Working Papers / Work in Progress

• Multinationals and Structural Transformation, 

with Vanessa Alviarez (IDB), Cheng Chen (Clemson U), Nitya Pandalai-Nayar (UT Austin), Liliana Varela (LSE), and Kei-Mu Yi (Houston U). NBER Working Paper 30494. 

Revise and Resubmit at Journal of Monetary Economics 

• Geopolitical Risk and Supply Chain Diversification: Evidence from Japanese multinational firms,

with Ha Thi Thanh Doan (ERIA),  Asei Ito (UTokyo), and Changyuan Luo (Fudan U). [VoxEU Column] 

Revise and Resubmit at The World Economy 

• Firm Expectations and Investment: Evidence from the China-Japan island dispute,

with Cheng Chen (Clemson U), Tatsuro Senga (Keio U), and Chang Sun (HKU). [日本経済新聞] [Nikkei] 

Revise and Resubmit at Pacific Economic Review

• Organizing Product Cycles: Global Production and Innovation in the Semiconductor Industry,

with Jaedo Choi (UT Austin), Hyungjin Kim (KDI), and Ryo Makioka (Hokkaido U). 

• Economic Disintegration and Multinational Production: Evidence from Brexit, 

with Hanwei Huang (CityUHK), Tatsuro Senga (Keio U), and Catherine Thomas (LSE). 

• Institutional Quality and Reorganization of Multinational Production,

with Huanhuan Wang (ECNU), Shufei Wang (Fudan U), and Zhijie Zhang (ECNU).

Under Review

• Endogenous Trade Elasticities and Welfare under Vertical Oligopoly, 

with Tomohiro Ara (Fukushima U).

• Industrial Subsidies along Domestic Value Chains and Their Impacts on China’s Exports,

with Wenyin Cheng (ADB), Tao Liang (IDE-JETRO), and Bo Meng (IDE-JETRO). [VoxEU Column][VoxChina]

• Offshoring Bias in Productivity Estimates: Evidence from Japanese customs data, 

with Kyoji Fukao (RIETI), Tetsushi Horie (Nihon U), Tomohiko Inui (Gakushuin U), Takafumi Kawakubo (U Osaka), YoungGak Kim (Senshu U), and Hyeog Ug Kwon (Nihon U).  

• Production and Ownership Networks, 

with Cheng Chen (Clemson U), Chang Sun (HKU), and Jiaxu Zhang (HKU).

• Production Network, Exchange Rate Shocks, and Firm Performance, 

with Zhigang Li (ADB) and Shang-Jin Wei (Columbia U).

• Measuring Chinese Geopolitical Risk,

with Asei Ito (UTokyo) and Jaehwan Lim (Aoyama Gakuin).

• Under the Supreme Leader: How Political Signals Shape the Chinese Economy, 

with Asei Ito (UTokyo) and Jaehwan Lim (Aoyama Gakuin), 

under contract for a book project with Springer Nature.