China Business News，11/1/2016. (Download) 

11. An, Zhiyong, "On the Theoretical Arguments of Collecting Real Estate Property Taxes," China Business News，9/26/2016. (Download)

12. An, Zhiyong, "The Impact of Taxation on Macroeconomic Fluctuations Is Theoretically Ambiguous," China Business News，9/13/2016. (Download) 

13. An, Zhiyong, "What's the Real Difference between Ad Valorem and Unit Taxation?" China Business News，8/3/2016. (Download) 

14. An, Zhiyong, "Supply-Side Reform Doesn't Necessarily Imply Cutting Taxes," China Business News，7/12/2016. (Download) 

15. An, Zhiyong, "On the Relationship between Institutional Reform and Tax Reform," China Business News，6/5/2016. (Download) 

16. An, Zhiyong，“Reforming the Corporate Income Tax Can Help Deleverage,” China Business News，2/4/2016. (Download) 

17. An, Zhiyong，“The Big Four Commercial Banks Should Not Enjoy Public Guarantees from the Government,” China Business News，12/8/2015.(Download) 

18. An, Zhiyong，“The Implications of the Chinese Stock Market Turmoil for the Functionality and Responsibility of the State-owned Assets Supervision and Administration Commission of the State-Council (SASAC),” China Business News，9/24/2015. (Download)

19. An, Zhiyong，“On the Impact of Raising Tobacco Taxes,” China Business News，6/11/2015. (Download)

20. An, Zhiyong，“Taxation Theories Can Not Deal with Illegitimate Income,” China Business News，3/18/2015. (Download)

21. An, Zhiyong，“The Industry Structure and Corruption in Present China,” China Business News，10/9/2014. (Download)

22. An, Zhiyong，“Why Is the Present Plan of Reverse Mortgage Insurance Infeasible?” China Business News，4/18/2014. (Download）

Policy Reports (In Chinese; As Part of My Public Services)

1. An, Zhiyong, Hongwei Wang, Wei Shi, “The Implications of the Failure of the GSEs in the U.S. for the Development of the Real Estate Financial Market in Shanghai,” Submitted to the Shanghai Municipal Government, March 2012.

2. An, Zhiyong, “A Report on the Necessity and Feasibility of Constructing the Home Price Index (HPI) in China,” Submitted to the People’s Bank of China, December 2008 March 2012.

Recent Invited Presentations

• 2017/02, Wharton School of Business, University of Pennsylvania, Philadelphia, PA, USA.

• 2016/02, Federal Reserve Bank of Philadelphia, Philadelphia, PA, USA.

• 2016/01, Fiscal Affairs Department, IMF, Washington, DC, USA.

• 2015/12, Maxwell School of Citizenship and Public Affairs, Syracuse University, Syracuse, NY, USA.

• 2015/09, Federal Reserve Bank of Chicago, Chicago, IL, USA.

• 2015/01, Department of Economics, Northern Illinois University, DeKalb, IL, USA.

Conference Presentations

• 2022/06, The 2022 International Conference on Public Economic Theory, Marseille, France. 

• 2020/01, The 2020 AEA Annual Meeting, San Diego, CA, USA.

• 2018/11, The 111st Annual Conference of National Tax Association, New Orleans, LA, USA.

• 2016/11, The 109th Annual Conference of National Tax Association, Baltimore, MD, USA.

• 2012/05, The International Conference on Local Government Debt, Shanghai, China.

• 2011/06, The 2011 AREUEA Mid-Year Meeting, Washington, DC, USA.

• 2011/04, The 3rd Annual Conference of the Global Chinese Real Estate Congress, Hangzhou, China.

• 2009/11, The 102nd Annual Conference of National Tax Association, Denver, CO, USA.

• 2009/08, The 1st Annual Conference of the Global Chinese Real estate Congress, Beijing, China.

• 2009/07, The International Conference "The Shadow Economy, Tax Evasion and Social Norms", Muenster, Germany.

• 2008/11, The 101st Annual Conference of National Tax Association, Philadelphia, PA, USA.

• 2006/11, The 99th Annual Conference of National Tax Association, Boston, MA, USA.

• 2005/11, The 98th Annual Conference of National Tax Association, Miami, FL, USA.

Journal Referees

• American Economic Journal: Economic Policy

• Journal of Urban Economics

• Journal of Economic Behavior & Organization

• International Tax and Public Finance

• Public Finance Review

• FinanzArchiv/Public Finance Analysis

• Public Choice

• Social choice & Welfare

• Economics & Politics

• Economics of Transition

• World Economy

• Journal of Economic Policy Reform

• Journal of Economic Psychology

• China Economic Review

• Annals of Economics and Finance

• Emerging Markets Review

• Emerging Markets Finance and Trade

• Japanese Economic Review

• Economic Change and Restructuring

• Journal of Housing and the Built Environment

Awards

• 2015, Research Grant from the Shanghai University of Finance and Economics, China

• 2014, Research Grant from the National Social Science Fund of China

• 2012, Research Grant from the Shanghai University of Finance and Economics, China

• 2011, Research Grant from the Shanghai Municipal Government, China

• 2010, Research Grant from the Ministry of Education, China

• 2009, Best Paper Prize, The 1st Annual Conference of the Global Chinese Real Estate Congress (Paper Title: "Conforming Loan Limit and Jumbo-Conforming Spread" (with Zhenguo Lin and Yingchun Liu) ) (Certificate)

• 2006, IBER Mini Grant, U.C. Berkeley

• 2006, Summer Grant, U.C. Berkeley

• 2006, Dean's Normative Time Fellowship, U.C. Berkeley

• 2005, Academic Progress Award, U.C. Berkeley

• 2004, Burch Center Fellowship, Department of Economics, U.C. Berkeley 

Last Updated on April 18, 2024.