Research

• Behavioral Expectations Under Indeterminacy: An Empirical Evaluation (with Yasuo Hirose). Working Paper, January 2026.  

• Overreaction in Expectations under Signal Extraction: Experimental Evidence (with John Duffy and Nobuyuki Hanaki). Working Paper, October 2025.  

• When Is the Trend the Cycle? (with Dan Cao and Jean-Paul L'Huillier). Working Paper, March 2025.
  R&R Journal of Economic Theory.

• What Is Consumer Confidence? (with Jean-Paul L'Huillier, and Robert Waldmann). Working paper, December 2022. 

• Overreaction and Macroeconomic Fluctuation of the External Balance (with Seunghoon Na).
  Journal of Monetary Economics 151, 2025. 

• How to Interpret Consumer Confidence Shocks? State-level Evidence (with Sangyup Choi and Jaehun Jeong).
  Economics Letters 244, 2024.
  The supplementary online appendix can be found here.

• Incorporating Diagnostic Expectations into the New Keynesian Framework (with Jean-Paul L'Huillier and Sanjay R. Singh).
  Review of Economic Studies 91 (5), 2024.
  The supplementary online appendix can be found here.

•  News or Animal Spirits? Consumer Confidence and Economic Activity: Redux (with Sangyup Choi, Jaehun Jeong, and Dohyeon Park).
  Journal of Applied Econometrics (replication section) 39 (5), 2024. 

• Statistics and Common Sense (with Nobuyuki Hanaki and Jan Magnus).
  Journal of Statistics and Data Science Education 31 (3), 2023.
  The supplementary material is available here.

• Ambiguous Economic News and Heterogeneity: What Explains Asymmetric Consumption Responses? (with Luisa Corrado, Edgar Silgado-Gómez, and Robert Waldmann).
  Journal of Macroeconomics 72, 2022. 

• Ambiguous Information, Permanent Income, and Consumption Fluctuations.
  European Economic Review 119, 2019.
  The supplementary online appendix can be found here.

• Where Is the GE? Consumption Dynamics in DSGEs (with Jean-Paul L'Huillier).
  Journal of Money, Credit and Banking 51 (6), 2019.
  This paper was previously circulated under "The New Keynesian Model and the Small Open Economy RBC Model: Equivalence Results for Consumption." An older version of the paper can be found here. The replication kit is available here.

• Bad News in the Great Depression, the Great Recession, and other U.S. Recessions: A Comparative Study (with Jean-Paul L'Huillier).
  Journal of Economic Dynamics and Control 81, 2017.
  The replication kit is here.