Dr. Horioka Joins the UP School of Economics Faculty


Dr. Charles Yuji Horioka is a new addition to the UP School of Economics faculty. He received his B.A. and Ph.D. degrees from Harvard University and has previously taught at Osaka University, Stanford, Columbia and Kyoto University.

In his work with Martin Feldstein, “Domestic Saving and International Capital Flows” they documented a positive correlation between long-term savings and investment rates across countries, which theoretically should have no correlation since investors should invest their money in a country with the highest rates of return until the price is driven up and the return to investment equalizes across countries. The paper was published while he was only 23 years old and is one of the most widely-cited papers in international finance. This has since been known as the “Feldstein-Horioka puzzle” and is one of the six major puzzles in international economics.

In 2001, he was awarded the Seventh Japanese Economic Association Nakahara Prize, which is given annually to the most outstanding Japanese economist aged 45 or younger. He ranks fifth among economists living in Japan and ranks in the top 3 percent among economists in the world in terms of numbers of citations, according to RePEc. His specialties are macroeconomics, household economics, the Japanese economy and Asian economies.

He has served as the co-editor of the International Economic Review for more than 14 years and also serves on the editorial board of several other journals. He is a research associate of the National Bureau of Economic Research, Inc., and of the Center for Japan-U.S. Business and Economic Studies, Leonard N. Stern School of Business, New York University, and a consultant for the International Monetary Fund and the Asian Development Bank.

He will be teaching Household Economics in the upcoming semester.