THORBECKE, Willem
コンサルティングフェロー
アジア開発銀行研究所 シニアリサーチフェロー
アジア開発銀行研究所 シニアリサーチフェロー
研究分野 主な関心領域
金融経済学、財政経済学、国際経済学
関連プロジェクト
学歴
1988 Ph.D., University of California, Berkeley
1985-86 Visiting Scholar, Yale University
1982 B.A., Cornell University
1985-86 Visiting Scholar, Yale University
1982 B.A., Cornell University
職歴
1988-2005 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, New Haven, CT.
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, New Haven, CT.
主な著作物
Published Papers
"Monetary Policy Surprises and Long-Term Interest Rates: Choosing between the Inflation-Revelation and Excess Sensitivity Hypotheses," forthcoming in the Southern Economic Journal (with Hanjiang Zhang).
"How Would an Appreciation of the RMB and Other East Asian Currencies Affect China's Exports?" forthcoming in the Review of International Economics, (with Gordon Smith).
"The Effect of Exchange Rate Changes on China's Labor-Intensive Manufacturing Exports," forthcoming in the Pacific Economic Review, (with Hanjiang Zhang).
"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.
"The Plaza Accord," in Ramkishen S. Rajan and Ken Reinert, eds., The Princeton Encyclopedia of the World Economy, 2008, Princeton: Princeton University Press.
"The Twin Deficits," in Ramkishen S. Rajan and Ken Reinert, eds., The Princeton Encyclopedia of the World Economy, 2008, Princeton: Princeton University Press.
"The Louvre Accord," in Ramkishen S. Rajan and Ken Reinert, eds., The Princeton Encyclopedia of the World Economy, 2008, Princeton: Princeton University Press.
"East Asia's Role in Resolving the New Global Imbalances," in Jan Joost Teunissen and Age Akkerman, eds., Global Imbalances and Developing Countries: Improving the Global Financial System, 2008, The Hague, The Netherlands, Fondad, (with Masaru Yoshitomi and Li-Gang Liu).
"Trade Interdependence and Exchange Rate Coordination in Asia," Ramkishen S. Rajan, Shandre M. Thangavelu, and Rasyad A. Parinduri, eds., Monetary, Exchange Rate and Financial Issues and Policies in Asia, 2008, Singapore, World Scientific Press.
"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).
"Institutions of Trade Protection," in Charles Rowley and Friedrich Schneider, eds., The Encyclopedia of Public Choice, 2004, Boston: Kluwer Academic Publishers.
"U.S. Structural Change: Macroeconomic Policy Issues," in Alan Rugman and Gavin Boyd, eds., Alliance Capitalism for the New American Economy, 2003, Aldershot, UK: Edward Elgar Publishers, (with Ahmet Tiryaki).
"The Socio-economic Impact of the Asian Financial Crisis on Indonesia," in Mohammed Ikhsan, Chris Manning, and Hadi Soesastro, eds., Ekonomi Indonesia di Era Politik Baru (Indonesian Economics in the New Political Era) 2003, Jakarta: Kompas, (with Iwan Azis and Erik Thorbecke).
"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.
"European Macroeconomic Policy Interdependencies," in Thomas L. Brewer, Paul Brenton, and Gavin Boyd, eds., Globalizing Europe, 2002, Aldershot, UK: Edward Elgar Publishers, (with Christian Eigen-Zucchi).
"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.
"A Public Choice Perspective on the Globalizing of America," in Thomas L. Brewer and Gavin Boyd, eds., Globalizing America: The USA in World Integration, 2000, Aldershot, UK: Edward Elgar Publishers.
"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.
"Explaining House Voting on the North American Free Trade Agreement," Public Choice, 1997, 92: 231-242.
"Why Good Economic News Depressed Stock and Bond Prices in 1996," Economics Letters, July 1997, 54: 255-260, (with Lee Coppock).
"Choosing Free Trade Without Amending the U.S. Constitution," Public Choice, 1997, 90: 185-200.
"Monetary Policy, Stock Returns, and the Role of Credit in the Transmission of Monetary Policy," Southern Economic Journal, April 1996, 62: 989-1001 (with Lee Coppock).
"Congressional Influences over Decision Making at the International Trade Commission: 1980-1990," in José Casas Pardo and Friedrich Schneider, eds., Current Issues in Public Choice, 1996, Aldershot, UK: Edward Elgar Publishers (with Charles Rowley).
"Free Trade versus Managed Trade, A Constitutional Political Economy Perspective," Journal of Institutional and Theoretical Economics, June 1995, 151: 373-389.
"Nonfarm Employment and the Arbitrage Pricing Theory," Economics Letters, 1995, 47: 193-198 (with Geoff Chisholm).
"Trade Deficit News, Systematic Risk and the Crash of 1987," The Eastern Economic Journal, Winter 1994, 20: 97-106.
"Check Bouncing and Fiscal Irresponsibility: Evidence of Nonideological Shirking by Legislators," Public Choice, April 1994, 83: 59-64, (with Sarah Matzelevich).
"The Effect of Changes in the Federal Funds Rate on Stock Prices in the 1970s," The Journal of Economics and Business, February 1994, 46: 13-20, (with Tarik Alami).
"Rent Seeking and the Costs of Protectionism," The Journal of Economic Perspectives, Spring 1993, 7: 213-215.
"The Budget Deficit and the Arbitrage Pricing Theory," Economics Letters, March 1993, 41:313-317 (with Tony Caporale).
"Why Deficit News Affects Interest Rates," The Journal of Policy Modeling, February 1993, 15: 1-12.
"The Role of the Congress and the Executive in US Trade Policy Determination: A Public Choice Analysis," in M. Hilf and E.U. Petersmann, eds., National Constitutions and International Economic Law, 1993, Boston: Kluwer Academic Publishers (with Charles Rowley).
"The Federal Funds Rate and the Arbitrage Pricing Theory: Evidence that Monetary Policy Matters," Journal of Macroeconomics Fall 1992, 14: 731-744, (with Tarik Alami).
"Social Security Investment Policy and Capital Formation," Contemporary Policy Issues, July 1992, 10: 26-38.
Books
Post-Crisis Development Paradigms in Asia, Tokyo: ADB-I Publishing, 2003 (with Masaru Yoshitomi, Iwan Azis, and ADB-I Staff).
Trade Protection in the United States, London: Edward Elgar Publishers, 1995 (with Charles Rowley and Richard Wagner).
Working Papers
"Can East Asia be an Engine of Growth for the World Economy?" January 2009.
"Production Sharing, Exchange Rate Changes, and the Trade Balance: Evidence from the East Asian Computer Industry," December 2008.
Policy Papers
"Inflation Targeting and the Natural Rate of Unemployment," Jerome Levy Economics Institute Public Policy Note 1, 2004.
"Promoting Growth and Development in Indonesia, A General Equilibrium Analysis," written for the International Food Policy Research Institute, 2004, (with Iwan Azis et al.).
"Incorporating Credit Factors into a CGE Model of the Indonesian Economy," presented at the World Bank, 2001.
"A Dual Mandate for the Federal Reserve," Jerome Levy Economics Institute Policy Brief #60, 2000.
"Further Evidence on the Distributional Effects of Disinflationary Monetary Policy," Jerome Levy Economics Institute Working Paper #320, 1999.
"The Indonesian Economic Crisis: Social Costs and Policy Implications," written for the United Nations Development Programme Office of Development Studies Working Paper # 7, 1998.
"Who Pays for Disinflation," Jerome Levy Economics Institute Policy Brief #38, 1997.
"Financial Derivatives: Harnessing the Benefits and Containing the Dangers, "Jerome Levy Economics Institute Working Paper No. 145.
"Would Monetary Policy Be Effective if the OASDI Trust Funds Held Most Treasury Debt?," ORS Working Paper Series, Social Security Administration, 1991.
"Monetary Policy Surprises and Long-Term Interest Rates: Choosing between the Inflation-Revelation and Excess Sensitivity Hypotheses," forthcoming in the Southern Economic Journal (with Hanjiang Zhang).
"How Would an Appreciation of the RMB and Other East Asian Currencies Affect China's Exports?" forthcoming in the Review of International Economics, (with Gordon Smith).
"The Effect of Exchange Rate Changes on China's Labor-Intensive Manufacturing Exports," forthcoming in the Pacific Economic Review, (with Hanjiang Zhang).
"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.
"The Plaza Accord," in Ramkishen S. Rajan and Ken Reinert, eds., The Princeton Encyclopedia of the World Economy, 2008, Princeton: Princeton University Press.
"The Twin Deficits," in Ramkishen S. Rajan and Ken Reinert, eds., The Princeton Encyclopedia of the World Economy, 2008, Princeton: Princeton University Press.
"The Louvre Accord," in Ramkishen S. Rajan and Ken Reinert, eds., The Princeton Encyclopedia of the World Economy, 2008, Princeton: Princeton University Press.
"East Asia's Role in Resolving the New Global Imbalances," in Jan Joost Teunissen and Age Akkerman, eds., Global Imbalances and Developing Countries: Improving the Global Financial System, 2008, The Hague, The Netherlands, Fondad, (with Masaru Yoshitomi and Li-Gang Liu).
"Trade Interdependence and Exchange Rate Coordination in Asia," Ramkishen S. Rajan, Shandre M. Thangavelu, and Rasyad A. Parinduri, eds., Monetary, Exchange Rate and Financial Issues and Policies in Asia, 2008, Singapore, World Scientific Press.
"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).
"Institutions of Trade Protection," in Charles Rowley and Friedrich Schneider, eds., The Encyclopedia of Public Choice, 2004, Boston: Kluwer Academic Publishers.
"U.S. Structural Change: Macroeconomic Policy Issues," in Alan Rugman and Gavin Boyd, eds., Alliance Capitalism for the New American Economy, 2003, Aldershot, UK: Edward Elgar Publishers, (with Ahmet Tiryaki).
"The Socio-economic Impact of the Asian Financial Crisis on Indonesia," in Mohammed Ikhsan, Chris Manning, and Hadi Soesastro, eds., Ekonomi Indonesia di Era Politik Baru (Indonesian Economics in the New Political Era) 2003, Jakarta: Kompas, (with Iwan Azis and Erik Thorbecke).
"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.
"European Macroeconomic Policy Interdependencies," in Thomas L. Brewer, Paul Brenton, and Gavin Boyd, eds., Globalizing Europe, 2002, Aldershot, UK: Edward Elgar Publishers, (with Christian Eigen-Zucchi).
"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.
"A Public Choice Perspective on the Globalizing of America," in Thomas L. Brewer and Gavin Boyd, eds., Globalizing America: The USA in World Integration, 2000, Aldershot, UK: Edward Elgar Publishers.
"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.
"Explaining House Voting on the North American Free Trade Agreement," Public Choice, 1997, 92: 231-242.
"Why Good Economic News Depressed Stock and Bond Prices in 1996," Economics Letters, July 1997, 54: 255-260, (with Lee Coppock).
"Choosing Free Trade Without Amending the U.S. Constitution," Public Choice, 1997, 90: 185-200.
"Monetary Policy, Stock Returns, and the Role of Credit in the Transmission of Monetary Policy," Southern Economic Journal, April 1996, 62: 989-1001 (with Lee Coppock).
"Congressional Influences over Decision Making at the International Trade Commission: 1980-1990," in José Casas Pardo and Friedrich Schneider, eds., Current Issues in Public Choice, 1996, Aldershot, UK: Edward Elgar Publishers (with Charles Rowley).
"Free Trade versus Managed Trade, A Constitutional Political Economy Perspective," Journal of Institutional and Theoretical Economics, June 1995, 151: 373-389.
"Nonfarm Employment and the Arbitrage Pricing Theory," Economics Letters, 1995, 47: 193-198 (with Geoff Chisholm).
"Trade Deficit News, Systematic Risk and the Crash of 1987," The Eastern Economic Journal, Winter 1994, 20: 97-106.
"Check Bouncing and Fiscal Irresponsibility: Evidence of Nonideological Shirking by Legislators," Public Choice, April 1994, 83: 59-64, (with Sarah Matzelevich).
"The Effect of Changes in the Federal Funds Rate on Stock Prices in the 1970s," The Journal of Economics and Business, February 1994, 46: 13-20, (with Tarik Alami).
"Rent Seeking and the Costs of Protectionism," The Journal of Economic Perspectives, Spring 1993, 7: 213-215.
"The Budget Deficit and the Arbitrage Pricing Theory," Economics Letters, March 1993, 41:313-317 (with Tony Caporale).
"Why Deficit News Affects Interest Rates," The Journal of Policy Modeling, February 1993, 15: 1-12.
"The Role of the Congress and the Executive in US Trade Policy Determination: A Public Choice Analysis," in M. Hilf and E.U. Petersmann, eds., National Constitutions and International Economic Law, 1993, Boston: Kluwer Academic Publishers (with Charles Rowley).
"The Federal Funds Rate and the Arbitrage Pricing Theory: Evidence that Monetary Policy Matters," Journal of Macroeconomics Fall 1992, 14: 731-744, (with Tarik Alami).
"Social Security Investment Policy and Capital Formation," Contemporary Policy Issues, July 1992, 10: 26-38.
Books
Post-Crisis Development Paradigms in Asia, Tokyo: ADB-I Publishing, 2003 (with Masaru Yoshitomi, Iwan Azis, and ADB-I Staff).
Trade Protection in the United States, London: Edward Elgar Publishers, 1995 (with Charles Rowley and Richard Wagner).
Working Papers
"Can East Asia be an Engine of Growth for the World Economy?" January 2009.
"Production Sharing, Exchange Rate Changes, and the Trade Balance: Evidence from the East Asian Computer Industry," December 2008.
Policy Papers
"Inflation Targeting and the Natural Rate of Unemployment," Jerome Levy Economics Institute Public Policy Note 1, 2004.
"Promoting Growth and Development in Indonesia, A General Equilibrium Analysis," written for the International Food Policy Research Institute, 2004, (with Iwan Azis et al.).
"Incorporating Credit Factors into a CGE Model of the Indonesian Economy," presented at the World Bank, 2001.
"A Dual Mandate for the Federal Reserve," Jerome Levy Economics Institute Policy Brief #60, 2000.
"Further Evidence on the Distributional Effects of Disinflationary Monetary Policy," Jerome Levy Economics Institute Working Paper #320, 1999.
"The Indonesian Economic Crisis: Social Costs and Policy Implications," written for the United Nations Development Programme Office of Development Studies Working Paper # 7, 1998.
"Who Pays for Disinflation," Jerome Levy Economics Institute Policy Brief #38, 1997.
"Financial Derivatives: Harnessing the Benefits and Containing the Dangers, "Jerome Levy Economics Institute Working Paper No. 145.
"Would Monetary Policy Be Effective if the OASDI Trust Funds Held Most Treasury Debt?," ORS Working Paper Series, Social Security Administration, 1991.
