Publication
"Worker Flows and Wage Dynamics: the Case for Korea" with H. Bahng, D. Lee, and H. Lim, Applied Economics Letters (2025), 1–6. https://doi.org/10.1080/13504851.2025.2477308
"Asset Liquidity and Monetary Policy", Annals of Economics and Finance (2025), Society for AEF, vol. 26(1), pages 443-463, May.
"Determinants of long-term institutional investors' investment in South Korea: Insights from a LASSO regression" with K. Jeon and J. Lee, Applied Economics Letters (2024), 32(18), 2626–2631. https://doi.org/10.1080/13504851.2024.2337324
"Trump vs. the GOP: Political Determinants of COVID-19 Vaccine Hesitancy" with Y. Jung, Political Behavior (2023), 46 (2023): 1511 - 1533
"Central Bank Digital Currency, Tax Evasion and Inflation Tax", with O. Kwon, and J. Park, Economic Inquiry (2022), 1-23, Selected to feature in Wiley’s Research Headlines, Available from: https://doi.org/10.1111/ecin.13091
"Money, Bitcoin and Monetary Policy", with Kee-Youn Kang, Journal of Money, Credit, and Banking (2022)
As of 31 January, 15 February and 5 March 2019, it is listed on SSRN's Top Ten download list for: Microeconomics: Search; Learning; Information Costs & Specific Knowledge; Expectation & Speculation eJournal and Monetary Economics: Central Banks - Policies & Impacts eJournal.
"A Model of Endogenous Direct and Indirect Asset Liquidity'', with A. Geromichalos, K. Jung, and D. Carlos, European Economic Review (2021), 132, 103627.
"Money, Asset Prices and the Liquidity Premium", Journal of Money, Credit, and Banking (2020), 52: 1435-1466.
"A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle", with Kuk Mo Jung (BibTex), Journal of Money, Credit, and Banking (2020), 52: 1397-1433. (Forward Premium Data)
"Over-the-Counter Trade and the Value of Assets as Collateral", with Athanasios Geromichalos, Jiwon Lee, and Keita Oikawa, Economic Theory (2016), Volume 62, Issue 3, Pages 443-475. (BibTex)
Policy-Oriented Research
“Risk and Resilience in the Global Foreign Exchange Market”, with Y. Cai, A. Deghi, T. Makinen, Y. Tian, T. Tsuruga , and M. Yenice, Chapter 2 in IMF Global Financial Stability Report (October 2025)
“Geopolitical Risks: Implications for Asset Prices and Financial Stability”, with Y. Cai, R. Cristea, S. Fendoglu, O. Khadarina, T. Okuda, E. Shao, F. Suntheim, and M. Yenice, Chapter 2 in IMF Global Financial Stability Report (April 2025)
“Analysis of the Macroeconomic and Financial Economic Impacts of Digital Assets and Suggestions for Future Policy Directions to Enhance National Competitiveness” (In Korean), with S. Park and J. Lee, Research services commissioned by the Ministry of Economy and Finance (2023)
“New Monetary Aggregates: Methods which reflect Asset Management Structure of Financial Institutions” (In Korean), with H. Son, appeared in “Awarded papers from the Bank of Korea Research Competition 2007”
Working Papers
"Central Bank Digital Currency, Privacy, and Welfare", under review
"Public Demand and Financial Implications of Retail CBDC: A Randomized Survey Experiment" with O. Kwon and D. Kim, under review
"Prospects of the Role of Cash and Policy Implications for Currency Policy" (In Korean)
Work in Progress
"Central Bank Digital Currency and Digital Payments"
"Shadow Rates and Unconventional Monetary Policy", with H. Suh
"Asymmetric Information in the OTC Market", with K. Kang
"Impact and Channels of the Bank of Korea Policies", with H. Han