Jay Hyun

Welcome! 

I am an Assistant Professor of Business Economics & International Business in the Department of Marketing, Business Economics & Law (MBEL) at the Alberta School of Business - University of Alberta in Edmonton, Canada. Prior to joining the Alberta School of Business, I was an Assistant Professor at HEC Montreal - University of Montreal affiliated business school. I received a Ph.D. and an M.A. in Economics from Columbia University, and a B.A. in Economics from Seoul National University with the presidential award for graduating first in class. 

I serve as a member of the Editorial Board for Corporate Governance: An International Review (Impact Factor: 4.6, CiteScore: 7, ABDC JQL: A). 

My fields of specialization are International Economics and Macroeconomics, and their intersection with Corporate Finance and International Business. My research uses a combination of micro-level data and structural models to understand shock propagation mechanisms and network spillovers, with a particular emphasis on the role played by firms. I am also interested in understanding global supply chain formation and reorganization, multinational activities, and their interactions with various economic factors.

Here is a brief interview with the Alberta School of Business, where I share my passion for research and my life experiences.

Call for Papers

The Department of Economics of the University of Alberta will be hosting the 9th Institutions, Trade and Economic Development (InsTED) Workshop on September 20 -21, 2025. We will be happy to consider theoretical and/or empirical papers in the areas of institutions, trade and economic development.
Link to the conference website: https://insted.artsrn.ualberta.ca.

Recent Updates

Research & Grants

• • Feb 2025 - "Shock Propagation within Multi-sector Firms" is accepted for publication at the Journal of Money, Credit and Banking.

  • Jan 2025 - "The Cleanup of US Manufacturing through Pollution Offshoring" is published at the Journal of International Economics.

  • Jan 2025 - I joined the Editorial Board for Corporate Governance: An International Review  (Impact Factor: 4.6, CiteScore: 7, ABDC JQL: A). 

  • Dec 2024 - I have been awarded the NOVA Management of Technology Endowment Fellowship (PI - $15,000) from the Alberta School of Business.

  • Sep 2024 - "Global Connectedness and Diversification: Firm-level Evidence from the COVID-19 Pandemic" is R&R at the Journal of Money, Credit and Banking.

Conferences and Seminars (* by coauthor)

• • (Scheduled) Jun 2025 - Western Economic Association International (WEAI) Annual Conference (San Francisco)

  • (Scheduled) May 2025 - Canadian Economic Association* - (Invited) Special Session on Firm Internationalization (Université du Québec à Montréal)

  • (Scheduled) May 2025 - Rocky Moutain Empirical Trade (RMET) Conference - (Invited) Discussant (Banff)

  • (Scheduled) Apr 2025 - West Coast Workshop in International Finance - (Invited) Discussant (Santa Clara University)

  • Nov 2024 - Southern Economic Association Annual Meeting (Washington DC)

  • Nov 2024 - KAEA Job Market Conference - (Invited) Session Chair (Online)

  • Oct 2024 - Midwest International Trade Conference (University of Rochester)

  • Sep 2024 - Academy of International Business (AIB) Canada Chapter (University of Calgary Haskayne School of Business)

  • Jul 2024 - Strategic Management Society (SMS) Paper Development Workshop* (SNU Business School)

Full research profile is available in the "Research" section.

Research Papers

• "Bound by Ancestors: Immigration, Credit Frictions, and Global Supply Chain Formation,"  Journal of International Economics, 2024, 147, 103855.

  • • with  Jaerim Choi (Yonsei U)  &  Ziho Park (National Taiwan U)

    • [Online Appendix],  [WP version],  [NBER Working Paper],  [NBER Conference: International Fragmentation 2023]

• "Business Cycles with Cyclical Returns to Scale,"  International Economic Review, 2024, 65(1), 253-282.

  • • with  Ryan Kim (Johns Hopkins SAIS)  &  Byoungchan Lee (HKUST)

    • [Online Appendix],  [WP version]

• "The Cleanup of US Manufacturing through Pollution Offshoring,"  Journal of International Economics, 2025, 154, 104046.

  • • with  Jaerim Choi (Yonsei U),  Gueyon Kim (UC Santa Cruz),  &  Ziho Park (National Taiwan U)

    • [Online Appendix],  [WP version],  [IZA Discussion Paper],  [NBER Conference: Environment and Energy Economics 2023]

• "Shock Propagation within Multi-sector Firms,"  Accepted,  Journal of Money, Credit and Banking

• with  Ziho Park (National Taiwan U)  &  Vladimir Smirnyagin (U of Virginia)

• [Online Appendix]

• "Spillovers through Multimarket Firms: The Uniform Product Replacement Channel,"  Revise & Resubmit,  Review of Economics and Statistics

  • • with  Ryan Kim (Johns Hopkins SAIS)

    • [Online Appendix],  [Media coverage: Chicago Booth Review]

• "Global Connectedness and Diversification: Firm-level Evidence from the COVID-19 Pandemic,"  Revise & Resubmit,  Journal of Money, Credit and Banking

• with  Daisoon Kim (NC State University)  &  Seung-Ryong Shin (KDI)

• [CEPR's Covid Economics, Issue 49],  [Media coverage: VoxEU]

• "ESG and Matching in Global Supply Chains,"  -  Draft available upon request

  • • with  Jaerim Choi (Yonsei U),  Omrane Guedhami (U of South Carolina-International Business),  Jong-Min Oh (SKK Business School-Finance),  &  Hwan-Jin Yong (LG Business Research)

• "Propagation of Housing Market Disruptions during the Great Recession: Supply Chain Network Channel,"  

• with  Ryan Kim (Johns Hopkins SAIS)

Selected Works in Progress

• "The Geography of Trade Diversification and the Economic Resilience to Extreme Weather Events,"

  • • with  Myeongwan Kim (U of Toronto)  &  Gaelan MacKenzie (Bank of Canada)

• "Specialization and Diversification in Syndicated Loan Partnership,"  

  • • with  Luca Lin (SUNY Buffalo-Finance)

• "Environmental Regulation and Firm Networks,"  

  • • with  Scott Holladay (U of Tennessee),  Gueyon Kim (UC Santa Cruz),  &  Doyoung Park (Texas A&M)

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

  • • with  Daisoon Kim (NC State University),  Yoonsoo Lee (Sogang U),  &  Vladimir Smirnyagin (U of Virginia)