Senior Fellow

Curriculum Vitae [PDF]

Activities at RIETI


International Economics, Monetary Economics

Research Projects


1988 Ph.D. University of California, Berkeley
1985-86 Visiting Scholar, Yale University


Senior Fellow, Research Institute of Economy, Trade, and Industry, 2005-;
Senior Research Fellow, Asian Development Bank Institute, 2009-2011;
Associate Professor of Economics (with tenure), George Mason University, 1996-2009; Assistant Professor of Economics, 1988-1996;

Selected Publications and Papers

Selected papers

  • "Japanese Economic Performance after the Pandemic: A Sectoral Analysis," J. Risk Financial Management, 2023, 16(5), 267;
  • "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.