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]

December 2025 Updated 

• Product Cycle in Multinational Semiconductor Production,

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

• 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)

December 2025 New! 

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

with Wenyin Cheng (IDE-JETRO), Tao Liang (IDE-JETRO), and Bo Meng (IDE-JETRO)

December 2025 New!  

• Production and Ownership Networks, 

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

December 2025 Updated 

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

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

September 2018 New draft coming soon...

• 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)

December 2025 New!  

• Optimal Input Tariffs in Oligopoly,

with Tomohiro Ara (Fukushima U), Arpita Chatterjee (FRB), and Arghya Ghosh (UNSW) 

New draft coming soon...

• Trade Elasticities and Welfare Losses from Tariffs under Vertical Oligopoly,

with Tomohiro Ara (Fukushima U), Arpita Chatterjee (FRB), and Arghya Ghosh (UNSW) 

New draft coming soon...

• Information Acquisition and Price Setting under Uncertainty,

with Cheng Chen (Clemson U), Tatsuro Senga (Keio U), and Chang Sun (HKU)

December 2025 Updated 

• Economic Power of Political Leaders: Evidence from Central Leaders' Local Tours in China, 

with Asei Ito (UTokyo) and Jaehwan Lim (Aoyama Gakuin) [The Economist]

September 2025