My research examines how financial frictions, preferences, and emerging financial technologies shape household decisions, asset prices, and financial intermediation. My current work focuses on digital and decentralized finance, consumption-based asset pricing, and dynamic financial decision-making.
Research areas: consumption and investment, fintech, blockchain and digital currencies, dynamic contracting, financial engineering, and mathematical finance.
Revise and Resubmit
Endogenous Consumption Inertia in General Equilibrium (with J. Jeon, H. K. Koo, and J. Oh), R&R, Journal of Economic Theory
Liquid-Illiquid Conversion vis Singular Control: Staking and Partial Commitment (with J. Jeon, M. Kwak, and B.H. Lim) Online Appendix, R&R, Management Science
Bitcoin Microstructure and the Kimchi Premium (with A. Lehar and R. Stauffer) R&R, Journal of Financial and Quantitative Analysis
Active Working Papers (latest revised papers first)
(In-)Visible Risks of Blockchain-Based Financing for Capital Allocation Efficiency (with D. Chang and K. Rhee), Best Paper Award in 2026 ENTFIN Conference
Recursive Utility with Endogenous Labor: A Free Boundary Anaylsis (with M. Kwak and B.H. Lim)
Consumption Inaction-Induced Risk Concentration in Asset Pricing (with J. Jeon, and H. K. Koo)
From the Fringe to the Core: Stablecoins and the Future of Banking Stability (with K. Rhee)
A Model of Decentralized Information Verification: Blockchain, Publishing, and Beyond (with J. Park)
Intertemporal Preference with Loss Aversion: Aggregate Consumption and Asset Management (with J. Jeon and H. K. Koo)
Other Working Papers
Asset Pricing with Consumption Frictions (with J. Jeon and H. K. Koo) Online Appendix (Supplemental Material)
Decision Horizon and Idiosyncratic Risk (with M. Kwak, G. Shim, and W. Wei)
When Does Limited Commitment Matter in a Production Economy? (with J. Lee)
Mirrlees Meets Modigliani-Miller: Double Taxation and Capital Structure