Research

Working Papers:

Gains from Wage Flexibility under Limited Monetary Autonomy and Trend Inflation (with Joonseok Oh)

Household Income Inequality and Optimal Trend Inflation (with Jong Soo Kim, Kwang Hwan Kim) [Online Appendix]

Inflation Indexation and Zero Lower Bound (with Eunseong Ma)

Risk-Sensitive Lenders, the Optimal Contract and the Financial Accelerator 

Selected Publications:

Optimal Trend Inflation in an Open Economy (with Jung Hyun Kim, Kwang Hwan Kim, and Suk Joon Kim) [Online Appendix]

 Journal of Monetary Economics, Volume 149, 2025

The Paradox of Price Flexibility in an Open Economy (with Kwang Hwan Kim, and Suk Joon Kim) [Online Appendix],

 Review of Economic Dynamics, Volume 51, 2023

Inefficient International Risk-Sharing (with Kwang Hwan Kim, and Suk Joon Kim) [Online Appendix], 

Journal of Monetary Economics, Volume 138, 2023

The Source of Uncertainty and Optimal Monetary Policy (with Joonseok Oh)

Economics Letters,  Volume 227, 2023 

Unemployment Risk, MPC Heterogeneity, and Business Cycles, 

Quantitative Economics, Volume 2, 2023

The Heterogeneous Welfare Effects of Business Cycles  (with Eunseong Ma), 

European Economic Review, Volume 153, 2023

Inefficient Relative Price Fluctuations  (with Kwang Hwan Kim), 

Journal of Economic Dynamics and Control, Volume 137, 2022

Uncertainty Shocks, Precautionary Pricing, and Optimal Monetary Policy (with Yoonshin Han, Joonseok Oh, and Anna Rogantini Picco)

Journal of Macroeconomics, Volume 69, 2021 

Leaning-Against-the-Wind: Which Policy and When? (with Junghwan Mok and Myungkyu Shim)

B.E. Journal of Macroeconomics (Contributions tier), Volume 21, 2021 

Financial Frictions and  the Welfare  Effect of Business  Cycles (with Kwang Hwan Kim and Hye Rim Yi)

  Applied Economics Letters,  Volume 27, 2020