Research

Journal Publications

1. "Entrepreneurship and Income Distribution Dynamics: Why Is the Income Share of Top Income Earners Acyclical over the Business Cycle?," (with E. Ma) International Economic Review 62 (February 2021), 321-356.

2. "Asymmetric Effects of Financial Conditions on GDP Growth in Korea: A Quantile Regression Analysis," (with C. Lee) Economic Modelling 94 (January 2021), 351-369. 

3. "Have the Free Trade Agreements Reduced Inflation Rates?," (with H. Lim), Economics Letters 189 (2020), 1-6.

4. "A Multilevel Factor Model: Identification, Asymptotic Theory and Applications," (with I. Choi, D. Kim, and Y. J. Kim), Journal of Applied Econometrics 33 (2018), 355-377. (Data Sources)

5. ''Leading Behavior of Interest Rate Term Spreads and Credit Risk Spreads in Korea," (with W. Kim) Journal of Money and Finance 26 (2012), 1-25.

6. "Welfare Effect of Labor Union in a General Equilibrium Efficient Contract Model," (with H. Bae) Journal of Economic Theory and Econometrics 20 (2009), 82-92.

7. "International R&D Spillovers Revisited: Human Capital as an Absorptive Capacity for Foreign Technology," (with Y. Shyn) International Economic Journal 20 (2006), 179-196.

8. "Long-Run Comparative Advantage and Transitional Dynamics after Free Trade in an Endogenous Growth Model," Seoul Journal of Economics 18 (2005), 173-203.

9. "Default Risks, Interest Rate Spreads, and Business Cycles," Journal of Economic Dynamics and Control 26 (2002), 271-302. 

10. "Decomposition of Hours Based on Extensive and Intensive Margins of Labor," (with Y. Chang) Economics Letters 72 (2001), 362-367. 

11. "Sources of International Business Fluctuations: Country-Specific Shocks or Worldwide Shocks," Journal of International Economics 48 (1999), 367-385.

12. "Educational Wage Differentials in Korea," (with C. Rhee) Seoul Journal of Economics 6(1993), 1-35.

13. "Forecasting Economic Activities with Term Spreads in Korea Using Nonlinear Models" (with Wongi Kim), Journal of Korean Economic Analysis 29 (2023), 117-182. (written in Korean)

14. “Price Stabilizing Effects of the FTAs: The Case of Korea” (with Hosung Lim), Kukje Kyungje Yongu 24 (2018), 55–82. (written in Korean)

15. "Business Cycle Fluctuations and Income Inequality in Korea," Korea Review of Applied Economics 20 (2018), 139-173. (written in Korean)

16. "Estimation of the Monetary Policy Reaction Function in Korea Before and After the Global Financial Crisis," (with W. Kim) Korean Journal of Economic Studies 64 (2016), 5-43. (written in Korean)

17. "Short-Run and Long-Run Macroeconomic Effects of Transfer Payments and Government Spending in Structural VAR Model with Long-Run Identifying Restrictions," Korean Journal of Public Finance 7 (2014), 41-82. (written in Korean)

18. "Determinants of Per Capita Income Volatility Across Countries Focusing on the Stabilization Effect of Government Spending," Economic Analysis 19 (2013), 79-110. (written in Korean)

19. "Predictive Power of Forecasts by Domestic and Foreign Research Institutions," (with J. Park and H. Lee) 29 (2011), Korea and the World Economy 35-70. (written in Korean)

20. "Determinants of Income Distribution: Effects of Free Trade Agreement and Kuznets Curve," (with S. Kim) Kukje Kyungje Yongu 14 (2008), 77-100. (written in Korean)

21. "Evaluation on Financial Policies in Korea after the Financial Crisis Based on Market-Friendliness and Efficiency," (with H. Kim and J. Park) Journal of Regulation Studies 17 (2008), 183-219. (written in Korean)

22. "The Change in Potential Growth After the Currency Crisis in Korea Based on Growth Accounting Analysis," The Korean Journal of Economic Studies 55 (2007), 549-588. (written in Korean)

23. "Source of Economic Fluctuations in Korea: Foreign Shocks vs. Domestic Shocks," Korea and the World Economy 18 (2007), 211-236. (written in Korean)

24. "Business Cycles in a Small Open Economy: Facts and Models," Journal of Market Economy 34 (2005), 1-21. (written in Korean)

25. "Maintaining Liquidity in the Korean Government Bond Markets," (with C. Rhee) Journal of Money and Finance 9 (2004), 197-241. (written in Korean)

26. "Structural Vector Autoregressive Models: Methodology and Application," Journal of Market Economy 33 (2004), 1-20. (written in Korean)

27. "Decomposition of Cyclical Fluctuations in the Korean Total Hours Using a Structural VAR Model," Journal of Market Economy 32 (2003), 1-25. (written in Korean)

Other Publications

1. "Crisis, Adjustment, and Long-Run Economic Growth in Korea" (with C. Rhee and D. Yang) in Ten Years after the Korean Crisis, edited by Meral Karasulu and Doo Yong Yang, 296-333, IMF and KIEP, 2008.

2. Evaluation on Changes in Financial Policies and Operations after the Financial Crisis Based on Market-Friendliness (with Hong Kyun Kim and Jungsoo Park), Sogang University Press, 2008. (written in Korean)

3. A Study on Forecasting Models for Macroeconomic Variables (with Young Bum Park and Younghoon Lee), Sogang University Press, 2008. (written in Korean)

4. Ten Years After Korean Financial Crisis: Policy Changes and Issues (with Youngchul Park et al.), Korea Economic Research Institute, 2008. (written in Korean)

Working Papers

1.  "Does International Trade Synchronize Business Cycles?" (with H. Anderson and F. Vahid-Araghi)

2.  "Asymmetric Transmission of US Shocks to the Korean Economy: Threshold VAR Models" (with Changhyun Lee), under review.

3.  "Changes in Inflation Dynamics in Korea: Global Factor, Country Factor, and their Propagation" (with Yun Jung Kim), under review.

4.  "Asymmetries in Monetary Policy," work in progress.

5.  "Relative Effectiveness of Monetary Policy Transmission Channels in Korea Using Bayesian VAR Models" (with Joonyoung Hur), under review. (written in Korean)