CJEB News

Professor Shivaram Rajgopal, Roy Bernard Kester and T.W. Byrnes Professor of Accounting and Auditing and Chair of the Accounting Division at Columbia Business School, was interviewed by Nikkei for the article "米コロンビア大ラジゴパル教授「アクティビストは苦い薬」." Read the full article here.The interview covers differences between corporate governance in the United States and Japan. Professor Rajgopal's research in Japan was supported by the Center on Japanese Economy and Business under the Center’s Corporate Governance and Stewardship Program."米コロンビア大ラジゴパル教授「アクティビストは苦い薬」" (Professor Rajgopal of Columbia University: "Activists are a bitter pill to swallow.") (Nikkei, 10/08/2026)Note: Articles with titles in Japanese are unofficially translated into English by CJEB.

A research blog post co-authored by CJEB’s Director, Professor David Weinstein, titled “How Fast Do Tariffs Pass Through into Consumer Prices?” was published on the Liberty Street Economics blog, and numerous media outlets have cited the findings. The platform features insight and analysis from New York Fed economists working at the intersection of research and policy.The blog post summarizes the core findings from the underlying research paper, “The Anatomy of Tariff Pass-Through into Consumer Prices”:“There has been a lot of interest in how tariffs affect consumer prices (for example, Cavallo et al. 2021, 2025). In this post, we present results from our new research paper that estimates the effects of the 2025-26 tariffs on retail consumer prices. We find that for every percentage point increase in average tariffs, consumer goods prices increase by about a quarter of a percent after one year. Roughly two-thirds of the effect arises because tariffs raise the prices of imported consumer goods. The remaining third arises indirectly: tariffs increase the prices of goods made in the U.S. because producers pay more for imported parts and materials, and because producers raise their markups when competing imports cost more. The effects differ in their timing. Prices of imported goods respond quickly to tariffs, while prices of U.S.-made goods adjust over six to twelve months as higher costs move through the supply chain.”Blog Post: How Fast Do Tariffs Pass Through into Consumer Prices? - Liberty Street EconomicsMary Amiti, Sebastian Heise, and David E. WeinsteinResearch Paper: The Anatomy of Tariff Pass-Through into Consumer PricesMary Amiti, Sebastian Heise, David E. Weinstein 

Ritsu Kitagawa, a recipient of the Center on Japanese Economy and Business (CJEB) Doctoral Fellowship and a current student in the PhD Program in both the Department of Economics and Columbia Business School, co-authored a working paper that was featured in the Nikkei piece “AIが変える資本市場のエコシステム　人間の居場所はどこだ.” Read the full article hereThe referenced working paper uses employee review data from OpenWork to measure the organizational capital of Japanese firms, building on recent work using Glassdoor. Database access through CJEB was an important resource for this research. The paper was co-authored with Akseli Palomäki, a graduate student at Columbia University, and Kaede Hanazawa, a graduate student at the University of Tokyo. Read the working paper here AIが変える資本市場のエコシステム　人間の居場所はどこだ (How AI Is Transforming the Capital Market Ecosystem: Where Is the Place for Humans?) (Nikkei, 9/27/2026)Note: Articles with titles in Japanese are unofficially translated into English by CJEB.

A research blog post co-authored by CJEB's Director, Professor David Weinstein, “Who Is Paying for the 2025 U.S. Tariffs?” was published on the Liberty Street Economics blog, which features insight and analysis from New York Fed economists working at the intersection of research and policy. The post and its contents have been widely cited in over 100 articles, including prominent publications such as the Wall Street Journal, the New York Times, the Financial Times, and many more. A selected list of these and other articles referencing the post and its contents is included below.“Who Is Paying for the 2025 U.S. Tariffs?”  begins with this text to explain what it covers: “Over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 to 13 percent. In this blog post, we ask how much of the tariffs were paid by the U.S., using import data through November 2025. We find that nearly 90 percent of the tariffs’ economic burden fell on U.S. firms and consumers.”US Firms Paid Nearly 90% of 2025 Tariff Costs, NY Fed Study Says (Bloomberg, 2/12/2026)Trump Plays Risky Political Game on Tariffs Ahead of Midterms (Bloomberg, 2/12/2026) US businesses and consumers pay 90% of tariff costs, New York Fed says (Financial Times, 2/12/2026)  Americans Are Paying the Bill for Tariffs, Despite Trump’s Claims (The New York Times, 2/12/2026)Inflation measure falls to nearly five-year low as gas prices fall and housing costs cool (Associated Press, 2/13/2026)Trump Trade Team Working to Narrow Scope of Metals Tariffs (Bloomberg, 2/13/2026)Trump plans to roll back tariffs on metal and aluminium goods (Financial Times, 2/13/2026)    "U.S. Inflation Eased at Start of the Year " (The New York Times, 2/13/2026)You’re Paying 90% of Trump’s Tariffs (The Wall Street Journal, 2/13/2026) Trump’s Broad Use of Metals Tariffs Starts to Backfire, Requiring a Rethink (Bloomberg, 2/16/2026)WH adviser Hassett urges 'discipline' for Fed economists over tariff study (Associated Press, 2/18/2026)Hassett Attacks NY Fed for Study on Tariff Burden Hitting US (Bloomberg, 2/18/2026)Trump adviser says NY Fed economists should be ‘disciplined’ for publishing study on tariffs (Financial Times, 2/18/2026)Trump adviser Hassett suggests New York Fed researchers be punished for tariffs argument (Reuters News, 2/18/2026)Fed Minutes Show No Rush to Restart Rate Cuts (The New York Times, 2/18/2026)White House Economic Adviser Criticizes NY Fed Finding on Tariffs (The Wall Street Journal, 2/18/2026)Tariffs paid by midsized US firms tripled last year, new analysis from JPMorganChase Institute shows (Associated Press, 2/19/2026)Kashkari Rips Hassett Criticism of NY Fed Tariff Analysis (Bloomberg, 2/19/2026)Donald Trump’s tariffs exert heavy burden on midsized US companies (Financial Times, 2/19/2026)Top Fed official says White House is escalating its assault on central bank (Financial Times, 2/19/2026)Mentioned / linked in Andrew Ross Sorkin's Dealbook (The New York Times, 2/19/2026)U.S. Imports Grew in 2025, as Trump’s Tariffs Reshuffled Global Trade (The New York Times, 2/19/2026) 

Professor David Weinstein, Director of CJEB and the Carl S. Shoup Professor of the Japanese Economy at Columbia University, was recently quoted in a Wall Street Journal article. Read the full article here.Trump’s Trade Math Ignores a Major Export: American Services. (Wall Street Journal, 4/10/2025) { "@context": "https://schema.org", "@type": "NewsArticle", "mainEntityOfPage": { "@type": "WebPage", "@id": "http://localhost:50320/faculty/press/professor-david-weinstein-director-cjeb-featured-columbia-business-insights-columbia" }, "headline": "Professor David Weinstein, Director of CJEB, Featured in Columbia Business Insights by Columbia Business School", "datePublished": "2025-03-21T15:31:34-04:00", "dateModified": "2025-10-15T16:36:00-04:00", "publisher": { "@type": "Organization", "name": "Columbia Business School" }, "articleBody": "Professor David Weinstein, Director of CJEB and the Carl S. Shoup Professor of the Japanese Economy at Columbia University, was featured in a Columbia Business Insights article discussing the implications of trade policies during Trump's administration. The article, titled \u201cUnderstanding Trump\u2019s New Trade Policies: Insights on Tariffs, Mexico, Canada, and China,\u201d highlights how the tariffs imposed on goods imported from China have significantly impacted U.S. consumers and firms. The article cites the paper he co-authored, \u201cTrade Protection, Stock-Market Returns, and Welfare,\" which is available here. ", "author": { "@type": "Organization", "name": "CBS In the News" }, "mentions": [ { "@type": "Organization", "name": "Columbia Business Insights", "url": "https://business.columbia.edu/insights/trump-trade-policies-tariffs-mexico-canada-columbia-business" } ] }

Professor David Weinstein, Director of CJEB and the Carl S. Shoup Professor of the Japanese Economy at Columbia University, was recently quoted in an NPR interview discussing the ongoing impact of Trump's tariffs on the economy.The segment, titled “How Trump's Tariffs Are Shaping the Economy,” explores how these trade policies have influenced economic dynamics. How Trump's Tariffs Are Shaping the Economy (NPR, 3/16/2025).  

Professor David Weinstein, Director of CJEB and the Carl S. Shoup Professor of the Japanese Economy at Columbia University, was featured in a Columbia Business Insights article discussing the implications of trade policies during Trump's administration. The article, titled “Understanding Trump’s New Trade Policies: Insights on Tariffs, Mexico, Canada, and China,” highlights how the tariffs imposed on goods imported from China have significantly impacted U.S. consumers and firms. The article cites the paper he co-authored, “Trade Protection, Stock-Market Returns, and Welfare," which is available here. Understanding Trump’s New Trade Policies: Insights on Tariffs, Mexico, Canada, and China (Columbia Business Insights, 1/21/2025)

Dr. Yumiko Shimabukuro, Faculty, School of International and Public Affairs, Columbia University; Co-Founder, Japanese Management Leadership, co-authored a book titled Misery Beneath the Miracle in East Asia, published by Cornell University Press.“Misery Beneath the Miracle in East Asia challenges prevailing views of the East Asian economic miracle. Existing scholarship has overlooked the severity, persistence, and harmful consequences of the region’s social welfare crises. Arvid J. Lukauskas and Yumiko Shimabukuro fill this gap and put a major asterisk on East Asia's economic record.  Combining big-picture analysis, abundant data, a dynamic interdisciplinary framework, and powerful human stories, they shed light on the social ills that governments have failed to address adequately, including low wages, child abuse, elderly poverty, and substandard housing. One of the major forces behind the multidimensional welfare crises is the region's productivist welfare strategy, which prioritizes economic growth while abandoning a robust social safety net, leaving the most vulnerable segments of society largely unprotected.  Misery beneath the Miracle in East Asia brings the region into debates over the dangers of seeking growth at all costs that are currently embroiling the United States and other advanced industrialized countries.”The book is available for purchase here. 

Professor David Weinstein, Director of CJEB, the Carl S. Shoup Professor of the Japanese Economy at Columbia University, wrote the article “U.S.-China Trade: What Voters Need to Know Before Heading to the Polls” for Columbia Business Insights | 2024 Election Special Edition.The article discusses trade policies, inviting voters to consider whether current trade policies are serving them and the country well, and references Professor Weinstein’s research related to the paper he co-authored titled “Trade Protection, Stock-Market Returns, and Welfare.”U.S.-China Trade: What Voters Need to Know Before Heading to the Polls (Columbia Business Insights, 10/28/2024)

We are proud to share that on October 25, 2024, the Eagle on the World Award was given by the Japanese Chamber of Commerce and Industry of New York (JCCI) at JCCI’s 40th Annual Dinner Gala to Professor David E. Weinstein, the Carl S. Shoup Professor of the Japanese Economy at Columbia University and Director of the Center on Japanese Economy and Business at Columbia Business School.The award is given to those who have made outstanding contributions towards strengthening the U.S.-Japan partnership. At each year’s Gala, the Chamber recognizes one or two individuals for their exemplary leadership in enhancing U.S.-Japan relations and international affairs. Past recipients include military, government, and corporate leaders, film, music, and sports stars, as well as humanitarians.The award recognizes Professor Weinstein’s significant involvement in the U.S.-Japan Alliance and his distinguished achievements in strengthening cross-cultural understanding in the academic world.

Professor Takatoshi Ito, director of CJEB's Program on Public Pension and Sovereign Funds, and professor at the School of International and Public Affairs at Columbia University, wrote the Project Syndicate article "Japan After Kishida." Professor Ito states, "While the media seemed surprised by Japanese Prime Minister Fumio Kishida’s decision not to run for re-election, it was hardly incomprehensible. Rather than risk losing the next election and potentially tarnishing an impressive record, Kishida stepped aside – and might become the kingmaker within his Liberal Democratic Party." The article discusses this topic in more detail.

Professor Takatoshi Ito, Director of CJEB’s Program on Public Pension and Sovereign Funds, appeared on Bloomberg and discussed his views on the Bank of Japan’s policy and the outlook for the economy.

Professor David E. Weinstein, CJEB's Director, co-authored a paper titled "Codification, Technology Absorption, and the Globalization of the Industrial Revolution." The paper explores Japan's massive public investments in codifying technical knowledge to explain why it was unique among non-Western countries in industrializing in the 19th and early 20th centuries.The National Bureau of Economic Research (NBER) includes it as a working paper and shared it on X here. Tremendous interest in the paper's topic has led to widespread viewing and sharing across social media, with over 25.1 million views listed on posts shared by its co-authors as of July 23, 2024.The paper's co-authors include Réka Juhász, Shogo Sakabe (Columbia University graduate and recipient of CJEB's Doctoral Fellowship), and David Weinstein.The paper is also listed among CJEB's working papers and hosted on the Columbia Academic Commons here.

Professor Takatoshi Ito, director of CJEB's Program on Public Pension and Sovereign Funds, and professor at the School of International and Public Affairs at Columbia University, wrote the Project Syndicate article "The Bank of Japan's Go-Slow Policy Normalization." Professor Ito discusses the Bank of Japan's cautious approach to monetary policy normalization, stating, "The Bank of Japan has consistently sent the message that its monetary-policy normalization will be cautious and data-dependent. This makes it unlikely that the BOJ's policy board will decide to raise interest rates and begin reducing government-bond purchases at the same meeting."

Professor Takatoshi Ito, Director of CJEB’s Program on Public Pension and Sovereign Funds, appeared on Bloomberg and discussed his views on the Bank of Japan’s likely reduction in government bond purchases.