Working Papers

1. Heterogeneity in Household Inflation Expectations: Policy Implications (with JiHyung Lee and Woong Yong Park)  

 2. Shocks, Frictions, and Policy Regimes: Understanding Inflation after the COVID-19 Pandemic (with Choongryul Yang) 

  3.  The Economic Effects of a Rapid Increase in the Minimum Wage: Evidence from South Korean Experiments (with Kyoo il Kim, Sungil Kim, Hwanoong Lee, and Kyungho Song) 

  4. Leaning Against the Data: Policymakers Communications under State-Based Forward Guidance (with Joseph Gruber and Dongho Song) 

  5. Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements (with Dongho Song and Shu-Kuei Yang) 

  6.  Assessing Macroeconomic Tail Risks in a Data-Rich Environment (with Thomas R. Cook)  

  7. The Trend Real Interest Rate and Stagnation Risk: Bayesian Exponential Tilting with Survey Data 

  8. The Equilibrium Term Structure of Equity and Interest Rates (with Shu Wu) 

  9. Cash Flow and Risk Premium Dynamics in an Equilibrium Asset-Pricing Model with Recursive Preferences (with Shu Wu) 

  10. Yield Curve and Monetary Policy Expectations in Small Open Economies (with Kwan Soo Bong and Woong Yong Park)