University at Buffalo (UB)
Winston Chang
PhD
Research Interests
International Trade and International Finance; Economic Growth
About
Winston Chang obtained his BA from National Taiwan University and PhD from the University of Rochester. He has served on a number of editorial boards, has received the State University of New York Chancellor’s Award for Excellence in Teaching, is listed in Who’s Who in the World, American Men and Women of Science, Biography International, and was a recipient of the Albert Nelson Marquis Lifetime Achievement Award in 2017. He has served as the dissertation supervisor of 24 Ph.D. students and also served on many PhD dissertation committees. Currently, he is the Director of the MA-MS Programs in Economics.
During 1986–1990, he was a Project Specialist for Chinese Economic Curriculum Reform. The project was jointly sponsored by the Chinese Education Commission, the U.S. National Academy of Sciences, the Ford Foundation and the World Bank. In addition to reforming the Chinese higher education economic curriculum, he also helped guide the drafting of new Economic Development and International Trade textbooks commissioned by the Chinese Education Commission. He was invited to teach a class of over 150 faculty members, sent from all major Chinese universities, at Nankai University to help train them to teach Western international economics.
Education
- PhD, Economics, University of Rochester
- MA, Economics, University of Rochester
- BA, School of Business, Summa Cum Laude, National Taiwan University
Academic Appointments
- Professor of Economics, State University of New York at Buffalo, since 1978
- Visiting Professor, Research Institute for Economics and Business Administration, Kobe University, Japan, 1992
- Visiting Research Professor, Institute of Economics, Academia Sinica, Taipei, Taiwan, 1982
- Associate Professor of Economics, State University of New York at Buffalo, 1970–1978
- Assistant Professor of Economics, State University of New York at Buffalo, 1967–1970
Professional Services
- Member, the Editors, Global Journal of Economics, 2012-present
- Member, Editorial Board, Journal of Korea Trade, 2009-2012
- Member, Editorial Board, GITAM Review of International Business, 2008-present
- Member, the Educational Advisory Board, American Biographical Institute, 1984–1987
- Member, the Research Board of Advisors, American Biographical Institute, since 1988
- Project Specialist for Chinese Economic Curriculum Reform, sponsored by the Chinese Education Commission, the U.S. National Academy of Sciences, Ford Foundation and the World Bank, 1986
- Project Specialist, Chinese University Development Project II, Nankai University, Tianjin, China, fall semester, 1987
- Project Specialist, Chinese University Development Project II, People’s University of China, Beijing, China, summer 1990
Research Contributions
Professor Chang has published close to 80 academic articles in economics, many appearing in major journals such as American Economic Review, Quarterly Journal of Economics, Econometrica, Review of Economic Studies, Review of Economics and Statistics, International Economic Review, Journal of International Economics, and Oxford Economic Papers. (See ResearchGate and for more recent articles, SSRN.) They span a wide range of fields as the following:
- International Trade
This is the most extensive area of Professor Chang’s research. Numerous subjects have been covered such as patterns of production and gains from trade in Neo-Ricardian system, income distribution and optimum tariffs, dumping and anti-dumping issues, strategic trade theory and policy, competition in quality-differentiated products, export rivalry, optimal transfer pricing, the economics of offshoring, trade and privatization policies, trade liberalization and gains from trade, and trade theory with joint production. His paper "Some Theorems of Trade and General Equilibrium with Many Goods and Factors" (Econometrica 1979) was the first article enabling the neoclassical theory of trade to be studied under a unified framework with arbitrary numbers of goods and factors of production. His co-edited book, Imperfect Competition in International Trade (1995) helped to advance the new theory of trade. - Economic Growth
He has published a number of papers covering one-sector and two-sector neoclassical models of economic growth, featuring saving, induced bias in technical change, intermediate products, time-phased economies, and consumption substitution in growth models. His 1970 American Economic Review article covers the neoclassical theory of technical change. - Macroeconomics
Among several macroeconomic articles, one notable piece is "The Existence and Persistence of Cycles in a Non-Linear Model: Kaldor’s 1940 Model Re-examined." (Review of Economic Studies 1971). This paper shows the inadequacy of the famous Kaldorian business cycle model and provides the remedial conditions for cycles to exist. It was reprinted in 1993 in Non-Linear Dynamics in Economic Theory in the series of The International Library of Critical Writings in Economics. Another notable piece is the article "Liquidity Preference as Behavior toward Risk Is a Demand for Short-Term Securities—Not Money" (American Economic Review 1983) which exposes the inapplicability of James Tobin’s Nobel-winning article on liquidity preference upon the arrival of financial innovations. Other articles in the macro area include the stability and instability of IS-LM equilibrium, dynamic properties of the overlapping generations model, capital aggregation in a general equilibrium model of production, and the financial crisis of 2007–2010. - Microeconomics
His publications in this area include topics on strategic managerial delegation and industrial policy, competition in vertically-related markets, pricing and benefit structure of a private club or public utility, tridiagonal matrices with dominant diagonals and applications, optimal transfer pricing, the theory of quantity discounts and optimal pricing, and monopolistic competition and product diversity. - Country and Regional Studies
He has published a number of papers in this area, including "The EU and the Eurozone: Past, Present, and Future," "Brexit and Its Economic Consequences," and the recent working paper "Inner Workings of the Chinese Economy." - Environmental Economics
His 2017 "World Trade and the Environment: Issues and Policies" (Pacific Economic Review) analyzes the important linkage between trade and environmental issues and policies. The working paper "Optimal Environmental Tax Scheme" is one of his recent works.
Selected Publications
- Imperfect Competition in International Trade (co-edited with S. Katayama). Norwell, MA: Kluwer Academic Publishers, 1995.
- “The United States and Canada: The Move towards Free Trade,” Chapter 12, International Monetary, Banking and Trade Systems and Economic Development, ed. by M. Thomas Paul, National Institute of Bank Management, Pune, India, 1992, pp. 145–156.
- “Strategic Tariff Policy in a Model of Trade in Intermediate and Final Products” (with J. C. Kim), in Trade, Policy and International Adjustments Academic Press, Inc. 1991.
- “A Commentary on Increasing the Saving Rate: An Analysis of the Transition Path,” in The Economics of Saving, ed. by James H. Gapinski, Kluwer Academic Publishers, 1993, pp. 253–261.
- “The Optimum Tariff Structure in a Small Open Multihousehold Economy,” Chapter 10 in Trade, Welfare, and Economic Policies: Essays in Honor of Murray C. Kemp, ed. by H. Herberg and N. V. Long, the University of Michigan Press, 1993, pp. 177–191.
- “The Existence and Persistence of Cycles in a Non-Linear Model: Kaldor’s 1940 Model Re‑examined” (with D. J. Smyth), originally published in Review of Economic Studies, Vol. 38, No. 1, January, 1971, pp. 37–44, reprinted in Chapter 7, Non-Linear Dynamics in Economic Theory, ed. by Marc Jarsulic, in the series of The International Library of Critical Writings in Economics, Edward Elgar Publishing Ltd., 1993, pp. 98–105.
- “Introduction” (with S. Katayama), in Chapter 1, Imperfect Competition in International Trade, ed. by W. Chang and S. Katayama, pp. 1–12. Kluwer Academic Publishers, 1995.
- “Intermediate Input Dependency, Technology Catch-up, and Strategic Trade Policy” (with K. H. Park), in Chapter 8, Imperfect Competition in International Trade, ed. by W. Chang and S. Katayama, pp. 121–142. Kluwer Academic Publishers, 1995.
- “Theory and Policy of Trade with Imperfect Competition” (with S. Katayama), in Chapter 2, Imperfect Competition in International Trade, ed. by W. Chang and S. Katayama, pp. 15–52. Kluwer Academic Publishers, 1995.
- “Intermediate Input Dependency, Technology Catch-up, and Strategic Trade Policy” (with K. H. Park), in Chapter 8, Imperfect Competition in International Trade, ed. by W. Chang and S. Katayama, pp. 121–142. Kluwer Academic Publishers, 1995.
- “The Theory of Saving and the Stability of Growth Equilibrium,” Quarterly Journal of Economics, vol. 83, no. 3, August 1969, pp. 491–503.
- “A Model of Induced Invention and Economic Growth,” Metroeconomica, vol. 21, January-April 1969, pp. 29–44.
- “The Role of Saving in a Growth Model with Induced Inventions,” Review of Economics and Statistics, vol. 51, no. 4, November 1969, pp. 62–67.
- “A Two-Sector Model of Economic Growth with Induced Technical Progress,” Canadian Journal of Economics, vol. 3, no. 2, May 1970, pp. 199–212.
- “The Neoclassical Theory of Technical Progress,” American Economic Review, vol. 60, no. 5, December 1970, pp. 912–923.
- “The Role of Saving in a Growth Model with Induced Inventions: A Correction” (with E. Burmeister and R. Dobell), Review of Economics and Statistics, vol. 52, no. 4, November 1970.
- “The Existence and Persistence of Cycles in a Non Linear Model: Kaldor’s 1940 Model Reexamined” (with D. J. Smyth), Review of Economic Studies, vol. 38, no. 1, January 1971, pp. 37–44. Reprinted in Chapter 7 of Non-Linear Dynamics in Economic Theory, ed. by Marc Jarsulic, in the series of The International Library of Critical Writings in Economics, Edward Elgar Publishing Ltd., 1993, pp. 98–105.
- “A Model of Economic Growth with Induced Bias in Technical Progress,” Review of Economic Studies, vol. 39, no. 2, April 1972, pp. 205–212.
- “Stability and Instability of IS-LM Equilibrium” (with D. J. Smyth), Oxford Economic Papers, vol. 24, no. 3, November 1972, pp. 372–384.
- “Intermediate Goods in a General Equilibrium Trade Model” (with W. Mayer), International Economic Review, vol. 14, no. 2, June 1973, pp. 447–459.
- “Intermediate Products, Aggregation, and Economic Growth,” Southern Economic Journal, vol. 40, no. 1, July 1973, pp. 56–65.
- “Induced Bias in Invention and Two-Sector Growth Models,” Metroeconomica, vol. 25, no. 3, September-December 1973, pp. 288–305.
- “Capital Aggregation in a General Equilibrium Model of Production” (with M. Brown), Econometrica, vol. 44, November 1976, pp. 1179–1200.
- “Tariff Structure and Output Adjustment in the Presence of Interindustry Flows,” Journal of International Economics, vol. 7, no. 4, November 1977, pp. 329–342.
- “A Note on Consumption Substitution and Growth,” Economic Record, vol. 53, no. 4, December 1977, pp. 550–558.
- “Some Theorems of Trade and General Equilibrium with Many Goods and Factors,” Econometrica, vol. 47, no. 3, May 1979, pp. 709–726.
- “The Theorems of International Trade with Joint Production” (with W. J. Ethier and M. C. Kemp), Journal of International Economics, vol. 10, no. 3, August 1980, pp. 377–394.
- “Production Externalities, Variable Returns to Scale, and the Theory of International Trade,” International Economic Review, vol. 22, no. 3, October 1981, pp. 511–525.
- “The Modern Theory of Trade in Time-Phased Economies,” Academia Economic Papers, vol. 10, no. 2, September 1982, pp. 113–128.
- “Money, Inflation and Maximizing Behavior: the Case of Many Countries” (with M. C. Kemp and N. V. Long), Journal of Macroeconomics, vol. 5, no. 3, summer 1983, pp. 251–263.
- “Liquidity Preference as Behavior toward Risk Is a Demand for Short-Term Securities—Not Money” (with D. Hamberg and J. Hirata), American Economic Review, vol. 73, no. 3, June 1983, pp. 420–427.
- “On Liquidity Preference–Again: Reply” (with D. Hamberg and J. Hirata), American Economic Review, vol. 74, no. 4, June 1983, pp. 812–813.
- “Exchange Rate Expectations and the Foreign Exchange Markets,” Academia Economic Papers, vol. 11, no. 1, March 1983, pp. 257–275.
- “Dynamic Properties of a Simple Overlapping Generations Model” (with M. C. Kemp and N. V. Long), Oxford Economic Papers, Vol. 35, No. 3, November 1983, pp. 366–372.
- “Liquidity Preference as Behavior toward Risk Is a Demand for Short-term Securities─Not Money─A Reply” (with D. Hamberg and J. Hirata), American Economic Review, Vol. 74, No. 4, September 1984, pp. 812–813.
- “A Model of Growth and Trade in Time‑Phased Economies” (with S. H. Chiang), International Economic Review, Vol. 27, No. 3, October 1986, pp. 783–802.
- “On the Pricing and Benefit Structure of a Private Club or Public Utility” (with L. Southwick, Jr.), Public Choice, Vol. 55, No. 3, 1987, pp. 227–244.
- “On the Canadian Economic Liberalization”, in Current Economic Problems, Chung-Hua Institution of Economic Research, 1988, pp. 23–28.
- “Optimum Tariff and Its Optimum Revenue Distribution” (with M. S. Michael), Economics Letters, Vol. 28, 1988, pp. 369–374.
- “The United States and Canada: The Move towards Free Trade,” Journal of Foreign Exchange and International Finance, Vol. 3, No. 1, January-March 1989, pp. 30–40.
- “Optimal Commercial Policy for an Open Economy under Domestic Distortions” (with M. S. Michael), Economics Letters, Vol. 31, 1989, pp. 163–167.
- “Competition in Quality Differentiated Products and Optimal Trade Policy” (with J. C. Kim), Keio Economic Studies, Vol. 26, No. 1, 1989, pp. 1–17.
- “Patterns of Production and Gains from Trade in a Neo-Ricardian System” (with S. H. Chiang), Taiwan Economic Review, Vol. 17, No. 4, December 1989, pp. 459–480.
- “An Economist’s Perspective on the U.S.-Canadian Free Trade Agreement.” Regional Science Review, Vol. 18, 1991, pp. 50–60.
- “Income Distribution and Optimum Tariff” (with M. S. Michael), Keio Economic Studies, Vol. 28, no. 2, 1991, pp. 1–11.
- “Recent Developments in the Theory of Trade with Imperfect Competition” (with S. Katayama), Kobe Economic & Business Review, vol. 37, 1992, pp. 69–107.
- “An Evaluation of the U.S.-Canada Free Trade Agreements” (with S. Katayama), Kobe Economic and Business Review, Vol. 44, 1994, pp. 213–229.
- “Vertically Related Markets: Export Rivalry between DC and LDC Firms” (with F. Y. Chen), Review of International Economics, Vol. 2, No. 2, 1994, pp. 131–142.
- “Tariff Effects on a Foreign Monopoly’s Optimal Timing of Product Introduction and Quality Upgrading” (with K. H. Park), Academia Economic Papers, Vol. 23, No. 3, December 1995, pp. 193–208.
- “Conjectural Variations, Market Power and Optimal Trade Policy in a Vertically Related Industry” (with H. Sugeta). Review of International Economics, Vol. 12, no. 1, 2004, 12–26. An earlier version is available at SSRN no: 513987.
- “Cost Asymmetry, Oligopolistic Competition and Optimal Trade and Industrial Policies,” (with H. Sugeta), International Economic Journal, Vol. 19, No. 1, March 2005, pp. 95–114. An earlier version is available at SSRN Working Paper no: 1736763.
- “Optimal Trade and Privatization Policies in an International Duopoly with Cost Asymmetry,” Journal of International Trade and Economic Development, Vol. 14, No. 1, March 2005, pp. 19–42. An earlier version is available at SSRN Working paper no: 1736738.
- “Optimal Trade, Industrial, and Privatization Policies in a Mixed Duopoly with Strategic Managerial Incentives,” Journal of International Trade and Economic Development, Vol. 16, No. 1, March 2007, pp. 31–52. An earlier version is available at SSRN no: 1736738.
- “Antidumping, Countervailing, and Safeguard Measures,” GITAM Review of International Business, Vol. 1, Issue 1, July 2008, pp. 1–34. An earlier version is available at SSRN Working Paper no: 1736735.
- “Trade Disputes in Practice,” Vignana Jyothi Journal of Management, Vol. 1, Issue 1, July–December 2009, pp. 33–45. An earlier version is available at SSRN Working Paper no: 1736733.
- “The EU and the Eurozone: Past, Present, and Future,” GITAM Review of International Business, Vol. 3, Issue 1, 2010, pp. 1–40. An earlier version is available at SSRN Working Paper no: 1736730.
- “Financial Crisis of 2007–2010,” Keio Economic Studies, Vol. 47, 2011, pp. 25–56. An earlier version was presented at the 19th Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management, July 9, 2011, Taipei, Taiwan. An earlier version is available at SSRN Working Paper no: 1738486.
- “The Economics of Offshoring,” Global Journal of Economics, Vol. 1, No. 2, November 2012. An earlier version was presented at the Conference on Global Economy, sponsored by APEA, KIET and RCIE, March 17–18, 2012, Seattle, WA. An earlier version is available at SSRN Working Paper no: 2016984.
- “Monopolistic Competition and Product Diversity: Review and Extension,” Journal of Economic Surveys, vol. 26, No. 5, December 2012, pp. 879–910. An earlier version is available at SSRN Working Paper no: 1736712.
- “Optimal Transfer Pricing: Competition Mode, Demand and Strategic Characteristics, and Production Technology” (with Han Eol Ryu), Global Journal of Economics, DOI: 10.1142/S2251361213500031, December 2013. An earlier version available at SSRN Working Paper no. 2161925.
- “Vertically-Related Markets, Foreign Competition, and Optimal Privatization Policy,” (with Han Eol Ryu) Review of International Economics, vol. 23, Issue 2, pp. 303–319, May 2015. An earlier version is available at SSRN Working Paper no: 2371857.
- “Tridiagonal Matrices with Dominant Diagonals and Applications” (with Tai-Liang Chen), Operations Research Letters 44, 2016., pp. 231–233. An earlier version is available at SSRN Working Paper no: 2507985.
- “Export Rivalry, Vertically-Related Markets, and the Optimal Privatization Policy” (with Han Eol Ryu), Economic Modelling54, April 2016, pp. 392–401.
- “Strategic Managerial Delegation and Industrial Policy Competition in Vertically-related Markets” (with Fang-yueh Chen), International Review of Economics and Finance Vol. 43, May 2016, pp. 429–442. doi:10.1016/j.iref.2016.01.006.
- “The Theory of Quantity Discounts and Optimal Pricing,” (with Tai-Liang Chen), International Journal of Economic Theory. Vol. 13, issue 2, May 2017, pp. 185–195. doi: 10.1111/ijet.12124.
- “World Trade and the Environment: Issues and Policies,” To appear in Pacific Economic Review, March 19, 2016 (early view), doi: 10.1111/1468-0106.12100. An earlier version available at SSRN Working Paper no: 2435700.
- "Brexit and Its Economic Consequences," accepted for publication in The World Economy. An earlier version available at SSRN Working Paper no: 2786379.
- “The Size of Symmetric Free-Trade Blocs and World Welfare” (with Tai-Liang Chen and Tetsuya Saito), May (2016), available at SSRN Working Paper no: 2782606.
- “A Note on the Size of Trading Blocs, Market Power and World Welfare Effects” (with Tai-Liang Chen and Tetsuya Saito), May 2016, available at SSRN Working Paper no: 2786379.
- “A Note on Second-degree Price Discrimination: The Optimal Quantity-discount Pricing Schedule” (with Tai-Liang Chen), April 10, 2016, available at SSRN Working Paper no: 2761904.
- “Inner Workings of the Chinese Economy,” March 17, 2016, available at SSRN Working Paper no: 2752030.
- “Ownership and R&D Intensity in Foreign Affiliates under an Incomplete Capital Market" (with Youhui Wu), February 16, 2015, available at SSRN Working Paper no: 2544061.
- "Optimal Upstream SOE’s Managerial Delegation and Downstream Industrial Policy Under Successive Duopoly” (with Fang-yueh Chen) March 25, 2014, available at SSRN Working Paper no: 2414690.
- “Financial Frictions, the Rationalization Effect, and Gains from Trade” (with Youhui Wu), 2014, available at SSRN Working Paper no: 2504046.
- “Monopoly, Quantity Discounts and Taxation” (with Tai-Liang Chen), June 24, 2014, available at SSRN Working Paper no: 2461257.
- “Optimal Transfer Pricing in a Vertically-integrated and Imperfectly Competitive Market” (with Han Eol Ryu), paper presented at the 20th Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management (PBFEAM) at Rutgers University, USA in September 2012.
- “A Concise Guide to Dynamic Optimization,” October 15, 2011. Available at SSRN.
Other Contributions and Distinctions
Listings:
- Who’s Who in the World
- Who’s Who in America
- Who’s Who in the East
- American Men and Women of Science
- Who’s Who in American Education
- Who’s Who in Science and Engineering
- Biography International
Awards:
- Teaching Award: State University of New York Chancellor’s Award for Excellence in Teaching, 1975
- National Science Foundation Research Grant, 1969
- National Science Council (Taiwan) Research Grant, 1982
- Japan’s Ministry of Education, Research Grant, 1992