Email:; Web: Address: International Monetary Fund, 700 19th Street, N.W., Washington, D.C. 20431, USA                    

Sangyup (Sam) Choi is an Economist (Economist Program) at the International Monetary Fund since 2015. He received a Ph.D. in Economics from UCLA in 2015 and studied his undergraduate at Yonsei University in Korea and UC Berkeley (exchange student). His primary field of research is international finance. His research, thus far, has focused on (i) the effects of uncertainty shocks at both macro- and micro-level from an international perspective and (ii) frictions in financial markets and their consequences, with a focus on emerging market economies.

Research and Teaching Interests
Primary: International Finance
Secondary: Financial Markets, Macroeconomics, Applied Econometrics

Journal Publications

 Aggregate uncertainty and sectoral productivity growth: the role of credit constraints (with Davide Furceri, Yi Huang, and Prakash LounganiAccepted at Journal of International Money and Finance [Paper] [IMF WP 16-174 (old)] [Featured in Unassuming economist] 

 Uncertainty and unemployment: the effects of aggregate and sectoral channels (with Prakash Loungani2015, Journal of Macroeconomics  [Paper] [IMF WP 15-36 (old)] [Sectoral uncertainty index, 2015Q3 Updated] [Featured in Unassuming economist]

 Are the effects of Bloom's uncertainty shocks robust? 2013, Economics Letters  [Paper] [Data]

Working Papers

 The impact of US financial uncertainty shocks on emerging market economies: an international credit channel [Paper] [Online appendix] R&R at Open Economies Review

 Variability in the effects of uncertainty shocks: new stylized facts [New draft coming soon] R&R at Journal of Macroeconomics

 Identifying the effect of bank lending shocks under credit rationing:  evidence from bank loan officer survey [New draft coming soon]  Under revision

 Financial vs. policy uncertainty in emerging economies: evidence from Korea and the BRICs (with Myungkyu Shim[Paper] Under revision

 New normal in the second phase of global liquidity: sovereign debt and corporate borrowing costs in emerging markets (with Jongho Park[New draft coming soon] Under revision

 The effects of data transparency policy reforms on emerging market sovereign bond spreads (with Yuko Hashimoto) [New draft coming soon] [Featured in Reuters] [Featured in Managing Director's speech in Atlantic Council] [Featured in Managing Director's speech in Dubai] Under review

 Forecasting the S&P 500 from VIX term structure (with Aaron Tornell)

 Oil prices and inflation: evidence from international panel data (with Davide Furceri, Prakash LounganiSaurabh Mishra, and Marcos Poplawski-Ribeiro)

Book Chapters and Policy Publications

 Global disinflation in an era of constrained monetary policy, International Monetary Fund [Analytical Chapter 3] [Slides] 2016 World Economic Outlook (IMF Flagship Publication)

 The Federal Democratic Republic of Ethiopia, International Monetary Fund [Report] [Media] 2016 Article IV Consultation

 Impacts of the 2014 oil price decline, International Monetary Fund [Report] 2015 Spillover Report (IMF Flagship Publication)


 Financial heterogeneity and monetary union (Gilchrist et al., 2015), Washington, D.C., February 2016 [Slides]