[Contact] [Curriculum Vitae] [Lecture Slides]
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Department of Economics
2211 Campus Drive
Evanston, Illinois 60208-2600, USA
My office is KGH 3325 in
Kellogg Global Hub
- Vita updated on July 19, 2016.
Note: The following slides, only occasionally revised, do not represent the content of my most recent graduate lectures.
Although I sometimes use these slides to give lectures on some topics, I usually tell students to look at them so that I can skip some topics. In most cases, I teach recent working papers in an old-fashioned way (i.e., writing down on the board).
Note: The following slides were originally prepared for my keynote speeches, in which I discussed some related papers.
Recent Working Papers:
Publications (since 2002):with the links to the final (and some earlier) drafts and to the presentation slides
- "The Home Market Effect and Patterns of Trade Between Rich and Poor Countries" Aug 2015 Version; Also available as CFM DP 2015-19; R&R at Econometrica. For the presentation slides, Mar 2016, MIT
- "Engel's Law in the Global Economy: Demand-Induced Patterns of Structural Change, Innovation and Trade" Oct 2017 Version; Also available as CEPR-DP12387. For the presentation slides, Jul 2017, NBER Summer Institute (International Trade and Investment), Feb 2018, NBER Economic Growth
- "Globalization and Synchronization of Innovation Cycles" with Laura Gardini and Iryna Sushko. Dec 2014 Version;
Also available as CFM DP 2015-27; R&R at Econometrica. For the presentation slides,
Feb 2015, Stanford Trade Workshop-90 minutes version;
Nov 2015, Yale Macro Lunch-60 minutes version;
July 2016, NBER Summer Institute(International Trade and Macro)-30 minutes version.
- "Beyond CES: Three Alternative Classes of Flexible Homothetic Demand Systems" with Philip Ushchev, Oct 2017 Version; Jul 2017 version available as CEPR-DP12210. For the presentation slides, Dec 2017, Tokyo;
- "2D Discontinuous Piecewise Linear Map: Emergence of Fashion Cycles" with Laura Gardini and Iryna Sushko, Chaos: An Interdisciplinary Journal of Nonlinear Science, forthcoming. Dec 2017 Version. For the presentation slides, Sep 2017, Pisa
- "Coupled Chaotic Fluctuations in a Model of International Trade and Innovation: Some Preliminary Results" with Iryna Sushko and Laura Gardini, Communications in Nonlinear Science and Numerical Simulation, 58 (May 2018): 287-302. June 2017 Version. For the presentation slides, Jun 2016, Urbino.
- "Geographical Advantage: Home Market Effect in a Multi-Region World" Research in Economics (formerly Ricerche Economiche), 71 (December 2017): 740-758. Oct 2017 Version; Also available as CEPR-DP12352. For the presentation slides, Nov 2012, Princeton Trade Seminar. This is the updated version of "Geography of the World Economy" Jan 1999 Version, delivered as the Inaugural Fukuzawa Lecture at the 1999 Far Eastern Meeting of the Econometric Society in Singapore.
- "Revisiting the Model of Credit Cycles with Good and Bad Projects" with Iryna Sushko and Laura Gardini, Journal of Economic Theory, 163 (May 2016): 525-556. Feb 2016 Version. For the presentation slides, Dec 2015. For a detailed mathematical analysis of this model, see "Robust Chaos in a Credit Cycle Model defined by a One-Dimensional Piecewise Smooth Map, " with Iryna Sushko and Laura Gardini, Chaos, Solitons, and Fractals, 91 (October 2016): 299-309. Mar 2016 Version
- "Endogenous Ranking and Equilibrium Lorenz Curve Across (ex ante) Identical Countries: A Generalization," Research in Economics (formerly Ricerche Economiche), 68 (June 2014): 95-111.
Sep 2013 Version. For the presentation slides, Sep 2013, Vienna
- "Institution-Induced Productivity Differences and Patterns of International Capital Flows," Journal of the European Economic Association, 12 (February 2014): 1-24.
Nov 2012 Version.
For the presentation slides, Sep 2013, WU Wien
- "Superstable Credit Cycles and U-sequence," with Iryna Sushko and Laura Gardini, Chaos, Solitons, and Fractals, 59 (February 2014): 13-27. Feb 2013 Version
- "Endogenous Ranking and Equilibrium Lorenz Curve Across (ex ante) Identical Countries," Econometrica, 81 (September 2013): 2009-2031.
Jan 2013 Version. For the presentation slides, Mar 2013 LUISS-EIEF;
See May 2011 Version for the two-country case, more extensive references, and the derivations of the results for the two extensions, which were omitted from the final version. See Footnote 11 of Nov 2012 Version for more discussion of the instability of the symmetric equilibrium.
- "The Good, The Bad, and The Ugly: An Inquiry into the Causes and Nature of Credit Cycles," Theoretical Economics, 8 (September 2013): 623-651. Mar 2012 version (& its
Sep 2001 Version (& its Figures) of this paper, with the title, "Good and Bad Investment: An Inquiry into the Causes of Credit Cycles", discusses some additional cases that are omitted from the final version.
- "Imperfect Credit Markets, Household Wealth Distribution, and Development," Annual Review of Economics. 2011, Volume 3, 339-362.
Nov 2010 Version.
For the presentation slides, Jan 2011, Keio
- "Structural Change in an Interdependent World: A Global View of Manufacturing Decline," Journal of the European Economic Association. 7 (April-May 2009): 478-486.
Nov 2008 Version.
For the presentation slides, 2008 EEA Congress, Milano.
- "Aggregate Implications of Credit Market Imperfections," in D. Acemoglu, K. Rogoff, and M. Woodford, eds., NBER Macroeconomics Annual 2007, Volume 22. May 2007 Version.
For the presentation slides, Apr 2008, Brown & BC. This is a highly condensed version of lecture series I gave at various places. For the most recent slides for these lectures,
- "Ricardian Trade Theory," in L. Blume and S. Durlauf, eds., the New Palgrave Dictionary of Economics, 2nd Edition, Palgrave Macmillan. Feb 2007 Version
- "A One-Sector Neoclassical Growth Model with Endogenous Retirement," Japanese Economic Review, 59 (June 2008): 139-155. Final Version
- "Credit Traps and Credit Cycles," American Economic Review, 97 (March 2007): 503-516.
June 2006 Version; For the presentation slides, 2006 Midwest Macro Meeting, St. Louis
- "Beyond Icebergs: Towards A Theory of Biased Globalization, " The Review of Economic Studies, 74 (January 2007): 237-253. May 2006 Version.
For the presentation slides, Oct 2006, Berkeley. Section 6 of Dec 2005 Version has some extensions omitted from the final version.
- "The 2005 Lawrence R. Klein Lecture: Emergent Class Structure," International Economic Review, 47 (May 2006): 327-360. Oct 2005 Version;
For the presentation slides, Aug 2005, Osaka
- "Poverty Traps," in L. Blume and S. Durlauf, eds., the New Palgrave Dictionary of Economics, 2nd Edition, Palgrave Macmillan. May 2005 Version
- "Structural Change," in L. Blume and S. Durlauf, eds., the New Palgrave Dictionary of Economics, 2nd Edition, Palgrave Macmillan. May 2005 Version
- "Symmetry-Breaking," in L. Blume and S. Durlauf, eds., the New Palgrave Dictionary of Economics, 2nd Edition, Palgrave Macmillan. May 2005 Version
- "Credit Market Imperfections and Patterns of International Trade and Capital Flows," Journal of the European Economic Association, 3 (April-May 2005): 714-723.
Sep 2004 Version;
For the presentation slides, 2004 EEA Congress, Madrid
- "Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations," Econometrica, 72 (May 2004): 853-884.
Oct 2003 Version; April 2001 Version has some extensions (in Section 6), omitted from the final version.
For the presentation slides, December 2003, London and Zurich
- "The Rise of Mass Consumption Societies," Journal of Political Economy, 110 (October 2002): 1035-1070.
Oct 2001 Version
- "Explaining Diversity: Symmetry-Breaking in Complementarity Games," American Economic Review, 92 (May 2002): 241-246.
Jan 2002 Version;
For the presentation slides, 2002 AEA Meeting, Atlanta
Publications (before 2001): with the links to some scanned copies of the old working paper versions, which may be very different from the published versions. No presentation slides are available for these papers.
- "Growing Through Cycles in an Infinitely Lived Agent Economy," Journal of Economic Theory, 100 (October 2001): 220-234. Dec 1999 Version
- "A Ricardian Model with a Continuum of Goods under Nonhomothetic Preferences: Demand Complementarities, Income Distribution and North-South Trade," Journal of Political Economy, 108 (December
2000): 1093-1120. March 1999 Version has some extensions (in Section 4), omitted from the final version.
- "Endogenous Inequality," The Review of Economic Studies, 67 (October 2000): 743-759. Dec 1998 Version has an extension (in Section 4b), omitted from the final version.
- "Efficiency and Equilibrium with Dynamic Increasing Aggregate Returns Due to Demand Complementarities," with Antonio Ciccone,
Econometrica, 67 (May 1999): 499-526. Apr 1998 Version
- "Growing Through Cycles," Econometrica, 67 (March 1999): 335-347.Nov 1996 Version
- "Self-Defeating Regional Concentration," with Takaaki Takahashi, The Review of Economic Studies, 65 (April 1998): 211-234.
Mar 1994 Version
- "Credibility and Intertemporal Consistency: A Note on Strategic Macroeconomic Policy Models" Macroeconomic Dynamics 1 (1997): 658-665.
- "The 1996 Nakahara Lecture: Complementarity, Instability, and Multiplicity," Japanese Economic Review, 48 (September 1997): 240-266.
Mar 1997 Version
- "Why Are There Rich and Poor Countries?: Symmetry-Breaking in the World Economy," Journal of the Japanese and International Economies 10 (December 1996): 419-439.
Aug 1996 Version
- "Economic Development as Coordination Problems," The Role of Government in East Asian Development: Comparative Institutional Analysis,
edited by M. Aoki, H. Kim, and M. Okuno-Fujiwara, Oxford University Press, 1996. Apr 1995 Version
- "Start-up Costs and Pecuniary Externalities as Barriers to Economic Development," with Antonio Ciccone,
Journal of Development Economics, 49 (April 1996): 33-59. Feb 1993 Version
- "New Goods, Market Formations, and Pitfalls of System Design" Journal of the Japanese and International Economies 9 (December 1995): 376-402.
May 1995 Version
- "Complementarities and Cumulative Processes in Models of Monopolistic Competition," Journal of Economic Literature 33 (June 1995): 701-729.
Oct 1994 Version
- "An Approach to Equilibrium Selection," with Akihiko Matsui, Journal of Economic Theory 65 (April 1995): 415-434.
Sep 1993 Version
- "Comment on Paul Krugman's 'Complexity and Emergent Structure in the International Economy'" in Alan V. Deardorff, James A. Levinsohn, and Robert M. Stern, eds.,
New Directions in Trade Theory, Ann Arbor: University of Michigan Press, 1995: pp.52-69. Dec 1993 Version
- "Toward a Theory of International Currency," with Nobuhiro Kiyotaki and Akihiko Matsui, The Review of Economic Studies 60 (April 1993): 283-307.Apr 1991 Version
- "The Market Size,Entrepreneurship, and the Big Push," Journal of the Japanese and International Economies 6 (December 1992): 347-364.
- "Agricultural Productivity, Comparative Advantage, and Economic Growth," Journal of Economic Theory 58 (December 1992): 317-334.
May 1991 Version
- "A Simple Model of Sectoral Adjustment," The Review of Economic Studies 59 (April 1992): 375-388. Oct 1988 Version
- "Endogenous Price Fluctuations in an Optimizing Model of a Monetary Economy," Econometrica 59 (November 1991): 1617-1631.
Mar 1989 Version
- "Increasing Returns, Industrialization, and Indeterminacy of Equilibrium," The Quarterly Journal of Economics 106 (May 1991): 617-650. Mar 1990 Version
- "Immiserizing Growth in Diamond's Overlapping Generations Model: A Geometrical Exposition" International Economic Review 32 (February 1991): 251-262. Jul 1987 Version
- "On Exchange Rate Stabilization" Journal of Economic Dynamics and Control 15 (January 1991): 7-26.
- "Export Subsides as an Outcome of the Management-Labor Conspiracy" The Quarterly Journal of Economics 105 (August 1990): 803-813.
- "Perfect Equilibria in a Trade Liberalization Game" The American Economic Review 80 (June 1990): 480-492.
Jun 1987 Version
- "Residential Investment and the Current Account" Journal of International Economics 28 (February 1990): 137-153. Mathematical Appendix
- "Sunspot Equilibria (Rational Bubbles) in a Model of Money-in-the-Utility-Function" Journal of Monetary Economics 25 (January 1990): 137-144.
- "Life-Cycle Saving and Comparative Advantage in the Long Run," Economics Letters 28 (1988): 375-379.
- "Terms of Trade, Factor Intensities and the Current Account in a Life-Cycle Model," The Review of Economic Studies 55 (April 1988): 247-262.
- "Current Account Dynamics in a Finite Horizon Model" Journal of International Economics 23 (November 1987): 299-313.
- "Chernoff's Dual Axiom, Revealed Preference and Weak Rational Choice
Functions" Journal of Economic Theory, 35 (February 1985): 155-165.
Older Working Papers: with the links to scanned copies
- "Playing Multiple Complementarity Games Simultaneously" Jan 1999 Version
- "Making Monopolistic Competition Model More Useful" Aug 1992 Version
- "Custom versus Fashion: Path-dependence and Limit Cycles in a Random Matching Game." For a scanned copy of this old discussion paper, May 1992 Version; which is recently reformatted (no change in the content, but the figures are redrawn) as "Custom vs Fashion (2017)". For the recent presentation slides, Sep 2017, Pisa.
- "Imperfect Competition, Foreign Trade, and The Multipliers: Machlup-Metzler Fifty Years Later" Jan 1992 Version
- "Protection Policy in a Dynamic Oligopoly Market" with Motoshige Itoh Oct 1987 Version
- "A Learning Effect Model of Investment: An Alternative Interpretation of Tobin's Q" Aug 1984 Version
Work in Progress:
- "A Piecewise Linear Model of Credit Traps and Credit Cycles: A Complete Characterization" with Laura Gardini and Iryna Sushko. For the presentation slides, Urbino, Sep 2012
- "A Simple Model of Endogenous Credit Cyles Driven By Private and Semi-Private Benefits"
- "Interdepedent Innovation Cycles" with Laura Gardini and Iryna Sushko
- "Innovation Cycles: Beyond CES"
- "Uniform versus Non-Uniform Globalization" For the presentation slides, Sep 2007
- "Knowledge-Diversity in an Endogenous Growth Model"
- "On Some Negative Aspects of IT Revolution"
- "Corporate Governance and Patterns of International Trade" with Kripa Freitas.
- "Lectures on Dynamic Monopolistic Competition Models in Macroeconomics"
Economics 101 (Freshman Seminar); Spring 2015.
syllabus and other course materials;
Economics 325 (Undergraduate Economic Growth and Development); Fall 2017.
syllabus, lecture slides, and other course materials;
Economics 361 (Undergraduate International Trade); Fall 2017.
syllabus, lecture slides, and other course materials;
Economics 416 (Graduate Advanced Macroeconomics); Spring 2012.
syllabus, lecture slides, and other course materials;
Economics 425 (Graduate Economic Growth and Development); Spring 2009;
Economics 460 (Graduate International Trade and Economic Growth);Winter/Spring 2018;
Summer Reading Group in Growth, Development, and Trade;
I also organize the following Visitor/Seminar Series:
Department-Wide Seminar Series
International Trade/Development Economics Visiting Speaker Series