Donghoon Yoo

I am an associate professor (untenured) at the Department of Economics, Korea University. I am also a visiting associate professor at the Institute of Social and Economic Research (ISER), Osaka University.

Research interests: behavioral macroeconomics, information frictions, business cycles

Contact details
Department of Economics, Room 609, College of Political Science and Economic Building, Korea University
Seoul 02841, South Korea
Email: donghoonyoo@korea.ac.kr

Virtual Asian Seminar Series on Expectations in Macroeconomics

CV (pdf)

Working papers

When Is the Trend the Cycle? (with Dan Cao and Jean-Paul L'Huillier), Revise and resubmit, JET
What Is Consumer Confidence? (with Jean-Paul L'Huillier, Seunghoon Na, and Robert Waldmann)

Peer-reviewed publications

Overreaction and Macroeconomic Fluctuation of the External Balance (with Seunghoon Na), Journal of Monetary Economics, 151, April 2025, 103750. https://doi.org/10.1016/j.jmoneco.2025.103750
How to Interpret Consumer Confidence Shocks? State-level Evidence (with Sangyup Choi and Jaehun Jeong), Economics Letters, 244, November 2024, 111985. https://doi.org/10.1016/j.econlet.2024.111985. 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), The Review of Economic Studies, 91 (5), October 2024, 3013–3046. https://doi.org/10.1093/restud/rdad101.
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), August 2024, 960-966. https://doi.org/10.1002/jae.3070.
Statistics and Common Sense (with Nobuyuki Hanaki and Jan Magnus), Journal of Statistics and Data Science Education, 31 (3), 2023, 295-304. https://doi.org/10.1080/26939169.2022.2140725. 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, June 2022, 103412. https://doi.org/10.1016/j.jmacro.2022.103412.
Ambiguous Information, Permanent Income, and Consumption Fluctuations, European Economic Review, 119, October 2019, 79-96. https://doi.org/10.1016/j.euroecorev.2019.07.001. 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), September 2019, 1491-1502. https://doi.org/10.1111/jmcb.12570. 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, August 2017, 79-98. https://doi.org/10.1016/j.jedc.2017.01.015. The replication kit is available here.

Last updated: June 6, 2025

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