[Contact] [Curriculum Vitae] [Lecture Slides]
HOW TO CONTACT ME
Department of Economics
2001 Sheridan Road
Evanston, Illinois 60208, USA
My office is Room 3220 in
Arthur Andersen Hall
- Vita updated on July 10, 2014.
Note: These slides, which I occasionally expand and revise, do not necessarily represent the content of my most recent graduate lectures.
I sometimes use these slides to give lectures on the topics; I sometimes ask students to look at the slides 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).
Recent Publications (since 2002):
- "Endogenous Ranking and Equilibrium Lorenz Curve Across (ex ante) Identical Countries: A Generalization," Research in Economics (formerly Ricerche Economiche), 68 (June 2014): 95-111.
September 2013 Version. For the presentation slides, September 2013, Vienna
- "Institution-Induced Productivity Differences and Patterns of International Capital Flows," Journal of the European Economic Association, 12 (February 2014): 1-24.
November 2012 Version.
For the presentation slides, September 2013, WU Wien
- "Superstable Credit Cycles and U-sequence," with Iryna Sushko and Laura Gardini, Chaos, Solitons, and Fractals, 59 (February 2014): 13-27. February 2013 Version
- "Endogenous Ranking and Equilibrium Lorenz Curve Across (ex ante) Identical Countries," Econometrica, 81 (September 2013): 2009-2031.
January 2013 Version. For the presentation slides, March 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 November 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. March 2012 version (& its
September 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.
November 2010 Version.
For the presentation slides, January 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.
November 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, April 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. February 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, October 2006, Berkeley. Section 6 of December 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. October 2005 Version;
For the presentation slides, August 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.
September 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.
October 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.
October 2001 Version
- "Explaining Diversity: Symmetry-Breaking in Complementarity Games," American Economic Review, 92 (May 2002): 241-246.
January 2002 Version;
For the presentation slides, 2002 AEA Meeting, Atlanta
Selected Publications (before 2001): with the link to a scanned copy of the old working paper version, which may be very different from the published versions.
- "Growing Through Cycles in an Infinitely Lived Agent Economy," Journal of Economic Theory, 100 (October 2001): 220-234. December 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. December 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. April 1998 Version
- "Growing Through Cycles," Econometrica, 67 (March 1999): 335-347.November 1996 Version
- "Self-Defeating Regional Concentration," with Takaaki Takahashi, The Review of Economic Studies, 65 (April 1998): 211-234.
March 1994 Version
- "The 1996 Nakahara Lecture: Complementarity, Instability, and Multiplicity," Japanese Economic Review, 48 (September 1997): 240-266.
March 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.
August 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. April 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. February 1993 Version
- "Complementarities and Cumulative Processes in Models of Monopolistic Competition," Journal of Economic Literature 33 (June 1995): 701-729.
October 1994 Version
- "An Approach to Equilibrium Selection," with Akihiko Matsui, Journal of Economic Theory 65 (April 1995): 415-434.
September 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. December 1993 Version
- "Toward a Theory of International Currency," with Nobuhiro Kiyotaki and Akihiko Matsui,
The Review of Economic Studies 60 (April 1993): 283-307.April 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. October 1988 Version
- "Endogenous Price Fluctuations in an Optimizing Model of a Monetary Economy," Econometrica 59 (November 1991): 1617-1631.
March 1989 Version
- "Increasing Returns, Industrialization, and Indeterminacy of
Equilibrium," The Quarterly Journal of Economics 106 (May 1991): 617-650. March 1990 Version
- "Perfect Equilibria in a Trade Liberalization Game" The American Economic Review 80 (June 1990): 480-492.
June 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.
- "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.
Working Papers Available in pdf format:
- "Globalization and Synchronization of Innovation Cycles" with Laura Gardini and Iryna Sushko. August 2014 Version; For the presentation slides,
Princeton, October 2014;
- "Playing Multiple Complementarity Games Simultaneously" January 1999 Version
- "Geography of the World Economy" January 1999 Version. Prepared for the Inaugural Fukuzawa Lecture at the 1999 Far Eastern Meeting of the Econometric Society at Singapore.
- "Making Monopolistic Competition Model More Useful" August 1992 Version
- "Custom versus Fashion: Path-dependence and Limit Cycles in a Random Matching Game" May 1992 Version
- "Imperfect Competition, Foreign Trade, and The Multipliers: Machlup-Metzler Fifty Years Later" January 1992 Version
- "Protection Policy in a Dynamic Oligopoly Market" with Motoshige Itoh October 1987 Version
- "A Learning Effect Model of Investment: An Alternative Interpretation of Tobin's Q" August 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, September 2012
- "Chaos in a Model of Credit Cycles with Good and Bad Projects" with Laura Gardini and Iryna Sushko.
- "Revisiting the Model of Credit Cycles with Good and Bad Projects" with Laura Gardini and Iryna Sushko. For the presentation slides, Tokyo, December 2013
- "A Simple Model of Endogenous Credit Cycles Driven by Private and Semi-Private Benefits"
- "Bubbleless Bubbles"
- "Macro Implications of Financial Frictions and Credit Composition: A Research Summary" EIEF Lecture March 2013
- "Uniform versus Non-Uniform Globalization" For the presentation slides, September 2007
- "Knowledge-Diversity in an Endogenous Growth Model"
- "Interdependent Innovation Cycles"with Laura Gardini and Iryna Sushko.
- "On Some Negative Aspects of IT Revolution"
- "Strategic Complementarities: Some Macroeconomic Perspectives" For the presentation slides, Gerzensee, July 2005
- "Corporate Governance and Patterns of International Trade" with Kripa Freitas.
- "Lectures on Dynamic Monopolistic Competition Models in Macroeconomics"
Economics 101 (Freshman Seminar); Spring 2011.
syllabus and other course materials;
Economics 325 (Undergraduate Economic Growth and Development); Spring 2014.
syllabus, lecture slides, and other course materials;
Economics 361 (Undergraduate International Trade); Fall 2013.
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 461 (Graduate International Trade);Fall 2013;
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