Welcome! I am a Ph.D. candidate in the Department of Economics at The University of Kansas and a 2024-25 Doctoral Research Fellow at the Institute for Policy & Social Research (IPSR).

My research areas are Labor Economics, Education Economics, Regional Economics, and Immigration Economics.

Returns to education
Three inequality issues: Gender, Health, and Wage Inequalities
Immigration issues: Occupational Vertical Mismatch, Horizontal Mismatch, Wage Penalty, and Racial Disparities in Benefits
Regional analysis: U.S. Megaregions, and Average Location Quotients

My works have recently been published in journals.

For more detailed information, please refer to the CV or the list of research publications below.

Interestingly, I am a wine lover. If you enjoy wine, check out my recommended wine list!

Thank you.

Download my [CV] here (updated 7/2/2025)

Advisor: Donna K. Ginther (dginther@ku.edu )

job market pAPER

MARGINAL RETURNS TO HIGHER EDUCATION (DRAFT COMING SOON)

2025 Midwest Economics Association Annual Meetings in Kansas City, MO: 3/21-3/23
2025 IPSR Spring Symposium at the KU, Lawrence, KS: 4/4
April Brown Bag Meeting at the KU, Lawrence, KS: 4/14
John Dardess Research Forum 2025 at the KU, Lawrence, KS: 4/18
2025 Kansas Health Economics Conference, at the KU, Lawrence, KS: 5/21
2025 The Association for University Business and Economic Research (AUBER) Fall Conference in Missoula, MT: 10/4-10/7 (Scheduled)
2025 Southern Economic Association in Tampa, FL: 11/22-11/24 (Scheduled)
2026 ASSA Annual Meeting in Philadelphia, PA: 1/3-1/5 (Submitted)

Is investing in college worth it? This study examines the marginal returns of higher education, particularly focusing on students who were marginally admitted to universities in Kansas. It evaluates whether attending college benefits students with relatively weaker academic backgrounds by looking at their likelihood of completing a bachelor's degree as well as the annual wage increases, they might experience.

Kansas serves as a unique case because of its less selective admissions policies at state universities and the limited competition between public and private universities. The study utilizes unique data from the Kansas Board of Regents (KBOR) and labor records, covering high school graduates from 2007 to 2013 and tracking their university graduation rates through 2019.

The research compares the outcomes of students who attended state universities with those who did not, primarily focusing on ACT test scores. To rigorously estimate the causal impact of higher education on these marginal students, the study employs a fuzzy regression discontinuity design.

In Kansas, students who barely meet the admission criteria and successfully enroll in a research university have an 11% higher chance of graduating compared to those who attend non-research universities, where graduation rates range from 7% to 8%. Moreover, earning a bachelor’s degree from a research university can result in an estimated increase in annual earnings of $3,425. These findings contribute to the ongoing debate about the value of higher education, suggesting that more lenient admission criteria can benefit marginal students by allowing them to achieve higher wages.

Recent Published Journal & Policy Report

Education & Wage Inequality

[1] Lee, JongSoo, and BitNa Choi, 2024, A Study on Regional Return to Education in Korea: Comparison of Male and Female Wages, Education Economics 32(5): 613–631. In H. A. Patrinos (Ed.), Special issue: The Returns to Education Turn 50. (citation: 2) https://doi.org/10.1080/09645292.2024.2344048 [Working Paper ver]

Public Posting (by Harry A. Patrinos, World Bank)

[2] Lee, JongSoo, 2017, "A Study On Regional Wage Differential in Korea". Quarterly Journal of Labor Policy. 17(2): 143-171. KLI. Click here (Korean ver) / Click here (English ver) (citation: 9)

지역 간 임금격차에 대한 고찰: 수도권․비수도권을 중심으로 (kci.go.kr)

Regional ECONOMICS

[1] Lee, JongSoo and JiYoung Park, 2024, Investigating Implication of U.S. Megaregions to Korean Megaregion Development Plans. The Studies in Regional Development. 56(1): 51-90. http://dx.doi.org/10.35526/srd.2024.56.1.003

[2] Lee, JongSoo, 2023, "The Origin and Policy Implications of the U.S. Megaregion", MUREPA Critical Opinions. (Korean ver)

[3] Park, JiYoung, and JongSoo Lee, 2022, "A Study on the Planning for U.S. Megaregion", Research Paper. KIET.

[1] Abstract

This paper delves into the concept of megaregions, analyzes the megacity policy in Korea, and discusses its future direction based on the development of U.S. megaregions. Yaro, Zhang, and Steiner(2022) identified 13 megaregions possessing regional characteristics and offering diverse development opportunities through physical, historical, and economic characteristics, as well as cross-border transportation. In terms of economic growth, Northern California performed the best in all economic indicators analyzed, such as GDP per capita and per square mile. These regions are characterized by manufacturing, successful industrial change, resource industry dependence, and specialized industries. The success of megacity policy will require a multidimensional and comprehensive approach, including the establishment of cross-border megaregions. It is also important to implement policies that promote cooperation among the public, private, industry, academia, and research institutes, and to prepare for natural disasters caused by urbanization through governance and consensus.

Keywords: Megaregion, Economic Characteristics, Regional Characteristics, Multidimensional Characteristics, Megacity.

ai & lABOR MARKET & POLICIES

[1] Lee, JongSoo, 2022, "U.S. Government Artificial Intelligence Policy and the Future", MUREPA Critical Opinion. (Korean ver)

[2] Lee, JongSoo, and JiYoung Park, 2022, "Artificial Intelligence and Labor Market Policy in the U.S."

An Analysis on the Socio-Economic Impact of Job Substitution After the Introduction of Artificial Intelligence (AI), Research Paper.

[3] Lee, JongSoo, and Seoungwoo Kang, 2018, "The Effect of EU GDPR and Firm's Response". Industrial Technology Planning Brief 4, IBITP. Click here (Korean ver)

[4] Lee, JongSoo, and Yeakyung So, 2017, "Construction and Demonstration of Smart Health After-Care Service". Research Paper. NECA. Click here (Korean ver)

divisia monetary aggregates

[1] William A. Barnett, Lee, JongSoo, and Mohiuddin, Naowar, (2024), “Constructing Divisia Monetary Aggregates for the Asian Tigers,” Journal of Risk and Financial Management, Special Issue Editorial Board Members' Collection Series, Thomas Stengos (ed.). (citation: 2) Published open access at https://www.mdpi.com/1911-8074/17/10/435. This special issue has also been reprinted as a book.

[1] Abstract

This study constructs Divisia monetary aggregates for the “Asian Tigers”—Hong Kong (1999-2024), South Korea (2009-2024), Singapore (1991-2021), and Taiwan (2005-2024) and assesses whether Divisia monetary aggregates explain Nominal GDP better than simple sum money. Our findings demonstrate that Divisia indices respond more sensitively to economic shocks. For Hong Kong and Taiwan, narrow Divisia money provides the best explanations for fluctuations in nominal GDP. Our results suggest that Divisia monetary aggregates can be beneficial for monetary policy analysis in these countries and underscore the importance of further research into the empirical performance of Divisia monetary aggregates in macroeconomic prediction.

Keywords: Divisia index; Divisia monetary aggregates; Vector error correction model

Working Paper

U.S. Immigration: Economic Benefits, Racial Disparities, and Wage Penalty

[1] Education Mismatch among U.S. residents, 2025 (Under review)

2024 WRSA conference at Monterey, CA (Presenter & Discussant): 2/11-2/14
2024 MEA conference in Chicago, IL (Presenter & Discussant & Chair): 3/22-3/24
John Dardess Research Forum at the KU, Lawrence, KS (Presenter): 4/19
2024 WEAI conference at Seattle, WA (Presenter): 6/29-7/3

[2] Non-Economic Motivation for International Migration: A Decennial Investigation of Korean Family Migration to the United States, 2025 (with Jiyoung Park and SeongWoo Lee) (Revise & Resubmit)

[3] Overeducation and Wages of U.S. Immigrant Women: A Covid-19 Comparative Study, 2025 (In Korean) (Revise & Resubmit)

[4] Racially Fractured Journeys: The Economic Returns to Domestic Outmigration from Southern California (with Jiyoung Park and SeongDo Yun) New! (submitted)

[1] Abstract

The article examines job mismatch between U.S. immigrants and native-born workers using data from the 2019 and 2021 National Survey of College Graduates (NSCG). A multinomial logit model is employed to assess the likelihood of job alignment based on field of study. Findings indicate that White Americans are more likely to secure related jobs, while immigrants with bachelor’s or master’s degrees achieve similar alignment rates as their native-born counterparts. Immigrants in education-mismatched jobs experience significant wage penalties, particularly immigrant men, whose penalty reached 39.1% in 2019. Post-COVID19, wage penalties increased, notably affecting native-born women.

Keywords: Educational mismatch, Overeducation, Wages Penalty , Occupation

[2] Abstract

This study examines how non-economic factors influence Korean family migration to the United States. Using 1990 and 2000 micro-level household data, it challenges the neoclassical theory's assumption that immigration maximizes human capital. Results show no significant link between the expected income gap and immigration likelihood. This suggests neoclassical economic theories may not fully explain Korea-to-U.S. immigration. Instead, non-economic factors like network theory and family reunion play a crucial role. Though focused on Korean immigrants to the U.S., this study's insights can inform analyses of other Asian immigration streams to North America. It underscores the need for interdisciplinary approaches to understand the multifaceted nature of migration.

Keywords: International migration, Korean family migration, non-economic motivation; structural probit model

[3] Abstract

This study analyzes the impact of education-occupation mismatch on wages among U.S. college-educated immigrant women using NSCG data from 2019 and 2021. Employing Duncan-Hoffman wage decomposition and instrumental variable estimation to address endogeneity, the findings reveal immigrant women experience higher overeducation rates (56-58%) than natives. While wage premiums declined from 22.8% (Matched) to 15.1% (Overeducated) in 2019, they unexpectedly increased to 21.2% post-pandemic. Compared to native women, this resilience reflects selective retention effects and enhanced risk compensation for essential workers. The results underscore the need for comprehensive policy interventions promoting labor market integration of highly educated immigrant women.

Keywords: College-educated immigrant women, Education-occupation mismatch, Overeducation, COVID-19 impact

[4] Abstract

Southern California (SC) is a prominent region facing significant urbanization and localization challenges, functioning as a ‘demographic cushion' for immigrants adjusting to American life. While international immigration dynamics have been thoroughly studied empirically recently, dynamic domestic migration patterns are often overshadowed by popular narratives and remain relatively underexplored through data analysis. Investigating whether residents in the Southern California region realize economic benefits from domestic outmigration from such moves, a probit model with Heckman correction is employed to address self-selection bias in outmigration decisions based on 2000 U.S. Public Use Microdata Samples (PUMS A, 5%). Results reveal significant racial differences in migration returns. Hispanic outmigrants consistently gain economically, especially when moving outside Southern California, challenging assumptions about ethnic enclave advantages. White, Asian, and Black populations, however, experience economic losses when moving, reflecting stronger ties to Southern California's location-specific advantages. Dense ethnic concentrations appear to have different economic returns depending on their job characteristics and intra-group competition and networks, while geographic mobility provides access to less saturated labor markets and improved housing affordability for certain groups. Further, the study establishes a pre-digital economy baseline for understanding domestic migration dynamics, with implications for contemporary policy discussions as remote work and technological changes continue to reshape traditional migration patterns.

Keywords: Domestic migration, Economic benefits, Racial disparities, Southern California, Heckman selection

Regional analysis

[1] Average Location Quotients (with Jiyoung Park) (Under review)

[1] Abstract

Average location quotients (ALQs) were applied to analyze shifts in industry specialization within New York State during both the 2008 Financial Crisis and the COVID-19 pandemic, using annual employment data from 1998 to 2022. To validate ALQs, fixed-effects regression models with event dummies were developed to control for industrial variations and evaluate the correspondence with observed ALQ values across industries. The results show that ALQs effectively capture significant structural changes during the pandemic, underscoring their potential as a practical tool in understanding and responding to supply-side shocks and economic disruptions in regional economies, serving as mid- and long-term indices.

Keywords: Average Location quotients, Economic shocks, Regional specialization

Work in Progress

[1] The Determinants of Inter-regional Migration on Agricultural Labor Market: Socio-Economic Status, Infrastructure, and Regional Development (with Hoyeon Jeong)

[2] Access Denied: How Maternity Care Deserts Impact Maternal and Infant Health Using Cerner Health Facts Data (with Jennifer M. Lee)

2025 Southern Economic Association in Tempa, FL: 11/22-11/24 (Scheduled)

[2] Abstract

This study examines the impact of hospital closures, particularly obstetric (OB) unit closures, on maternal and newborn health outcomes in rural areas. The increasing prevalence of maternity care deserts due to OB unit closures has significantly limited access to essential maternity services. Using data from the Cerner Health Facts database (1995 to 2018) and a two-way fixed effects model, this study analyzes how OB unit closures affect healthcare access and birth outcomes for single mothers on Medicaid living in rural communities. It also evaluates the role of Medicaid expansion in shaping these outcomes. The analysis focuses on key indicators including high-risk pregnancy conditions such as hypertensive disorders, diabetes mellitus, and multiple gestation; birth outcomes such as preterm delivery, stillbirth, and cesarean delivery; and newborn outcomes including low birth weight and prematurity. To address endogeneity concerns, a shift-share instrumental variable approach is applied based on the methodologies of Borusyak, Hull, and Jaravel (2022), Goldsmith-Pinkham et al. (2020), and Bartik (1991). The findings provide important insights for policymakers on whether Medicaid coverage for vulnerable populations should be expanded or revised to ensure equitable access to maternal and pediatric healthcare. This research addresses a critical gap by focusing on the disproportionate impact of OB unit closures on single mothers and their children, a group especially vulnerable due to economic hardship and limited healthcare options. The evidence underscores the need for targeted policy interventions to reduce health disparities in maternity care deserts.

Keywords: Obstetric Unit Closures, Maternity Care Deserts, Health Disparities, Medicaid, Rural Health

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