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Byoungchan Lee

Assistant Professor

Department of Economics

Hong Kong University of Science and Technology

Curriculum Vitae: (PDF)

Contact: bclee@ust.hk

Hong Kong Junior Macro Group: Link

Publications

"Wealth Inequality, Aggregate Consumption, and Macroeconomic Trends under Incomplete Markets," 2025. American Economic Journal: Macroeconomics 17(1), 414-442. Link (PDF, Online Appendix, Code without PSID Extracts, PSID Data Repository).

"Business Cycles with Cyclical Returns to Scale," (with Jay Hyun and Ryan Kim), 2024. International Economic Review 65(1), 253-282. Link (PDF, Online Appendix, Code, SSRN).

This paper subsumes previous papers circulated under the titles "Price-Cost Markup Cyclicality: New Evidence and Implications'' and "Business Cycles with Input Complementarity."

"Wealth Inequality and Endogenous Growth," 2023. Journal of Monetary Economics 133 (Carnegie-Rochester-NYU Conference Issue), 132-148. Link (PDF, Online Appendix, Code without PSID Extracts, PSID Data Repository).

A part of this paper was included in an earlier version of a manuscript titled “Wealth Inequality, Aggregate Consumption, and Macroeconomic Trends under Incomplete Markets.”

"A Guide to Autoregressive Distributed Lag Models for Impulse Response Estimations," (with ChaeWon Baek), 2022. Oxford Bulletin of Economics and Statistics 84(5), 1101-1122. Link (PDF, Online Appendix, Code).

Previous versions circulated under the titles “Model Selection and Impulse Responses with Single Equation Regressions” and “ABCs of Understanding Single Equation Regressions.”

"Forecast Error Variance Decompositions with Local Projections," (with Yuriy Gorodnichenko), 2020. Journal of Business & Economic Statistics 38(4), 921-933. Link (PDF, Online Appendix, Code, NBER, SSRN).

A previous version circulated under the title “A Note on Variance Decomposition with Local Projections,” NBER Working Paper No. 23998, November 2017.

Working Papers

"Cyclical Returns to Scale and the Slopes of the Phillips Curves," (with ChaeWon Baek). (PDF, Appendix).

"Business Cycles and Earnings Inequality." (PDF, Appendix).

"A Three-Factor Model of the Earnings Distribution." (PDF).

"Lag Order Selection in Local Projections." (PDF, Appendix, Fixed-b Table).

Work in Progress

"Consumption and Labor Wedges and Inequality since the 1980s."

"Diagnostic Expectations in Housing Price Dynamics," (with Zhenghua Qi).

Other Papers

"Rethinking Fiscal and Monetary Policy for the New Economy," (with Haroon Bhorat, Heather Boushey, Kimberly Clausing, Alex Cobham, Era Dabla-Norris, Diana Farrell, Alicia García-Herrero, Ugo Gentilini, Vishal Gujadhur, Karen Harris, Nora Lustig, Min-Lan Tan, Rain Newton-Smith, Ning Zhu, Raghuram G. Rajan, Bharat Ramamurti, Paul Sheard, Lutfey Siddiqi, and Guillaume Hingel), 2021. Building Back Broader: Policy Pathway to Economic Transformation (a white paper by Global Future Council on the New Agenda for Fiscal and Monetary Policy, World Economic Forum), 7-15. (PDF, SSRN).

"우리나라 소득 구조의 동태적 분석 (A Dynamic Analysis of Income Composition and Transition in Korea)," (with Jae-Young Kim), 2013. 경제논집 (Korean Economic Journal) 52(2), 119-144. Link (PDF).

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