Jin-Wook Chang

Jin-Wook Chang (pronounced Gee-Noog Jahng)

Principal Economist, Division of Financial Stability

Federal Reserve Board

Fields of Interest

Financial Economics, Macroeconomics, Economic Theory

Research Interests

Financial Intermediation, Interconnectedness, Financial Networks, Financial Stability, Systemic Risk, Collateral Markets, Repo, Derivatives, Technology and Finance

Education

Ph.D., Economics, Yale University

B.A., Economics, Seoul National University

Email: jin-wook.chang@frb.gov ; jwbchang@gmail.com

FRB Website: link

CV: link

Published/Accepted Papers

Financial Stability Implications of CBDC (with Francesca Carapella, Sebastian Infante, Melissa Leistra, Arazi Lubis, and Alexandros Vardoulakis) accepted at International Journal of Central Banking
Contagion in Debt and Collateral Markets (with Grace Chuan) [Bloomberg] [WP version] Journal of Monetary Economics, November 2024, Vol. 148, 103600.
On the Anatomy of Cyberattacks (with Kartik Jayachandran, Carlos Ramírez, and Ali Tintera) [WP version] Economics Letters, May 2024, Vol. 238, 111676.

Working Papers

Settlement Speed and Financial Stability (with Agostino Capponi)
Measuring Interbank Exposures in Derivatives and Systemic Risk (with Shengwu Du and Filip Zikes) available upon request
Collateral Reuse and Financial Stability (with Grace Chuan) [Slides]
Cyber Vulnerabilities at Large US Financial Institutions and Their Third-Party Service Providers (with Jacob Dice, Shengwu Du, Adam Flury, Sam Jerow, Seung Jung Lee, Stacey Schreft, and Craig Vandre) available upon request
The Effect of Collateralized Deposits on Banking Stability: Evidence from the 1918 Influenza Pandemic (with Haelim Anderson and Adam Copeland) [FEDS WP version]
Information Spillovers, Funding Liquidity, and Financial Stability (with Levent Altinoglu)
Rewiring Repo (with Elizabeth Klee and Vladimir Yankov)
Increasing Costs, Market Shutdowns, and Non-Exclusive Competition (with Matt Darst) [FEDS WP version] (previously circulated under the title "Moldy Lemons and Market Shutdowns")
Collateralized Debt Networks with Lender Default [Online Appendix] reject and resubmit at Management Science

Work in Progress

How Do Large Banks Manage Counterparty Risk? (with Shawn Kimble, Teodora Paligorova, and Filip Zikes) draft coming soon
The Derivatives Contracting Channel of Monetary Policy (with Antonio Falato and Filip Zikes) draft coming soon
Beliefs and the Informational Efficiency of Financial Markets (with Levent Altinoglu)
Equilibrium Investment Distortions with Adverse Selection (with Matt Darst and Ehraz Refayet)
Dynamic Trading in a Decentralized Market: A Mechanism Design Approach (with Dongkyu Chang)
Privately Public Information Sharing

Conference Organization

Third Conference on the Interconnectedness of Financial Systems, March 28 and 29, 2024.
Second Conference on the Interconnectedness of Financial Systems, December 2 and 3, 2021.

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