WorldCat Identities

Weinstein, David E.

Works: 90 works in 531 publications in 1 language and 5,000 library holdings
Genres: Conference papers and proceedings  History 
Roles: Author, Editor
Classifications: HB1, 330
Publication Timeline
Most widely held works about David E Weinstein
Most widely held works by David E Weinstein
Japan's bubble, deflation, and long-term stagnation by Kōichi Hamada( )

15 editions published in 2011 in English and held by 1,600 WorldCat member libraries worldwide

Japan's economic bubble burst in the early 1990s, and the country entered its famous "lost decade"--A period of stagnation and economic disruption that persisted until 2003. The current declines in global equity and real estate markets have eerie parallels to Japan's economic woes of the 1990s. If we are to avoid repeating Japan's experience on a global scale, we must understand what happened, why it happened, and the effectiveness (or ineffectiveness) of Japan's policy choices. In this volume, prominent economists -- Japan specialists and others -- bring state-of-the-art models and analytic tools to bear on these questions. The essays generate new facts and new findings about Japan's lost decade. As much of the research shows, the slowdown can be broken down into two phases: a typical recession, followed by a breakdown in the economy likely due to insufficient restructuring, which is not well described by conventional models. The contributors offer forceful arguments showing that Japan's experience, and the unconventional -- sometimes unsuccessful -- measures adopted by Japan's government and central bank, offer valuable lessons for our post-boom world. - Publisher
Reviving Japan's economy by Takatoshi Itō( Book )

10 editions published in 2005 in English and held by 279 WorldCat member libraries worldwide

"In Reviving Japan's Economy, 16 top American and Japanese experts analyze Japan's underperforming economy, and develop and recommend policy solutions aimed at achieving Japan's growth potential, improving the quality of life for the Japanese people, and strengthening Japan's contribution to the global economy. A collaborative effort that grew out of a research project begun in 2002 and sponsored by the Center on Japanese Economy and Business at Columbia University and the Research Center for Advanced Science and Technology at the University of Tokyo, the book looks to the future while having as its foundation a careful analysis of Japan's recent economic history."--BOOK JACKET
Economic geography and regional production structure : an empirical investigation by Donald R Davis( Book )

25 editions published between 1997 and 1999 in English and held by 172 WorldCat member libraries worldwide

"There are two principal theories of why countries or regions trade: comparative advantage and increasing returns to scale. Yet there is virtually no empirical work that assesses the relative importance of these two theories in accounting for production structure and trade. We use a framework that nests an increasing returns model of economic geography featuring "home market effects" with that of Heckscher-Ohlin. We employ these trade models to account for the structure of regional production in Japan. We find support for the existence of economic geography effects in eight of nineteen manufacturing sectors, including such important ones as transportation equipment, iron and steel, electrical machinery, and chemicals. Moreover, we find that these effects are economically very significant. The latter contrasts with the results of Davis and Weinstein (1996), which found scant economic significance of economic geography for the structure of OECD production. We conclude that while economic geography may explain little about the international structure of production, it is very important for understanding the regional structure of production"--Abstract
Prices, poverty, and inequality : why Americans are better off than you think by Christian M Broda( Book )

3 editions published in 2008 in English and held by 151 WorldCat member libraries worldwide

"Adjusting poverty measures to account for the benefits of product improvements reveals that Americans in every income group are better off than they were twenty-five years ago. According to conventional wisdom, the economic well-being of all but the wealthiest Americans has stagnated or declined over the past twenty-five years ... Christian Broda and David E. Weinstein argue that this idea is based upon misleading measurements of wealth and poverty. The consumer price index used to compute official measures of real wages and poverty ignores two key sources of increased prosperity: the introduction of new and better products and consumers' ability to substitute between goods. Deflating nominal wages by a cost-of-living index that adjusts for these previously unconsidered factors of prosperity suggests that the real wages of the poor have actually risen by 30 percent since the late 1970s -- and that the poverty rate in America has fallen dramatically over the last forty years. How can we account for the discrepancy between standard measures of economic well-being -- which suggest a trend of increased poverty -- and alternative measures that indicate an upswing in prosperity? As Broda and Weinstein argue, product innovation has long been a key source of prosperity for American households. New and better household appliances, cellular phones, vehicle air bags, medicines, and computers are among the many product improvements that have benefited Americans, including the poor, over the last few decades. Yet current official price statistics capture only a portion of the benefits that these improved goods provide to American households. Broda and Weinstein conclude that adjusting poverty measures to fully account for the benefits of product improvements reveals that Americans in every income group are substantially better off economically than they were a quarter century ago."--Publisher's website
Does economic geography matter for international specialization? by Donald R Davis( Book )

19 editions published between 1996 and 1997 in English and held by 133 WorldCat member libraries worldwide

There are two principal theories of why countries trade: comparative advantage and increasing returns to scale. Yet there is no empirical work that assesses the relative importance of these two theories in accounting for production structure and trade. We use a framework that nests an increasing returns model of economic geography featuring home market effects with that of Heckscher-Ohlin-Vanek. We employ these trade models to account for the structure of OECD manufacturing production. The data militate against the economic geography framework. Moreover, even in the specification most generous to economic geography, endowments account for 90 percent of the explainable variance, economic geography but 10 percent
Market access, economic geography and comparative advantage : an empirical assessment by Donald R Davis( Book )

15 editions published in 1998 in English and held by 121 WorldCat member libraries worldwide

The increasing returns revolution in trade is incomplete in an important respect there exists no compelling empirical demonstration of the role of increasing returns in determining production and trade structure. One reason is that trade patterns of the canonical increasing returns models are a consequence simply of specialization, which all theories permit. Krugman (1980) shows that increasing returns models with costs of trade economic geography do allow a simple test: home market effects of demand on production. Davis and Weinstein (1996) reject the simple Krugman (1980) model on OECD data. Here we pair the model with a richer geography structure and find evidence of the importance of increasing returns, in combination with comparative advantage, in affecting OECD manufacturing production structure. The results underscore the importance of market access in implementing models of economic geography
An account of global factor trade by Donald R Davis( Book )

14 editions published between 1998 and 1999 in English and held by 121 WorldCat member libraries worldwide

A half-century of empirical work on the factor proportions theory has identified devise simple amendments that bring theory and data into reasonable congruence. Our study considers standard and novel hypotheses regarding the failures of the Heckscher-Ohlin-Vanek formulation and is the first to examine these directly on the technology and absorption data of interest. We show how a few simple and plausible amendments, verified directly by this data, suffice for a striking confirmation of the HOV theory. Countries export the services of abundant factors and in approximately the right magnitude. HOV works
Market size, linkages, and productivity : a study of Japanese regions by Donald R Davis( Book )

20 editions published between 2001 and 2003 in English and held by 120 WorldCat member libraries worldwide

One account of spatial concentration focuses on productivity advantages arising from market size. We investigate this for forty regions of Japan. Our results identify important effects of a region's own size, as well as cost linkages between producers and suppliers of inputs. Productivity links to a more general form of 'market potential' or Marshall-Arrow-Romer externalities do not appear to be robust in our data. Landlocked status does not matter for productivity of regions in Japan. The effects we identify are economically quite important, accounting for a substantial portion of cross-regional productivity differences. A simple counterfactual shows that if economic activity were spread evenly over the forty regions of Japan, aggregate output would fall by nearly twenty percent
Do endowments predict the location of production? : evidence from national and international data by Jeffrey Ian Bernstein( Book )

14 editions published between 1998 and 1999 in English and held by 118 WorldCat member libraries worldwide

Examining the relationship between factor endowments and production patterns using international and Japanese regional data, we provide the first empirical confirmation of Ethier's correlation approach to the Rybczynski theorem. Moreover, we find evidence of substantial production indeterminacy. Prediction errors are six to thirty times larger for goods traded relatively freely. A compelling explanation of this phenomenon is the existence of more goods than factors in the presence of trade costs. This result implies that regressions of trade or output on endowments have weak theoretical foundations. Furthermore, since errors are largest in data sets where trade costs are small, we explain why the common methodology of imputing trade barriers from regression residuals often leads to backwards results
Foreign direct investment and keiretsu : rethinking U.S. and Japanese policy by David E Weinstein( Book )

21 editions published in 1996 in English and held by 115 WorldCat member libraries worldwide

This paper focuses on two issues. First, a reexamination of the data on the level of foreign direct investment (FDI) in Japan suggests that foreign firms sell five to six times more in Japan than is commonly believed. Previous studies severely underestimated the stock of FDI in Japan due to poor data. Second, after finding that even after adjusting for various factors the level of FDI in Japan is still low, the paper explores explanations for this phenomenon. A second main conclusion is that government tax and financial policy continues to inhibit foreign takeovers through the promotion of stable shareholding
The myth of the patient Japanese : corporate myopia and financial distress in Japan and the US by Brian J Hall( Book )

18 editions published in 1996 in English and held by 114 WorldCat member libraries worldwide

It is widely believed that the stock-market oriented US financial system forces corporate managers to behave myopically relative to their Japanese counterparts, who operate in a bank-based system. We hypothesize that if US firms are more myopic than Japanese firms, then episodes of financial distress (when myopia should be most pronounced) should cause US firms to decrease their R & D spending (our main proxy for long-term investment) more than Japanese firms. We find no evidence that this is the case. In addition, we show that Japanese firms do not invest more than US firms after the onset of distress. Our results hold up even when US firms are compared to Japanese financial ties to their banks and are thought to be the least myopic (and the most able to weather distress). The results also withstand a variety of robustness checks. Our findings that US and Japanese firms respond similarly to financial distress cast doubt on the view that US managers are more short-sighted than their Japanese counterparts
Bones, bombs and break points : the geography of economic activity by Donald R Davis( )

17 editions published in 2001 in English and Undetermined and held by 106 WorldCat member libraries worldwide

We consider the distribution of economic activity within a country in light of three leading theories - increasing returns, random growth, and locational fundamentals. To do so, we examine the distribution of regional population in Japan from the Stone Age to the modern era. We also consider the Allied bombing of Japanese cities in WWII as a shock to relative city sizes. Our results support a hybrid theory in which locational fundamentals establish the spatial pattern of relative regional densities, but increasing returns may help to determine the degree of spatial differentiation. One implication of these results is that even large temporary shocks to urban areas have no long-run impact on city size
Trade and growth : import-led or export led? : evidence from Japan and Korea by Robert Z Lawrence( Book )

13 editions published in 1999 in English and held by 106 WorldCat member libraries worldwide

It is commonly argued that Japanese trade protection has enabled the nurturing and development internationally competitive firms. The results in our paper suggest that when it comes to TFP growth, this view of Japan is seriously erroneous. We find that lower tariffs and higher import volumes would have been particularly beneficial for Japan during the period 1964 to 1973. Our results also lead us to question whether Japanese exports were a particularly important source of productivity growth. Our findings on Japan suggest that the salutary impact of imports stems more from their contribution to competition than to intermediate inputs. Furthermore our results indicate a reason for why imports are important. Greater imports of competing products spur innovation. Our results suggest that competitive pressures and potentially learning from foreign rivals are important conduits for growth. These channels are even more important as industries converge with the market leader. This suggests that further liberalization by Japan and other East Asian countries may result in future dynamic gains. Our results thus call the views of both the World Bank and the revisionists into question and provide support for those who advocate more liberal trade policies
What role for empirics in international trade? by Donald R Davis( Book )

15 editions published in 2001 in English and held by 104 WorldCat member libraries worldwide

In the field of international trade, data analysis has traditionally had quite modest influence relative to that of pure theory. At one time, this might have been rationalized by the paucity of empirics in the field or its weak theoretical foundations. In recent years empirical research has begun to provide an increasingly detailed view of the determinants of trade relations. Yet the field as a whole has been slow to incorporate these findings in its fundamental worldview. In this paper, we outline and extend what we view as key robust findings from the empirical literature that should be part of every international economists working knowledge
Technological superiority and the losses from migration by Donald R Davis( )

15 editions published between 2002 and 2003 in English and held by 102 WorldCat member libraries worldwide

Two facts motivate this study. (1) The United States is the world's most productive economy. (2) The US is the destination for a broad range of net factor inflows: unskilled labor, skilled labor, and capital. Indeed, these two facts may be strongly related: All factors seek to enter the US because of the US technological superiority. The literature on international factor flows rarely links these two phenomena, instead considering one-at-a-time analyses that stress issues of relative factor abundance. This is unfortunate, since the welfare calculations differ markedly. In a simple Ricardian framework, a country that experiences immigration of factors motivated by technological differences always loses from this migration relative to a free trade baseline, while the other country gains. We provide simple calculations suggesting that the magnitude of the losses for US natives may be quite large $72 billion dollars per year or 0.8 percent of GDP
Do factor endowments matter for north-north trade? by Donald R Davis( )

13 editions published in 2001 in English and held by 102 WorldCat member libraries worldwide

The dominant paradigm of world trade patterns posits two principal features. Trade between North and South arises due to traditional comparative advantage, largely determined by differences in endowment patterns. Trade within the North, much of it intra-industry trade, is based on economies of scale and product differentiation. The paradigm specifically denies an important role for endowment differences in determining North-North trade. This paper provides the first sound empirical examination of this question. We demonstrate that trade in factor services among countries of the North is systematically related to endowment differences and large in economic magnitude. Intra-industry trade, rather than being a puzzle for a factor endowments theory, is instead the conduit for a great deal of this factor service trade
The factor content of trade by Donald R Davis( Book )

14 editions published in 2001 in English and held by 101 WorldCat member libraries worldwide

Study of the factor content of trade has become a laboratory to test our ideas about how the key elements of endowments, production, absorption and trade fit together within a general equilibrium framework. Already a great deal of progress has been made in fitting these pieces together. Nevertheless, the existing research raises a great many questions that should help to focus empirical research in the coming years. Among the more pressing issues is a deeper consideration of the role of intermediates, the role of aggregation biases, and of differences in patterns of absorption. This work should provide a more substantial foundation for future policy work developed within a factor content framework
Happy news from the dismal science : reassessing Japanese fiscal policy and sustainability by Christian M Broda( )

14 editions published in 2004 in English and held by 101 WorldCat member libraries worldwide

"We analyze fiscal policy and fiscal sustainability in Japan using a variant of the methodology developed in Blanchard (1990). We find that Japan can achieve fiscal sustainability over a 100-year horizon with relatively small changes in the tax-to-GDP ratio. Our analysis differs from more pessimistic analyses in several dimensions. First, since Japanese net debt is only half that of gross debt, we demonstrate that the current debt burden is much lower than is typically reported. This means that monetization of the debt will have little impact on Japan's fiscal sustainability because Japan's problem is the level of future liabilities not current ones. Second, we argue that one obtains very different projections of social security burdens based on the standard assumption that Japan's population is on a trend towards extinction rather than transitioning to a new lower level. Third, we demonstrate that some modest cost containment of the growth rate of real per capita benefits, such as cutting expenditures for shrinking demographic categories, can dramatically lower the necessary tax burden. In sum, no scenario involves Japanese taxes rising above those in Europe today and many result in tax-to-GDP ratios comparable to those in the United States"--National Bureau of Economic Research web site
A search for multiple equilibria in urban industrial structure by Donald R Davis( Book )

12 editions published in 2004 in English and held by 100 WorldCat member libraries worldwide

Theories featuring multiple equilibria are now widespread across many fields of economics. Yet little empirical work has asked if such multiple equilibria are salient features of real economies. We examine this in the context of the Allied bombing of Japanese cities and industries in WWII. We develop a new empirical test for multiple equilibria and apply it to data for 114 Japanese cities in eight manufacturing industries. The data provide no support for the existence of multiple equilibria. In the aftermath even of immense shocks, a city typically recovers not only its population and its share of aggregate manufacturing, but even the specific industries it had before
Optimal tariffs : the evidence by Christian M Broda( )

17 editions published between 2006 and 2007 in English and held by 92 WorldCat member libraries worldwide

The theoretical debate over whether countries can and should set tariffs in response to export elasticities goes back over a century to the writings of Edgeworth (1894) and Bickerdike (1907). Despite the optimal tariff argument's centrality in debates over trade policy, there exists no evidence about whether countries actually apply it when setting tariffs. We estimate disaggregate export elasticities and find evidence that countries that are not members of the World Trade Organization systematically set higher tariffs on goods that are supplied inelastically. The result is robust to the inclusion of political economy variables and a variety of model specifications. Moreover, we find that countries with higher aggregate market power have on average higher tariffs. In short, we find strong evidence in favor of the optimal tariff argument
moreShow More Titles
fewerShow Fewer Titles
Audience Level
Audience Level
  Kids General Special  
Audience level: 0.43 (from 0.05 for Japan's bu ... to 0.99 for Weinstein, ...)

Reviving Japan's economy
Reviving Japan's economyPrices, poverty, and inequality : why Americans are better off than you think
Alternative Names
David Weinstein Amerikaans econoom

David Weinstein économiste américain

David Weinstein US-amerikanisch-britischer Wirtschaftswissenschaftler

Weinstein, David

Weinstein, David 1964-

Weinstein, David (David E.)

Weinstein, David E.

Дэвид Вайнштейн

וינשטין, דניאל

와인스타인, 데이비드

웨인스테인, 데이비드

ワインシュタイン, D

English (316)