THORBECKE, Willem

金融経済学、財政経済学、国際経済学

• Economic Shocks, the Japanese and World Economies, and Possible Policy Responses （2023年5月8日〜2025年10月31日）
• East Asian Production Networks, Trade, Exchange Rates, and Global Imbalances （2021年1月18日〜2023年6月30日）
• East Asian Production Networks, Trade, Exchange Rates, and Global Imbalances （2018年2月1日〜2020年1月31日）
• East Asian Production Networks, Trade, Exchange Rates, and Global Imbalances （2015年10月14日〜2017年9月30日）
• East Asian Production Networks, Trade, Exchange Rates, and Global Imbalances （2013年10月2日〜2015年9月30日）
• East Asian Production Networks and Global Imbalances （2011年12月27日〜2013年10月1日）
• The Resolution of Global Imbalances （2006年）

1988 Ph.D. University of California, Berkeley
1985-86 Visiting Scholar, Yale University
1982 B.A. Cornell University

1988-2009 Associate Professor, Department of Economics, George Mason University
Visiting Scholar Positions: ADB-Institute, Tokyo, Japan; Levy Economics Institute, Annandale-on-Hudson, New York; Social Security Administration, Washington, DC; Cowles Foundation for Research in Economics, Yale University, New Haven, CT.

Selected papers

• “Impacts of global excess capacity on the health of GFSEC steel industries,” 2024, published at the Global Forum on Steel Excess Capacity (GFSEC), (with Anthony De Carvalho and Rodrigo Pazos) https://steelforum.org/gfsec-impacts-of-global-excess-capacity.pdf
• “The Impact of Monetary Policy on the U.S. Stock Market since the COVID-19 Pandemic,” International Journal of Financil Studies, 2023, 11(4), 134; https://doi.org/10.3390/ijfs11040134
• "Japanese Economic Performance after the Pandemic: A Sectoral Analysis," J. Risk Financial Management, 2023, 16(5), 267; https://doi.org/10.3390/jrfm16050267
• "The Effect of the Fed's Large-scale Asset Purchases on Inflation Expectations," Southern Economic Journal, forthcoming.
• "Exchange Rates and the Swiss Economy," Journal of Policy Modeling, forthcoming, (with Atsuyuki Kato).
• "Investigating ASEAN's Electronic and Labor-Intensive Exports," Journal of Asian Economics, 55, 2018, 58-70.
• "Rebalancing Trade in East Asia: Evidence from the Electronics Industry," Emerging Markets Finance and Trade, 53, 2017, 2696-2705.
• "Understanding the Flow of Electronic Parts and Components in East Asia," Korea and the World Economy, 17, 2016, 161-182.
• "Understanding FDI and Production Networks in East Asia," Asian-Pacific Economic Literature, 30, 2016, 57–71, (with Nimesh Salike).
• "Exchange Rates and Production Networks in Asia: A 21st Century Perspective," International Economic Journal, 30, 2016, 217-230.
• "Understanding Chinese Consumption Goods Imports," Journal of Policy Modeling, 38, 2016, 96-102.
• "China-U.S. Trade: A Global Outlier," Journal of Asian Economics, 40, 2015, 47-58.
• "The Sophistication of East Asian Exports," Journal of the Asia Pacific Economy, 20, 2015, 658-678, (with Hao-Kai Pai).
• "Understanding Japan's Capital Goods Exports," The Japanese Economic Review, 66, 2015, 536–549.
• "Enjoying the Fruits of their Labor: Redirecting Exports to Asian Consumers," Asian Development Review, 32, 2015, 1-20.
• "Measuring the Competitiveness of China's Processed Exports," China & World Economy, 23, 2015, 78-100.
• "The Contribution of the Yen Appreciation since 2007 to the Japanese Economic Debacle," Journal of the Japanese and International Economies, 31, 2014, 1-15.
• "Investigating China's Disaggregated Processed Exports: Evidence that Both the RMB and Exchange Rates in Supply Chain Countries Matter," The World Economy, 36, 2013, 1245-1260.
• Comment on "Industry-specific Real Effective Exchange Rates and Export Price Competitiveness: The Case of Japan, China, and Korea," Asian Economic Policy Review, 8, 2013, 325-325
• "Are Chinese Imports Sensitive to Exchange Rate Changes?" China Economic Policy Review, 1, 2012, 1-15, (with Gordon Smith).
• "The Effect of Exchange Rate Changes on Japanese Consumption Exports," Japan and the World Economy, 24, 2012, 64-71, (with Atsuyuki Kato).
• "Investigating the Effect of Exchange Rate Changes on China's Processed Exports," Journal of the Japanese and International Economies, 25, 2011, 33-46.
• "The Effect of Exchange Rate Changes on Trade in East Asia," Journal of International Commerce, Economics, and Policy, 2, 2011, 85-102.
• "How Elastic is East Asian Demand for Consumption Goods?" Review of International Economics, 19, 2011, 950-962
• "An Empirical Analysis of East Asian Computer Exports," Journal of the Asia Pacific Economy, 16, 2011, 644-652.
• "An Empirical Analysis of ASEAN's Labor-intensive Exports," Journal of Asian Economics, 21, 2010, 505-513.
• "How Would an Appreciation of the RMB and Other East Asian Currencies Affect China's Exports?" Review of International Economics, 18, 2010, 95-108, (with Gordon Smith).
• "The Effect of Exchange Rate Changes on China's Labor-Intensive Manufacturing Exports," Pacific Economic Review, 14, 2009, 389-409, (with Hanjiang Zhang).
• "Monetary Policy Surprises and Long-Term Interest Rates: Choosing between the Inflation-Revelation and Excess Sensitivity Hypotheses," Southern Economic Journal, 75, 2009, 1114-1122, (with Hanjiang Zhang).
• "Reducing Global Imbalances: Perspectives from the United States and from Asia," Fiducie, 17, 2009, 20-23.
• "Global Imbalances, Triangular Trading Patterns, and the Yen/Dollar Exchange Rate," Journal of the Japanese and International Economies, 22, 2008, 503-517.
• "The Effect of Exchange Rate Volatility on Fragmentation in East Asia: Evidence from the Electronics Industry," Journal of the Japanese and International Economies, 22, 2008, 535-544.
• "How Would an Appreciation of the Renminbi Affect the U.S. Trade Deficit with China?" The B.E. Journal in Macroeconomics: 6, 2006: No. 3, Article 3.
• "The Effects of Monetary Policy on Bank Lending in Turkey," Applied Financial Economics, 15, 2005, 931-934, (with Ahmet Sengonul).
• "The Effects of Exchange Rate and Interest Rate Shocks on Bank Lending in Indonesia," Economics and Finance in Indonesia, 52, 2004, 279-295 (with Iwan Azis).
• "Budget Deficits, Inflation Risk, and Asset Prices," Journal of International Money and Finance, 21, August 2002, 539-553.
• "Did NAFTA Cause a Giant Sucking Sound?," Journal of Labor Research, 23, Fall 2002, 649-660, (with Christian Eigen-Zucchi).
• "A Dual Mandate for the Federal Reserve: The Pursuit of Price Stability and Full Employment," Eastern Economic Journal, 2002: 28: 255-268.
• "Estimating the Effects of Disinflationary Monetary Policy on Minorities," Journal of Policy Modeling, 2001, 23: 51-66.
• "Monetary Policy, Time-Varying Risk, and the Bond Market Debacle of 1994," Journal of Macroeconomics, Winter 2000, 22: 159-174.
• "Thoughts on the NAIRU," Journal of Economic Perspectives, 1997, 11: 228-229.
• "On Monetary Policy and Stock Returns," Journal of Finance, June 1997, 52: 635-654.