October 2017
Robert Dekle
Department of Economics
University of Southern California
Los Angeles, CA 90089
(213)740-2134
Email:
Fields of Interest:
Open-Economy Macroeconomics, International Trade and Finance, East Asian Growth and Development, Saving and Investment.
Courses Taught:
Ph.D.: Open Economy Macroeconomics/International Finance/International Trade.
M.A.: International Trade and Finance.
Undergraduate: Introductory and Intermediate Macroeconomics,
International Finance, East Asian and Japanese Economies.
Education:
Yale University, Ph.D., Economics, 1988
University of California, Berkeley, A.B., Economics, 1981
Honors and Awards:
U.C. Berkeley Regents' Scholarship, 1979
Phi Beta Kappa, 1981
Yale University Fellowship, 1981
Japan Foundation Fellowship, 1985 (declined)
Fulbright Fellowship to Japan, 1985
Positions:
Chairman, Department of Economics, University of Southern California, 2003-2006.
Professor of Economics, University of Southern California, 2004-present.
Associate Professor of Economics (with tenure), University of Southern California, 2000-2004.
Assistant Professor of Economics, University of Southern California, Sept. 1998 to June 2000.
Staff Economist, Japan, Korea, and Indonesia, Asia and Pacific Department, International Monetary Fund, Sept 1995-August 1998.
Staff Economist, Division of International Finance, Federal Reserve Board of Governors, 1994-1995.
Assistant Professor of Economics and International Relations, Boston University, 1988-1994.
Post-Doctoral Fellow, Edwin O. Reischauer Institute, Center for International Affairs, Harvard
University, 1987-1988.
Visiting Positions and Other Affiliations:
Visiting Scholar, Hitotsubashi Institute for Advanced Study, May 2017.
Visiting Scholar, Hong Kong Institute for Monetary Research, January 2017.
Visiting Scholar, Asian Development Bank Institute, Summer 2015.
Consultant, Asian Development Bank, 2014-2015.
Visiting Scholar, Institute of Monetary and Economic Studies, Bank of Japan, 1990, 2011, and 2012.
Visiting Fellow, CIRJE, Department of Economics, Tokyo University, Summers 2003 and 2008
Visiting Professor, Federal Reserve Bank of New York, 2006-2007.
Editor, Japan and the World Economy, 2005-present.
Associate Editor, Economics Bulletin, 2003-2007.
Fellow, Center for Japanese Business and Economy, Columbia Business School.
Fellow, Center for Japan-U.S. Business and Economic Studies, Stern School of Business, NYU.
Shimomura Fellow, The Japan Development Bank, Tokyo, Summer 1999.
Visiting Scholar, Department of Economics, University of Indonesia, Summer 1994.
Consultant, U.S.-Japan Foundation, 1993.
Consultant, East Asian Miracle Project, World Bank, 1992-1993.
Visiting Scholar, Department of Economics, Macquarie University, Sydney, Australia, Summer 1993.
Visiting Scholar, American Enterprise Institute for Public Policy Research, Summer, 1989.
Visiting Scholar, Institute for Fiscal and Monetary Policy, Japanese Ministry of Finance, 1985-1986.
Book:
Understanding Japanese Saving: Does Population Aging Matter?, Routledge-Curzon Publishers,
London, 2005.
Recent Working Papers:
“Dynamics of Trade and Heterogeneity in General Equilibrium,” (with Nobuhiro Kiyotaki and
Hyeok Jeong), manuscript, March 2015.
“The Regional Spillover Effects of the Tohoku Earthquake,” (with Eunpyo Hong and Wei Xie),
manuscript, April 2016
“Product Dynamics and Aggregate Shocks: Evidence from Japanese Product and Firm Level Data,”
(with Nobuhiro Kiyotaki, Tsutomu Miyagawa, and Atsushi Kawakami), manuscript, May 2017.
“Sources of Income Inequality: A Comparison of U.S. and Japan,” (with Toshiaki Aizawa and
Matthias Helble), Asian Development Bank, February 2017.
“Chinese Local Government Excess Yields, Monetary Policy, and Misallocation,” (with Andrew
Tsang), manuscript, October 2017.
Refereed Journal Publications:
“A Comment on Female Labor Supply, Housing Demand, and the Saving Rate in Japan,” European Economic Review, (33), 1989, p. 1023-1026.
“The Unimportance of Intergenerational Transfers in the Japanese Economy,” Japan and the World Economy, (2), 1989, p. 41-58.
“Saving, Bequests, and Housing Tenure of the Japanese Elderly,” Economics Letters, (29) 1989,
p. 129-133.
“Equal Opportunity and the Quality and Quantity of Japanese Children,” Journal of Asian Economics, (1), 1990, p. 319-331.
“Do the Japanese Elderly Reduce Their Total Wealth? A New Look with Different Data,” Journal of the Japanese and International Economies, (4), 1990, p. 309-317.
“Japan’s High Saving Rate Reaffirmed,” (with Lawrence Summers), Monetary and Economic Studies, (9), 1991, p. 63-78.
“Market Value Estimates of Japanese Saving and Comparisons with the U.S.: Can the Capital Gains to Land Be Included in ‘Saving’?” Japan and the World Economy, (6), 1994, p.27-44.
"Saving-Investment Associations and Capital Mobility: On the Evidence from Japanese Regional Data," Journal of International Economics, (41), 1996, p. 53-72.
“Financial Market Implications of the Japanese ‘Big Bang’ Reforms,” Journal of Asian Economics,
(8), 1998, p. 237-249.
"The Yen and Japanese Manufacturing Employment." Journal of International Money and Finance, (17), 1998, p.785-801.
"Agglomeration and Land Rents: Evidence from the Prefectures" (with Jonathan Eaton). Journal of Urban Economics,(46), 1999, p. 200-214.
“The Stock Market, Fundamentals, Cash Flow, and Private Investment: Evidence from Japan,” (with
Dale Henderson and Sebastian Thomas), Japan and the World Economy, (12), 2000, p. 295-310.
"Financial Liberalization and Money Demand in the ASEAN Countries" (with Mahmood Pradhan). International Journal of Finance and Economics, (4), 1999, p.205-215.
”On the Development of Rotating Credit Associations in Japan”, (with Koichi Hamada). Economic Development and Cultural Change, (49), 2000, p.77-90.
”Demographic Destiny and the Japanese Saving-Investment Balance,” Oxford Review of Economic Policy, (16), 2000, p. 77-90.
”Growth Accounting in the Classic Vintage Capital Model,” Economics Letters, (72), 2001, p. 263-
267.
"Do High Interest Rates Appreciate Exchange Rates During Crisis?: The Korean Evidence" (with Cheng Hsiao and Siyan Wang), Oxford Bulletin of Economics and Statistics, (63), 2001, p. 165-202.
”The Real Effects of Capital Inflows on Emerging Markets”, (with Cheng Hsiao and Siyan Wang),
Review of Pacific Basin Financial Markets and Policies, (4), 2001, p. 30-46.
”High Interest Rates and Exchange Rate Stabilization in Korea, Malaysia, and Thailand: An Empirical Investigation of the Traditional and Revisionist Views,” (with Cheng Hsiao and Siyan Wang). Review of International Economics, (10), 2002, p. 64-78.
”Industrial Concentration and Regional Growth: Evidence from the Prefectures,” Review of Economics and Statistics, (84), 2002, p. 310-315.
“The Japanese Banking Crisis and Economic Growth: Theoretical and Empirical Implications of
Deposit Guarantees and Weak Financial Regulation,” (with Kenneth Kletzer), Journal of the Japanese and International Economies, (17), 2003, p. 305-335.
“An Empirical and Institutional Examination of Post-Crisis Capital Flows: The Thai Case,” (with
Pongsak Hoontrakul) Research in International Business and Finance, (3), 2004, p. 291-303.
“Financing Consumption in an Aging Japan: The Role of Foreign Capital Inflows and Immigration,”
Journal of the Japanese and International Economies, (18), 2004, p.506-527.
“The Thai Currency Crisis: Financing Constraints, High Fixed Costs, and Corporate Governance,”
(with Pongsak Hoontrakul and Cathy Karnchanasai), Asian Economic Papers, (4), 2005, p. 60-87.
”Exchange Rate Exposure and Foreign Market Competition: Evidence from Japanese Firms,” Journal of Business, (78), 2005, p. 281-300.
“Exchange Rate Fluctuations, Financing Constraints, Hedging, and Exports: Evidence from Firm Level Data,” (with Heajin Ryoo), Journal of International Financial Markets, Institutions, and Money, 2007, (17), p. 437-451.
“Unbalanced Trade,” (with Jonathan Eaton and Sam Kortum), American Economic Review, 2007, (97), p. 351-355.
“Global Rebalancing and Gravity: Measuring the Burden of Adjustment,” (with Jonathan Eaton and Sam Kortum), IMF Staff Papers, 2008, (55), p. 511-540.
“Can International Productivity Differences Alone Explain the U.S. Current Account Deficits?,”
(with Suparna Chakraborty), Review of International Economics, 2009, (17), p. 689-715.
“Global Imbalances, Productivity Differentials, and Financial Integration,” (with Suparna
Chakraborty), IMF Staff Papers, 2009, (56), p. 655-682.
“Whither Chinese Growth? A Sectoral Growth Accounting Approach,” (with Guillaume
Vandenbroucke), Review of Development Economics, 2010, (14), p. 487-498.
“A Quantitative Analysis of China’s Structural Transformation,” (with Guillaume Vandenbroucke),
Journal of Economics Dynamics and Control, 2012 (36), p. 119-135.
“The Determinants and Long-Term Projections of Asian GDP and Trade,” (with Charles Horioka
and Akiko Terada-Hagiwara), Japan and the World Economy, 2012 (24), p.1-5.
“International Policy Implications and Lessons from the Global Financial Crisis,” (with Joshua
Aizenman and James Lothian), Journal of International Money and Finance, 2012, 1971- 1975.
“The Real Exchange Rate and the Structural Transformations of China and the U.S.,” (with Murat
Ungor), International Economic Journal, 2013, 303-319.
“Do Foreign Bank Affiliates Cut their Lending More than the Domestic Banks in a Financial Crisis?”
(with Mihye Lee), Journal of International Money and Finance, February 2015.
“Japanese Monetary Policy and International Spillovers,” (with Koichi Hamada), Journal of
International Money and Finance, April 2015
“Adjustment in the Aftermath of the Global Crisis—2008-09: New Global Order?,” (with Joshua
Aizenman and Menzie Chinn), Journal of International Money and Finance, April 2015.
“The Recent Convergence of Financial Development in Asia,” (with Mahdavi Pundit),
Emerging Markets Finance and Trade, June 2016.
“A Re-examination of the Exchange Rate Disconnect Puzzle: Evidence from Heterogenous Firms,”
(with Hyeok Jeong and Heajin Ryoo), Economic Record, July 2016.
Articles and Comments in Edited Volumes/Series:
"The Relationship Between Defense Spending and Economic Performance in Japan," in John Makin and Donald Hellmann edited, Sharing World Leadership?, American Enterprise Institute, 1989.
"Comment on Jeffrey Frankel's 'Japanese Finance'," in Paul Krugman, edited, Trade with Japan: Has the Door Opened Wider?, University of Chicago Press, 1991.
"Defense Burden Sharing and the Japanese Macroeconomy," (with John Makin) in F. Gerard Adams edited, The Macroeconomic Dimensions of Arms Reduction, Westview Press, 1992.
"Japanese Defense Spending and Its Impact on Economic Growth," in Jeffrey Frankel and Miles Kahler edited, Regionalism and Rivalry: U.S.-Japan in Pacific Asia, University of Chicago Press, 1993.
"Saving, Investment and Capital Mobility: Lessons from Japanese Inter-regional Capital Flows," in Mitsuaki Okabe edited, The Structure of the Japanese Economy, Macmillan, 1994.
"Japan-U.S. Foreign Aid Giving in Southeast Asia" (with Albert Ma), Proceedings of the Second Kyushu University Symposium, 1994.
"Financial Liberalization and Money Demand in ASEAN Countries: Implications for Monetary Policy" (with Mahmood Pradhan). in John Hicklin, David Robinson, and Anoop Singh edited. Macroeconomic Issues Facing ASEAN Countries. International Monetary Fund. 1997.
"Interest Rate Stabilization of Exchange Rates and Contagion in the Asian Crisis Countries"
(with Cheng Hsiao and Siyan Wang) in Reuven Glick, edited. Financial Crisis in Emerging Markets. Cambridge University Press, 2001.
”Fiscal Policy Issues in the United States,@ (with Jeff Nugent) in Pacific Economic Cooperation
Council, edited. Fiscal Policy Issues in the Pacific Region. Japan Committee for Pacific Economic Outlook, 2001.
”Domestic Bank Regulation and Financial Crisis: Theory and Empirical Evidence from East Asia”
(with Kenneth Kletzer) in Sebastian Edwards and Jeffrey Frankel, edited. Prevention of Currency Crisis. University of Chicago Press, 2002.
”Comment on Kenneth West’s and Dongchul Cho’s ”Interest Rates and Exchange Rates in the Korean, Philippine, and the Thai Exchange Rate Crisis,” in Michael Dooley and Jeffrey Frankel, edited. Management of Currency Crisis. University of Chicago Press, 2002.
”Population Aging and Future Saving-Investment Balances of Korea and Japan,” in Takatoshi Ito and Noriyuki Takayama, edited. Aging and Capital Flows. Asian Development Bank Institute, 2002.
“The Deteriorating Fiscal Situation and an Aging Population,” in Magnus Blomstrom, Jennifer
Corbett, Fumio Hayashi, and Anil Kashyap, edited. Structural Impediments to Growth in Japan, University of Chicago Press, 2003.
“Japan’s Deteriorating Fiscal Situation,” CESIfo Forum, 4/2003.
“Pass-Through of Export Prices: Theory and Some Evidence from Asia,” (with Cathy Karchanasai),
in Gordon de Brouwer and Masahiro Kawai, edited. Exchange Rate Regimes in East Asia, Routledge, 2003.
“The United States,” (with Jeffrey Nugent) in Akira Kohsaka, edited, Fiscal Deficits in the Pacific
Region, Routledge, 2004.
“The Impact of Aging on Saving and Investment Rates in Korea: Projections Using a Small Open
Economy Model,” in Kyungsoo Choi, edited, Population Aging in Korea: Economic Impacts and Policy Issues, Seoul: Korea Development Institute.
“The Chinese Economy: Perspectives from the Japanese Manga,” in Harvard Asia Pacific Review,
2006, Cambridge: Harvard University Press.
“Comments on ‘Public Debt and Economic Growth in an Aging Japan,’”in Keimei Kaizuka
and Anne O. Krueger, edited, Takling Japan’s Fiscal Policies, London: Palgrave-MacMillan, 2006.
“China’s Structural Transformation: A Quantitative Analysis,” (with Guillaume Vandenbroucke),
Nanjing Business Review, (in Chinese), 2007.
“The United States,” (with Jeffrey Nugent) in Akira Kohsaka, edited, Infrastructure Development
in the Pacific Region, Routledge, 2007.
“The Burdens of Global Rebalancing,” (with Jonathan Eaton and Sam Kortum), Vox EU,
August, 2008.
“Banking Crisis,” in Kenneth Reinhert and Ramkishen Rajan, edited, Princeton Encyclopedia of
the World Economy, Princeton University Press, 2008.
“The Japan-U.S. Exchange Rate, Productivity, and the Competitiveness of Japanese Industries,”
(with Kyoji Fukao) in Koichi Hamada, Anil Kayshap, and David Weinstein, edited, Japan’s Bubble, Deflation, and Long-term Stagnation, Cambridge: MIT Press, 2011.
“Remember Japan?” The Milken Institute Review, Spring, 2012.
“Japan: Land of the Setting Sun?” Twelve Country Studies, Legatum Institute, London, 11/2012.
“Japanese Monetary Policies and Spillovers to Asia: A Global VAR Approach,” Economic Analysis,
2017.
Policy Papers:
“The Impact of Population Aging on the Countercyclical Fiscal Stance in Korea, with a Focus
on Automatic Stabilizers,” (with Tae-Jong Kim and Mihye Lee), Bank of Korea Working Paper, July 2014.
“Real Exchange Rates in a Model of Structural Change: Applications to the Real Yen-Dollar and the Chinese RMB-Dollar Exchange Rates,” Bank of Japan IMES Discussion Paper Series, May 2013.
“Raising Saving Rates: Evidence from the Japanese Economy,” manuscript, World Bank, October
1993.
Book Reviews:
Japanese Industrial Performance, by Kimio Uno, (Amsterdam: North-Holland, 1987), Journal of Economic Literature, 1989.
The Political Economy of Japan, by Kozo Yamamura and Yasukichi Yasuba, (Stanford: Stanford University Press, 1988), Keizai Kenkyu, 1990.
The Japanese Economy, by Takatoshi Ito, (Cambridge: MIT Press, 1991), Economica, 1994.
Japanese Monetary Policy, Kenneth Singleton, edited, (Chicago: University of Chicago Press, 1993), Pacific Affairs, 1995.
Industrial Policy and Japanese Economic Development, by James Vestal, (London: Oxford University Press, 1993), Political Science Quarterly, 1995.
The Postwar Japanese Economic System, by William Tabb, (Oxford: Oxford University Press), Journal of Economic Literature, 1996.
Technology and Industrial Development in Japan,by Akira Goto and Hiroyuki Odagiri,(Oxford: Oxford University Press), Finance and Development,1997.
Understanding Saving: Evidence from the United States and Japan, by Fumio Hayashi,(Cambridge: MIT Press), Journal of Japanese Studies, 1998.
The Morning After in Japan: Its Declining Population, Too Generous Pensions, and a Weakened Economy, by Noriyuki Takayama (Tokyo: Maruzen Co.), Journal of Economic Literature, 2000.