Research interests
Spatial and quantitative macroeconomics · International trade · Energy and climate
Working papers
Green Industrial Policy in a Globalized Economy (Formerly titled: Green Industrial Policies and the Energy Transition in the Globalized Economy)
Excellence Award, KAEA Job Market Conference 2024 · Fumio Dei Award, IEFS Japan 2024
A dynamic multi-country trade model with learning-by-doing shows that subsidizing domestic equipment manufacturing — rather than renewable generation — concentrates learning gains at home and gives higher domestic welfare. Applied to the U.S. Inflation Reduction Act.
Powering Intelligence: Data Centers and the Spatial Incidence of AI
Although AI is often viewed as "weightless," its production relies on data centers drawing from local power grids. In a spatial GE model with a national Compute market and convex BA-level electricity supply, benefits diffuse broadly while congestion stays local: data-center hosts often gain through local operating income, but same-BA non-hosts share the electricity burden without comparable income offsets.
Learning and Expectations in Dynamic Spatial Economies (Supplementary Appendix) (with Jingting Fan and Fernando Parro) NBER WP #31504
A tractable framework for incorporating evolving, uncertain, and heterogeneous beliefs into dynamic spatial models, applied to the China shock and the economic impacts of climate change.
Pricing Feedback and Uniqueness in Combinatorial Entry Games (Online Appendix) (with Hyungjin Kim)
A threshold-map contraction framework for combinatorial entry games with endogenous Atkeson–Burstein markups, applied to global cloud infrastructure: endogenous pricing sustains 28 additional provider–country pairs and 33.8% more aggregate profit than a constant-CES benchmark.
Wage Bargaining Institutions, Technology Licensing, and Welfare (with Seung-Gyu Sim)
In a unionized duopoly, decentralized wage bargaining leads innovators to license through royalties (masking efficiency gains from unions), while centralized bargaining produces two-part tariffs — with opposite welfare implications for consumers and workers.
Work in Progress
Spatial Credit Access and Measured Misallocation:Branch Networks, Credit Wedges, and Capital Allocation (with Hyungjin Kim)
Publications
Technology Licensing and Environmental Policy Instruments: Price Control versus Quantity Control (with Seung-Gyu Sim), Resource and Energy Economics, 2020, Volume 62, November 2020, 101187 (working paper version)
Economic and Air Pollution Disparities: Insights from Transportation Infrastructure Expansion (with Sunbin Yoo, Junya Kumagai, Kohei Kawasaki, Bingqi Zhang, and Shunsuke Managi), Transportation Research Part D: Transport and Environment, 2023, Vol. 125, 103981
Covered in Earth-graphy (in Japanese)