INTERNATIONAL MACRO & FINANCE
INTERNATIONAL MACRO & FINANCE
Published & Accepted Papers
Published & Accepted Papers
Economies of Scale and International Business Cycles
journal link / working paper (February 2021) / online appendix / codesEconomies of Scale and International Business Cycles
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) International Economic Sanctions and Third-country Effects
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) International Trade and Macroeconomic Dynamics with Sanctions
JOURNAL OF MONETARY ECONOMICS, Vol. 154, September 2025, No. 103810
Working Papers
Working Papers
Multinational Investment Activity under Policy Uncertainty in Host and Competing Countries
with Sunhyung Lee (Montclair State U)draft (September 2024)Multinational Investment Activity under Policy Uncertainty in Host and Competing Countries
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 Global Connectedness and Diversification: Firm-level Evidence from the COVID-19 Pandemic
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) Investment 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 (World Bank) and Inhwan So (Bank of Korea)draft 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 (IMF) and Larry Schembri (Bank of Canada)Monetary Policy, Trade, and Commodity Price Fluctuations
Testing and Identification of Common Trends and Factors in Commodity Prices
with Barry Goodwin (NC State U) and Junyeob Kim (NC State U)Testing 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 Mehra (U of Richmond)journal link (open access) Skilled Immigration, Offshoring, and Trade
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)Home Market Effects and Increasing Returns with Non-constant Marginal Costs
JOURNAL OF ECONOMIC GEOGRAPHY, Vol. 24(6), November 2024, p. 871–885
Working Papers
Working Papers
Public Information on Overseas Buyers for Export Promotion
with Chan Kim (U of Maryland)draft (July 2025) Public Information on Overseas Buyers for Export Promotion
Industry Characteristics and the Home Market Effect: Evidence from Manufacturing Trade
with Nahyeon Bak (Amazon) and Mishita Mehra (U of Richmond)draft (May 2025)Industry 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-Li (NC State)Understanding the Challenges and Opportunities of Immigrant Entrepreneurs in the U.S.
Learning from Consumer Travel Distance: Firm Expansion, Contraction, and Exit
with Yoonsoo Lee (Sogang U) and Jeongwon Jang (U of Michigan)Learning 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 (Banque de France) and Hélène Rey (LBS)journal link (open access) / NBER WP (June 2021) / Appendix / Codes Central Bank Policy and the Concentration of Risk: Empirical Estimates
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) / codesFirm Revenue Elasticity and Business Cycle Sensitivity
JOURNAL OF ECONOMIC DYNAMCIS & CONTROL, Vol. 154, September 2023, No. 104722
Working Papers
Working Papers
Parental Leave Policies, Fertility, and Labor Supply
with Minchul Yum (VCU)draft (February 2025) / CEPR DP (February 2025) Parental Leave Policies, Fertility, and Labor Supply
Aggregate Fluctuations from Firm Comovement
with Nahyeon Bak (Amazon) new draft available upon requestdraft (September 2025)Aggregate Fluctuations from Firm Comovement
A Model of Entry, Exit, and Endogenous Productivity Dispersion
with Yoonsoo Lee (Sogang U)draft (April 2024)A 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 (U of Alberta), Yoonsoo Lee (Sogang U), and Vladimir Smirnyagin (UVA)Returns 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)draft available upon requestold draft (October 2022)Consumer 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 (Amazon) and Hanbat Jeong (Macquarie U)Uncertainty or Bad News? Contamination, Bias, and Correction in News-Based Uncertainty Measures
Motivated Reasoning, Overconfidence, and Asset Market Bubble: An Experimental Study
with Jeongbin Kim (Florida State U)Motivated 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 So (Bank of Korea)Equity 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 (KIEP), Yaein Baek (Sogang U), Wontae Han (KIEP), and Yoonsoo Lee (Sogang U)research paper draft, in KoreanCOVID-19 Crisis and Shifts in the Corporate Competitive Landscape: Comparisons with Previous Economic Crises
KIEP RESEARCH PAPER, 22-13, December 2022