INTERNATIONAL MACRO & FINANCE
INTERNATIONAL MACRO & FINANCE
Published & Accepted Papers
Published & Accepted Papers
Economies of Scale and International Business Cycles
Economies of Scale and International Business Cycles
JOURNAL OF INTERNATIONAL ECONOMICS, Vol. 131, July 2021, No. 103459
journal link | working paper | online appendix | codesInternational Economic Sanctions and Third-country Effects
with Fabio Ghironi and G. Kemal OzhanInternational Economic Sanctions and Third-country Effects
IMF ECONOMIC REVIEW, Vol. 72, June 2024, p. 611–652
journal link | working paperInternational Trade and Macroeconomic Dynamics with Sanctions
with Fabio Ghironi and G. Kemal OzhanInternational Trade and Macroeconomic Dynamics with Sanctions
JOURNAL OF MONETARY ECONOMICS, Vol. 154, September 2025, No. 103810
journal link (open access) | NBER working paperWorking Papers
Working Papers
Multinational Investment Activity under Policy Uncertainty in Host and Competing Countries
with Sunhyung LeeMultinational Investment Activity under Policy Uncertainty in Host and Competing Countries
Revise & resubmit, JOURNAL OF INTERNATIONAL ECONOMICS
draftGlobal Connectedness and Diversification: Firm-level Evidence from the COVID-19 Pandemic
with Jay Hyun and Seung-Ryong ShinGlobal Connectedness and Diversification: Firm-level Evidence from the COVID-19 Pandemic
Revise & resubmit, JOURNAL OF MONEY, CREDIT & BANKING
draft | CEPR's Covid Economics, Issue 49Investment Giants in Emerging Markets
with Jee Won Park and Inhwan SodraftInvestment Giants in Emerging Markets
Works in Progress
Works in Progress
Local Factors in Emerging Equity Markets: A New Phase of Return Chasing
with Jongrim Ha and Inhwan Sodraft available upon requestLocal Factors in Emerging Equity Markets: A New Phase of Return Chasing
Monetary Policy, Trade, and Commodity Price Fluctuations
with G. Kemal Ozhan and Larry SchembriMonetary Policy, Trade, and Commodity Price Fluctuations
Testing and Identification of Common Trends and Factors in Commodity Prices
with Barry Goodwin and Junyeob KimTesting and Identification of Common Trends and Factors in Commodity Prices
INTERNATIONAL TRADE & GEOGRAPHICAL ECONOMICS
INTERNATIONAL TRADE & GEOGRAPHICAL ECONOMICS
Published & Accepted Papers
Published & Accepted Papers
Skilled Immigration, Offshoring, and Trade
with Mishita MehraSkilled Immigration, Offshoring, and Trade
JOURNAL OF ECONOMIC DYNAMCIS & CONTROL, Vol. 146, January 2023, No. 104579
journal link (open access)Home Market Effects and Increasing Returns with Non-constant Marginal Costs
with Nahyeon Bak and Mishita MehraHome Market Effects and Increasing Returns with Non-constant Marginal Costs
JOURNAL OF ECONOMIC GEOGRAPHY, Vol. 24(6), November 2024, p. 871–885
journal link | working paperWorking Papers
Working Papers
Public Information on Overseas Buyers for Export Promotion
with Chan Kim (U of Maryland)draft Public Information on Overseas Buyers for Export Promotion
Industry Characteristics and the Home Market Effect: Evidence from Manufacturing Trade
with Nahyeon Bak and Mishita MehradraftIndustry Characteristics and the Home Market Effect: Evidence from Manufacturing Trade
Works in Progress
Works in Progress
Understanding the Challenges and Opportunities of Immigrant Entrepreneurs in the U.S.
with Alejandro Gutierrez-LiUnderstanding the Challenges and Opportunities of Immigrant Entrepreneurs in the U.S.
Learning from Consumer Travel Distance: Firm Expansion, Contraction, and Exit
with Yoonsoo Lee and Jeongwon JangLearning from Consumer Travel Distance: Firm Expansion, Contraction, and Exit
MACROECONOMICS
MACROECONOMICS
Published & Accepted Papers
Published & Accepted Papers
Central Bank Policy and the Concentration of Risk: Empirical Estimates
with Nuno Coimbra and Hélène ReyCentral Bank Policy and the Concentration of Risk: Empirical Estimates
JOURNAL OF MONETARY ECONOMICS, Vol. 125, January 2022, p. 182–198
journal link (open access) | NBER working paper | appendix | codesFirm Revenue Elasticity and Business Cycle Sensitivity
with Anthony SavagarFirm Revenue Elasticity and Business Cycle Sensitivity
JOURNAL OF ECONOMIC DYNAMCIS & CONTROL, Vol. 154, September 2023, No. 104722
journal link (open access) | codesWorking Papers
Working Papers
Parental Leave Policies, Fertility, and Labor Supply
with Minchul YumdraftParental Leave Policies, Fertility, and Labor Supply
Aggregate Fluctuations from Firm Comovement
with Nahyeon BakdraftAggregate Fluctuations from Firm Comovement
A Model of Entry, Exit, and Endogenous Productivity Dispersion
with Yoonsoo LeedraftA Model of Entry, Exit, and Endogenous Productivity Dispersion
Works in Progress
Works in Progress
Returns to Scale and Markups: Micro-level Decomposition Using Administrative Data
with Jay Hyun, Yoonsoo Lee, and Vladimir SmirnyaginReturns to Scale and Markups: Micro-level Decomposition Using Administrative Data
OTHER TOPRICS
OTHER TOPRICS
Working Papers
Working Papers
Consumer Learning and Package Size in Dynamic Brand Choice
with Nahyeon Bak (Amazon) and Chanheung Cho (NCSU)draftConsumer Learning and Package Size in Dynamic Brand Choice
Works in Progress
Works in Progress
Uncertainty or Bad News? Contamination, Bias, and Correction in News-Based Uncertainty Measures
with Nahyeon Bak and Hanbat JeongUncertainty or Bad News? Contamination, Bias, and Correction in News-Based Uncertainty Measures
Motivated Reasoning, Overconfidence, and Asset Market Bubble: An Experimental Study
with Jeongbin KimMotivated Reasoning, Overconfidence, and Asset Market Bubble: An Experimental Study
POLICY WORKS
POLICY WORKS
Economic Research Institute, Bank of Korea
Economic Research Institute, Bank of Korea
Equity Investment in Emerging Markets: Drivers and Consequences
with Inhwan SoEquity Investment in Emerging Markets: Drivers and Consequences
Bank of Korea Joint Research Collaboration Program
Korea Institute for International Economic Policy
Korea Institute for International Economic Policy
COVID-19 Crisis and Shifts in the Corporate Competitive Landscape: Comparisons with Previous Economic Crises
with Sang-Ha Yoon, Yaein Baek, Wontae Han, and Yoonsoo LeeCOVID-19 Crisis and Shifts in the Corporate Competitive Landscape: Comparisons with Previous Economic Crises
KIEP RESEARCH PAPER, 22-13, December 2022
research paper draft, in Korean