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Kei-Mu Yi

Vice President and Economist
Phone: (215) 574-3809
Fax: (215) 574-4303
E-mail: kei-mu.yi@phil.frb.org
Curriculum vitae (PDF)

Education

Ph.D. University of Chicago, 1990
M.A. University of Chicago, 1985
B.S. Massachusetts Institute of Technology, 1983

Previous Experience

Federal Reserve Bank of New York, International Research Function

Research Officer, June 2002 - December 2003
Senior Economist, June 1998 - June 2002
Economist, August 1996 - June 1998

Universities of Milano and Torino, CEPR, and Centro Studi Luca D'Agliano

Lecturer, Summer School in Trade, Industrialisation, and Development, June 2006

Columbia University, School of International and Public Affairs

Adjunct Professor, Summer 2002, Summer 2003

New York University, Department of Economics

Adjunct Associate Professor, Spring 2000, Spring 2002

University of Virginia, Department of Economics

Visiting Assistant Professor, July 1994 - January 1995

University of Iowa, Department of Economics

Visiting Assistant Professor, January 1994 - July 1994

Rice University, Department of Economics

Assistant Professor, July 1990 - June 1998
Instructor, July 1989 - June 1990

Board of Governors of the Federal Reserve System, International Finance Division

Intern, September 1986 - January 1987

Journal Publications

"Can the Standard International Business Cycle Model Explain the Relation between Trade and Comovement?" (with A. Kose), Journal of International Economics, (March 2006), pp. 267-295.
"Vertical Specialization and Three Facts about U.S. International Trade,"( with H. Chen and M. Kondratowicz), North American Journal of Economics and Finance, (March 2005), pp. 35-39.
"Why is Manufacturing Trade Rising Even as Manufacturing Output is Falling?" (with R. Bergoeing, T. Kehoe, and V. Strauss-Kahn), American Economic Review Papers and Proceedings, (May 2004), pp. 134-138.
"Can Vertical Specialization Explain the Growth of World Trade?" Journal of Political Economy, (February 2003), pp.52-102.
"The Nature and Growth of Vertical Specialization in World Trade," (with D. Hummels and J. Ishii), Journal of International Economics (June 2001), 75-96.
"Can World Real Interest Rates Explain Business Cycles in a Small Open Economy?" (with W. Blankenau and A. Kose), Journal of Economic Dynamics and (June 2001), pp.867-889.
"International Trade and Business Cycles: Is Vertical Specialization the Missing Link?" (with A. Kose), American Economic Review Papers and Proceedings (May 2001), pp.371-375.
"Asia Crisis Postmortem: Where Did the Money Go and Did the United States Benefit?" (with E. VanWincoop), Federal Reserve Bank of New York Economic Policy Review (September 2000), pp. 51-70. Reprinted in M. Tcha and C-S Suh, eds., The Korean Economy at the Crossroads, New York: RoutledgeCurzon (2003). Earlier version appears in International Financial Markets and the Implications for Monetary and Financial Stability, BIS Conference Papers, Vol. 8 (March 2000).
"Vertical Specialization and the Changing Nature of World Trade," (with D. Hummels and D. Rapoport), Federal Reserve Bank of New York Economic Policy Review (June 1998), pp. 79-99.
"Is There Endogenous Long Run Growth? Evidence from the U.S. and the U.K.," (with N. Kocherlakota), Journal of Money, Credit, and Banking (May 1997), pp. 235-262.
"Consumer Durables, Permanent Terms of Trade Shocks, and the Recent U.S. Trade Deficits," (with J. Sadka), Journal of International Money and Finance (October 1996), pp. 797-811.
"A Simple Time Series Test of Endogenous vs. Exogenous Growth Models: An Application to the United States," (with N. Kocherlakota), Review of Economics and Statistics (February 1996), pp. 126-134.
"Can Convergence Regressions Distinguish Between Endogenous and Exogenous Growth Models?" (with N. Kocherlakota), Economics Letters (August 1995), pp. 211-215.
"Can Government Purchases Explain the Recent United States Net Export Deficits?" Journal of International Economics (November 1993), pp. 201-225.

Other Publications

Review of Barriers to Riches by Stephen L. Parente and Edward C. Prescott, Journal of International Economics (May 2003).
Review of Fragmentation, ed. by Sven W. Arndt and Henryk Kierzkowski, Journal of Economic Literature (December 2002).
"Curbing Unemployment in Europe: Are There Lessons from Ireland and the Netherlands?" (with C. Tille), FRBNY Current Issues in Economics and Finance, Vol. 7, No. 5. (May 2001).
"The Effects of a Booming Economy on the U.S. Trade Deficit," (with S. Papaioannou), FRBNY Current Issues in Economics and Finance, Vol. 7, No 2. (February 2001).
Discussion of "Revealing Comparative Advantage: Chaotic or Coherent Patterns Across Time and Sector and U.S. Trading Partner?" by David Richardson and Chi Zhang, in Topics in Empirical International Economics: A Festschrift in Honor of Robert E. Lipsey, NBER Conference Volume, University of Chicago Press: Chicago (2001).
Review of Private Behavior and Government Policy in Interdependent Economies, ed. by A.S. Courakis and M.P. Taylor, Journal of Money, Credit, and Banking (May 1993).

Working Papers and Manuscripts

"Can Multi-Stage Production Explain the Home Bias in Trade?," Working Paper 08-12, June 2008.
"A Tale of Two States: Maharashtra and West Bengal," (with A. Lahiri), Federal Reserve Bank of Philadelphia Working Paper 06-16/R (April 2008).
"Vertical Specialization and the Border Effect," Federal Reserve Bank of Philadelphia Working Paper 05-24, (October 2005).
"Language and Location," (with A. John), (April 2001).
"Research Output By Federal Reserve System Economists Employed As of January 1997," with (D. Rapoport), (September 1997).
"Language, Learning, and Location," with (A. John), Federal Reserve Bank of New York Staff Reports #26, (June 1997).
"The Growth of World Trade," with (J. Ishii), Federal Reserve Bank of New York Research Paper #9718, (May 1997).
"Capital Accumulation or Technological Progress? Evidence from Korean Trade Flows, 1963-1990," with (M. Chen), (June 1995).
"The Role of Real Interest Rates in Explaining Trade Balance Movements in Small Open Economies," with (S. Gaudin), (November 1993).
"CTM: A User's Guide," with (J. Walker and B. Honoré), University of Chicago (1985).
"Is Openness to Ideas Important for Long Run Growth?"
"Can Trade Theory Help us Understand the Links between International Trade and Business Cycles?"
"Trade Policy and South Korea's Growth Miracle"
"Multinationals and the Transmission of Business Cycles"

Research Interests

trade and growth
trade and business cycles
vertical specialization and trade