Research interests
International trade · Spatial macroeconomics · 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 model with local renewable electricity, traded equipment, and production learning. In calibrated U.S.–China comparisons, global welfare favors U.S. deployment and Chinese equipment support, while national incentives favor the reverse.
Strategic Multinational Location Choice with Endogenous Pricing (Online Appendix) (with Hyungjin Kim)
An exact equilibrium framework for multinational location portfolios with endogenous markups, applied to five cloud providers in 42 countries: endogenous
pricing sustains 19 additional provider–country pairs and a third more aggregate profit.
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.
Export Controls, Directed Innovation, and Third-Party Incidence (with Hyungjin Kim)
Who really pays the price in the US-China tech war? This paper reveals that US export controls force China to build its own restricted tech, which ultimately shifts the financial burden onto bystander countries. If these third-party economies are willing to pay the US to back off, why isn't there a global institution to make that deal happen?
Wage Bargaining Institutions, Technology Licensing, and Welfare (with Ji Hwan Kim and 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
Electricity Markets in Spatial General Equilibrium (with Ron Chan and Akshaya Jha)
Spatial Credit Access and Measured Misallocation:Branch Networks, Credit Wedges, and Capital Allocation (with Hyungjin Kim)
Grid Constraints, Data Center Siting, and Carbon Leakage
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)