Jin-Wook Chang (pronounced Gee-Noog Jahng)
Senior Economist, Division of Financial Stability
Federal Reserve Board
Research Interests
Financial Economics, Macroeconomics, Economic Theory
Education
Ph.D., Economics, Yale University
B.A., Economics, Seoul National University
Email: jin-wook.chang@frb.gov
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
Collateralized Debt Networks with Lender Default [Online Appendix] reject and resubmit at Management Science
Information Spillovers, Funding Liquidity, and Financial Stability (with Levent Altinoglu) submitted
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")
Deposit Stability in Uncertain Times: Evidence from the 1918 Influenza Pandemic (with Haelim Anderson and Adam Copeland) [FEDS WP version]
Work in Progress
How Do Large Banks Manage Counterparty Risk? (with Shawn Kimble, Teodora Paligorova, and Filip Zikes) draft coming soon
Settlement Speed in Payment Systems (with Agostino Capponi)
The Derivatives Contracting Channel of Monetary Policy (with Antonio Falato and Filip Zikes)
Interbank Counterparty Exposures through Derivatives: Bilateral and Centrally Cleared (with Shengwu Du and Filip Zikes)
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)
Reputation and Matching with Risk Choice: Theory and Estimation of Venture Capital Market (with Jeff Qiu)
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.