Research

Link to Economics Journals  [Link]  

Publications

• Monetary Non-Neutrality in a Multisector Economy: The Role of Risk-Sharing (with Seunghyeon Lee)

  • Review of Economic Dynamics  conditionally accepted 2024.

  • [Local file]         [Online appendix]        

• Price Stickiness Heterogeneity and Equilibrium Determinacy  (with Woong Yong Park)

  • Journal of Money, Credit and Banking  forthcoming 2024.

  • [Link to the journal article]     [Local file]         [Online appendix]        

• Redistribution and the Monetary-Fiscal Policy Mix  (with Saroj Bhattarai and Choongryul Yang)

  • Quantitative Economics  14(3): 817-853, 2023.

  • [Link to the journal article]         [Online appendix]        

• System Reduction of Dynamic Stochastic General Equilibrium Models Solved by gensys (with Woong Yong Park)

  • Economics Letters  199: 109704, 2021.

  • [Link to the journal article]        [Local file]          [Online appendix]         [Matlab codes]       

• Sectoral Price Facts in a Sticky-Price Model (with Carlos Carvalho and Woong Yong Park)

  • American Economic Journal: Macroeconomics 13(1): 216-56, 2021.

  • [Link to the journal article]         [SSRN]         [Online appendix]          

• The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data (with Carlos Carvalho and Niels Dam)

  • Review of Economics and Statistics 102(1): 162-179,  2020.

  • [Link to the journal article]         [SSRN]        [Online appendix] 

• Optimal Monetary Policy in a Currency Union with Interest Rate Spreads (with Saroj Bhattarai and Woong Yong Park)    

  • Journal of International Economics 96(2): 375-397, 2015.

  • [Link to the journal article]         [RePEc]        [Online appendix] 

  • Reprinted in Honohan, P. et al Eds., Currency Unions, The International Library of Critical Writings in Economics Series, Volume I, 2020.

• Policy Regimes, Policy Shifts, and U.S. Business Cycles (with Saroj Bhattarai and Woong Yong Park) 

  • Review of Economics and Statistics 98(5): 968-983, 2016.

  • [Link to the journal article]         [RePEc]        [Online appendix]      

• Inflation Dynamics: The Role of Public Debt and Policy Regimes (with Saroj Bhattarai and Woong Yong Park)  

  • Journal of Monetary Economics 67: 93-108, 2014.

  • [Link to the journal article]         [RePEc]

• Price Indexation, Habit Formation, and the Generalized Taylor Principle (with Saroj Bhattarai and Woong Yong Park)  

  • Journal of Economic Dynamics and Control 48: 218-225, 2014.

  • [Link to the journal article]         [RePEc] 

• Monetary Policy with Heterogeneous Households and Imperfect Risk-Sharing

  • Review of Economic Dynamics 17(3): 505-522,  2014.

  • [Link to the journal article]         [RePEc]      

• Monetary-Fiscal Policy Interactions and Indeterminacy in Post-War U.S. Data (with Saroj Bhattarai and Woong Yong Park)  

  • American Economic Review: P&P 102(3): 173-178, 2012.

  • [Link to the journal article]         [RePEc]   

• Aggregate Implications of Heterogeneous Households in a Sticky-Price Model   

  • Journal of Money, Credit and Banking  44(1): 1-22, 2012. (lead article)

  • [Link to the journal article]         [RePEc]   

Publications in Korean Journals

• Sectoral Heterogeneity in Nominal Rigidities in Korea: Implications for Monetary Policy (with Seula Kim)

  • Korean Economic Review 36(1): 59-99, 2020.

  • [Link to the journal article]         

• CBDC and its Implications for Reserve Markets and Central Bank Balance Sheets (with Seunghyeon Lee and Woong Yong Park)

  • CBDC 도입이 지준시장 및 중앙은행 대차대조표에 미치는 영향 (이승현, 박웅용 공저)

  • Journal of Economic Theory and Econometrics (계량경제학보) 34(1): 84–117, 2023.

  • [Link to the journal article]  

• Sticky Prices and Welfare (with Seunghyeon Lee , Wonkoo Lee and Jin Shil Hong)

  • 가격 경직성과 사회 후생 (이승현, 이원구, 홍진실 공저)

  • Korean Economic Journal (경제논집) 62(1): 23-54, 2023.

  • [Link to the journal article]  

• The Relevance of the Fiscal Theory of the Price Level in Korea (with Jung Yi Hong, Jungsik Hyun and Yeji Sung)

  • 한국에서의 재정적 물가이론의 타당성 (성예지, 홍정의, 현정식 공저)

  • Journal of Economic Theory and Econometrics (계량경제학보) 26(1): 1-34, 2015.

  • [Link to the journal article]  

Working Papers

• Solving Reduced-form Linear Rational Expectations Models (with Woong Yong Park)

  • [Local file]        [Online appendix]          [Matlab codes]      

• Macroeconomic Effects of Capital Tax Rate Changes (with Saroj Bhattarai, Woong Yong Park and Choongryul Yang) 

  • [Local file]     

• The Perils of Tracking r-Star (with Saroj Bhattarai and Woong Yong Park)

  • [Local file]    

• Heterogeneous Households, Real Rigidity, and Estimated Duration of Price Contracts in a Sticky Price DSGE Model   

  • [Local file]

• The Great Transition: a Revisit under Price Stickiness Heterogeneity and Input-Output Linkages (with Woong Yong Park)    

  • New draft coming soon 

• Optimal Index versus Simple Index for Monetary Policy (with Yeji Sung)    

  • New draft coming soon 

Work in Progress

• Heterogeneity, Real Rigidities, and Regular Price Changes: Evidence from Aggregate Data (with Carlos Carvalho and Niels Dam)

• Inflation Targeting in Fragile Monetary Union (with Yeji Sung)   

• Simple Inflation Targeting: an Acceptable Second Best? (with Yeji Sung)  

• Monetary Policy in a Currency Area under Imperfect Risk-Sharing

• When is Sticky Price Better for Society than Flexible Price?

Doctoral Dissertation

• Heterogeneous Households in a Sticky Price DSGE Model

  • Princeton University, June 2008