Visiting Fellow (until April 30, 2004)

Associate Professor of Finance and Economics, Columbia Business School

Activities at RIETI


International Economics; The Economics of Technological Innovation; Industrial Organization; The Japanese Economy; East Asian Economic Growth


Harvard University
National Science Foundation Graduate Research Fellow
Ph.D. in Economics, 1996.

Northwestern University
Graduated with departmental honors in Mathematical Methods in the Social Sciences and Economics, 1991.


1996 - present Faculty Research Fellow, National Bureau of Economic Research
1996 - 2001 Assistant Professor of Economics, University of California, Davis
1999 - 2001 Director, East Asian Studies Program, University of California, Davis
2001 - present Associate Professor of Finance and Economics, Columbia Business School
2002 - present Director, International Business Program, Columbia Business School

Selected Publications and Papers

Papers and Articles in English

[1] "Measuring the Impact of U.S. Research Consortia," with Mariko Sakakibara (UCLA), forthcoming in Managerial and Decision Economics.

[2] "Has Japan's Innovative Capacity Declined?" with Yoshiaki Nakamura (Ministry of Economy, Trade, and Industry; Government of Japan), forthcoming in Anil Kashyap, Jenny Corbett, Magnus Blomstrom, and Fumio Hayashi, (eds.), Structural Impediments to Growth in Japan, University of Chicago Press and NBER.

[3] "Trade and Foreign Direct Investment in China: A Political Economy Approach," with Robert Feenstra (UC-Davis), Journal of International Economics, vol. 58, no. 2, December 2002, pp. 335-358.

[4] "When Do Research Consortia Work Well and Why? Evidence from Japanese Panel Data," with Mariko Sakakibara (UCLA), American Economic Review, vol. 92, no. 1, March 2002, pp. 143-159.

[5] "Do Stronger Patents Induce More Innovation? Evidence from the 1988 Japanese Patent Law Reforms," with Mariko Sakakibara (UCLA), RAND Journal of Economics, vol. 32, no. 1, Spring 2001, pp. 77-100. Reprinted in R. Towse and R. Holzhauer, (eds.), The Economics of Intellectual Property, Edward Elgar Publishing Limited, 2001.

[6] "Are Knowledge Spillovers International or Intranational in Scope? Microeconometric Evidence from Japan and the United States," Journal of International Economics, vol. 53, February 2001, pp. 53-79.

[7] "Vertical Keiretsu and Knowledge Spillovers in Japanese Manufacturing: An Empirical Assessment," Journal of the Japanese and International Economies, vol. 14, June 2000, pp. 73-104.

[8] "Japanese Research Consortia: A Microeconometric Analysis of Industrial Policy," with Mariko Sakakibara (UCLA), Journal of Industrial Economics, vol. 46, no. 2, June 1998, pp. 207-233.

[9] "Looking for International Knowledge Spillovers: A Review of the Literature with Suggestions for New Approaches," Annales d'Economie et de Statistique No. 49/50, 1998, pp. 517-540.

[10] "Foreign Direct Investment and R&D Spillovers: Is There a Connection?" in Takatoshi Ito and Anne Krueger, (eds.) The Role of Foreign Direct Investment in East Asian Economic Development, NBER and University of Chicago Press, 2000.

[11] "Does Cash Flow Cause Investment and R&D? An Exploration Using Panel Data from French, Japanese, and United States Scientific Firms," with Bronwyn Hall (UC-Berkeley), Jacques Mairesse (EHESS and CREST, Paris), and Bruno Crepon, (INSEE), in David Audretsch and Roy Thurik, (eds.) Innovation, Industry Evolution, and Employment, Cambridge University Press, 1999.

[12] "New Business Investment Company: October 1997," with Joshua Lerner (HBS) and Takeshi Nakabayashi (NBI), Harvard Business School Case No. N9-299-025, 1999.

Articles in Japanese

[13] "China's Changing Role in East Asia and the World Economy," (in Japanese), in MITI Research Review, vol. 14, March 2000, pp. 98-121.

[14] "Technology Spillovers in Production Keiretsu," (in Japanese) in Financial Review vol. 46, Special Issue "Human Investment and R&D," July 1998, pp. 72-86.


2003 - present World Bank, Consultant to the Research Group. Hired to contribute to research on the impact of changes in intellectual property rights regimes in developing countries on the behavior of multinational firms.
2002 - present Newsweek Japan. Occasional Op-Ed columnist.
1997 - 1999 U.S. Department of Commerce, Technology Administration, Consultant to the Advanced Technology Program of the National Institute of Standards and Technology.
1997 Organization for Economic Cooperation and Development (Paris), Consultant to the Science and Technology Directorate. Hired to assist the OECD in developing new international measures of technological activity.