Research Interest: consumption, investment, fintech (blockchain, CBDC), dynamic contracting, mathematical finance
Active Working Papers (latest revised papers first)
Recursive Utility with Endogenous Labor: A Free Boundary Anaylsis (with M. Kwak and B.H. Lim)
Consumption Inaction-Induced Risk Concentraction in Asset Pricing (with J. Jeon, and H. K. Koo)
Endogenous Consumption Inertia in General Equilibrium (with J. Jeon, H. K. Koo, and J. Oh)
Liquid-Illiquid Conversion vis Singular Control: Staking and Partial Commitment (with J. Jeon, M. Kwak, and B.H. Lim)
(In-)Visible Risks of Blockchain-Based Financing for Capital Allocation Efficiency (with D. Chang and K. Rhee)
From the Fringe to the Core: Stablecoins and the Future of Banking Stability (with K. Rhee)
Household Net Worth, Income, and Credit Limits (with B.H. Lim, H. K. Koo, and J. Yoo) Korean Economic Review (conditionally accepted)
A Model of Decentralized Information Verification: Blockchain, Publishing, and Beyond (with J. Park)
Bitcoin Microstructure and the Kimchi Premium (with A. Lehar and R. Stauffer) R&R, Journal of Financial and Quantitative Analysis
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