R. K. Cho Economics Prize

The R. K. Cho Economics Prize (조락교경제학상) is one of the most prestigious awards to economists, which is awarded by Yonsei University in Seoul, South Korea.

It has been awarded to scholars in the field of economics who have contributed to the development of scholarship and education. As of 2018, the prize includes a plaque, a medal, and a monetary award of 100 million KRW (approximately, 90K USD).

It was established in 2007 with an endowment from R. K. Cho, the president of Samryoong Co. and the chairman of Yongwoon Foundation as well as an alumnus of Yonsei University's Economics Department. Cho was motivated to create the prize after seeing the results of his prior humanities-focused donations to Yonsei University, and hoped the prize could help to connect students of his alma mater and famous South Korean economists overseas. Originally awarded only to South Korean citizens, in 2015 the prize was opened to foreign scholars as well.

This year's recipient

We are proud to announce that Professor Valerie A. Ramey is this year's recipient of the R. K. Cho Economics Prize!

Professor Valerie A. Ramey is an empirical macroeconomist whose academic contribution is not limited to a particular field of Macroeconomics, but is highly influential in a variety of fields. Her works have greatly enhanced our understanding of the sources of economic fluctuations, effects of fiscal policy, time use, inventory behavior of firms, and propagation mechanism of various shocks. As of April 2020, the number of citations of her works exceeds 15,000.

Professor Ramey has served as the co-editor of the American Economic Review (1999-2002), vice president of American Economic Association (2017-2018), and as an associate editor of the Journal of Political Economy and Quarterly Journal of Economics. In addition, she is an Econometric Society Fellow and a member of the American Academy of Arts and Sciences.

Past recipients

2018: Hyungsik Roger Moon (University of Southern California & Yonsei University) for his contributions to theoretical works on panel data

2017: Michihiro Kandori (University of Tokyo) for his contributions to the theory of social norms, convention, and cooperation.

2016: Quang Vuong (New York University) for his contributions to work in econometric model selection with the Vuong test

2015: Richard Rogerson (Princeton University) for his contributions to work in the area of macroeconomics, as well as labor and public economics

2014: Jay-pil Choi (Michigan State University & Yonsei University) for his theoretical contributions to the economic effect of innovations and antitrust

2013: Yongsung Chang (University of Rochester & Yonsei University) for his contributions to work in macroeconomics with labor markets

2012: In-koo Cho (University of Illinois Urbana-Champaign) for his contributions to work in game theory

2011: Jinyong Hahn (University of California, Los Angeles) for his contributions to work in developing methodologies to analyze micro-econometric data

2010: Joon Y. Park (Indiana University) for his contributions to work in nonstationary time series and financial econometrics

2009: Hyun-Song Shin (Princeton University) for his contributions to work in financial crises and financial stability

2008: Yeon-Koo Che (Columbia University) for his contributions to work in mechanism design

Valerie A. Ramey (2020 recipient)

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R. K. Cho (President of Samryoong co. & Chairman of Yongwoon Foundation)