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Home > Research & Data > Economists > Kei-Mu Yi

Kei-Mu Yi, Vice President and EconomistKei-Mu Yi

Vice President and Economist

Phone: (215) 574-3809
Fax: (215) 574-4303
Send an e-mail to Kei-Mu Yi E-mail
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 Multi-Stage Production Explain the Home Bias in Trade?," forthcoming, American Economic Review.
  • "A Tale of Two States: Maharashtra and West Bengal," (with A. Lahiri), forthcoming, Review of Economic Dynamics.
  • "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

  • "The Collapse of Global Trade: The Role of Vertical Specialisation" in The Collapse of Global Trade, Murky Protectionism, and the Crisis: Recommendations for the G20, ed. Richard Baldwin and Simon Evenett, March 2009, 45-48. London. Available online: http://www.voxeu.org/reports/Murky_Protectionism.pdf#page=55 External Link
  • "International Trade: Why We Don’t Have More of It." with E. Ostapik, Federal Reserve Bank of Philadelphia Business Review, Third Quarter, 2007 PDF
  • "What Will the Next Export Boom Look Like? Some Hints from the late 1980s." Federal Reserve Bank of Philadelphia Business Review, Fourth Quarter, 2006 PDF
  • 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

  • "How Much of South Korea's Growth Miracle Can Be Explained by Trade Policy?," with Michelle Connolly, Working Paper 09-19, June 2009. PDF
  • "Can Multi-Stage Production Explain the Home Bias in Trade?," Federal Reserve Bank of Philadelphia Working Paper 08-12/R (June 2008) PDF
  • "A Tale of Two States: Maharashtra and West Bengal," (with A. Lahiri), Federal Reserve Bank of Philadelphia Working Paper 06-16/R (April 2008). PDF
  • "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