INTERNATIONAL MACRO & FINANCE

Published & Accepted Papers     

Economies of Scale and International Business Cycles  

journal link / working paper (February 2021) / online appendix / codes

JOURNAL OF INTERNATIONAL ECONOMICS, Vol. 131, July 2021, No. 103459

 

International Economic Sanctions and Third-country Effects

with Fabio Ghironi (U of Washington) and G. Kemal Ozhan (IMF)journal link / working paper (November 2023) 

IMF ECONOMIC REVIEW, Vol. 72, June 2024, p. 611–652


International Trade and Macroeconomic Dynamics with Sanctions

with Fabio Ghironi (U of Washington) and G. Kemal Ozhan (IMF)journal link (open access) / NBER WP (March 2024, updated July 2025) 

JOURNAL OF MONETARY ECONOMICS, Vol. 154, September 2025, No. 103810


Working Papers   

Multinational Investment Activity under Policy Uncertainty in Host and Competing Countries

with Sunhyung Lee (Montclair State U)draft (September 2024)

Revise & resubmit, JOURNAL OF INTERNATIONAL ECONOMICS


Global Connectedness and Diversification: Firm-level Evidence from the COVID-19 Pandemic 

with Jay Hyun  (U of Alberta) and  Seung-Ryong Shin (KDI)draft (August 2025) / old version draft (December 2020) / CEPR's Covid Economics, Issue 49  

Revise & resubmit, JOURNAL OF MONEY, CREDIT & BANKING


Investment Giants in Emerging Markets

with Jee Won Park (KIEP) and Inhwan So (Bank of Korea)BOK WP (April 2025) 

Works in Progress

Local Factors in Emerging Equity Markets: A New Phase of Return Chasing 

with Jongrim Ha (World Bank) and Inhwan So (Bank of Korea)draft available upon request

Monetary Policy, Trade, and Commodity Price Fluctuations 

with G. Kemal Ozhan (IMF) and Larry Schembri (Bank of Canada)

Testing and Identification of Common Trends and Factors in Commodity Prices

with Barry Goodwin (NC State U) and Junyeob Kim (NC State U)

INTERNATIONAL TRADE & GEOGRAPHICAL ECONOMICS

Published & Accepted Papers    

Skilled Immigration, Offshoring, and Trade

with Mishita Mehra (U of Richmond)journal link (open access) 

JOURNAL OF ECONOMIC DYNAMCIS & CONTROL, Vol. 146, January 2023, No. 104579


Home Market Effects and Increasing Returns with Non-constant Marginal Costs

with Nahyeon Bak (Amazon) and Mishita Mehra  (U of Richmond)journal link / working paper (January 2024)

JOURNAL OF ECONOMIC GEOGRAPHY, Vol. 24(6), November 2024, p. 871–885


Working Papers  

Public Information on Overseas Buyers for Export Promotion

with Chan Kim (U of Maryland)draft (July 2025)  

Industry Characteristics and the Home Market Effect: Evidence from Manufacturing Trade

with Nahyeon Bak (Amazon) and Mishita Mehra  (U of Richmond)draft (May 2025)

Works in Progress

Understanding the Challenges and Opportunities of Immigrant Entrepreneurs in the U.S.

with Alejandro Gutierrez-Li (NC State)

Learning from Consumer Travel Distance: Firm Expansion, Contraction, and Exit

with Yoonsoo Lee (Sogang U) and Jeongwon Jang (U of Michigan)

MACROECONOMICS

Published & Accepted Papers     

Central Bank Policy and the Concentration of Risk: Empirical Estimates

with Nuno Coimbra (Banque de France) and Hélène Rey (LBS)journal link (open access) / NBER WP (June 2021) / Appendix / Codes 

JOURNAL OF MONETARY ECONOMICS, Vol. 125, January 2022, p. 182–198


Firm Revenue Elasticity and Business Cycle Sensitivity

with Anthony Savagar (U of Kent)journal link (open access) / codes

JOURNAL OF ECONOMIC DYNAMCIS & CONTROL, Vol. 154, September 2023, No. 104722


Working Papers   

Parental Leave Policies, Fertility, and Labor Supply

with Minchul Yum (VCU)draft (February 2025) / CEPR DP (February 2025) 

Aggregate Fluctuations from Firm Comovement

with Nahyeon Bak (Amazon) new draft available upon requestdraft (September 2025)

A Model of Entry, Exit, and Endogenous Productivity Dispersion

with Yoonsoo Lee (Sogang U)draft (April 2024)

Works in Progress

Returns to Scale and Markups: Micro-level Decomposition Using Administrative Data

with Jay Hyun  (U of Alberta), Yoonsoo Lee (Sogang U), and Vladimir Smirnyagin (UVA)

OTHER TOPRICS

Working Papers   

Consumer Learning and Package Size in Dynamic Brand Choice

with Nahyeon Bak (Amazon) and Chanheung Cho (NCSU)draft available upon requestold draft (October 2022)

Works in Progress

Uncertainty or Bad News? Contamination, Bias, and Correction in News-Based Uncertainty Measures

with Nahyeon Bak (Amazon) and Hanbat Jeong (Macquarie U)

Motivated Reasoning, Overconfidence, and Asset Market Bubble: An Experimental Study

with Jeongbin Kim (Florida State U)

POLICY WORKS

Economic Research Institute, Bank of Korea

Equity Investment in Emerging Markets: Drivers and Consequences

with Inhwan So (Bank of Korea)

Bank of Korea Joint Research Collaboration Program


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 (KIEP), Yaein Baek (Sogang U), Wontae Han (KIEP), and Yoonsoo Lee (Sogang U)research paper draft, in Korean

KIEP RESEARCH PAPER, 22-13, December 2022