Seoyoon Jeong

Education

Ph.D. in Economics, Yonsei University, 2028 (expected)

M.A. in Economics, Yonsei University, 2023

B.A. in German Language and Literature (double major in International Studies), Ewha Womans University, 2021

Publications

[1] Estimating Labor Supply Elasticities in Korea: the Role of Limited Commitment between Spouses with Won Hyeok Kim and Myungkyu Shim, The B.E. Journal of Economic Analysis and Policy 25(2), March 2025 [Published Version]

Other Publications

[2] Rising Home Values, Weaker Religious Ties: Evidence from South Korea with Jakin Hyunook Jeong and Myungkyu Shim, The Journal of Women and Economics 23(3), October 2026 [Published Version]

[1] The Effect of Socioeconomic Characteristics on Individual Perceptions of Economic Inequality and Giving with Myungkyu Shim, The Korean Journal of Economics 30(2), December 2023 (written in Korean) [Published Version]

Working Papers

• Housing Prices and Consumer Spending: Evidence from Credit-Card Transaction Data in South Korea with Kadir Atalay, Rebecca Edwards, Youjin Hahn, Myungkyu Shim, and Hee-Seung Yang 

Abstract: This paper examines the short-run relationship between local house prices and consumer spending using high-frequency credit- and debit-card transaction data from South Korea. We link individual spending records to district-level apartment-price indices and survey information on housing tenure and demographics. Using data for 4,069 individuals in 149 districts from 2023Q2 to 2024Q4, we find little evidence that increases in local apartment prices raise short-run card spending. The estimated response of total spending is negative but statistically insignificant, with similarly weak responses for leisure and food-away-from-home expenditures. We further decompose house-price growth into predictable and model-based unexpected components using district-specific autoregressive forecasts. Both components are negatively associated with total spending, and we find no systematic positive response among homeowners. These findings suggest that large household exposure to housing wealth does not necessarily translate into a strong short-run consumption response to housing capital gains.

• Single-Person Households and Waste Generation with Seongmin Choi

Abstract: This study examines how the rise in single-person households affects local waste generation in Korea. Using the proportion of small and over five-year-old housing units as an instrumental variable, we find that a one percentage point increase in the proportion of single-person households reduces annual total waste by 32 kg per household and food waste by 12 kg per household, while increasing plastic waste by 5 kg per household. Gender-specific estimations yield similar patterns, though the magnitude of effects is larger for female households. Among different age groups, only young single-person households show statistically significant effects. While the growth of single-person households can reduce overall waste, it contributes to higher plastic waste, which could pose environmental challenges if not properly managed. Given that much of the reported “recycling” reflects mere collection rather than true material recycling, our findings suggest that policies targeting genuine recycling and reduced plastic use are crucial in areas experiencing rapid growth in single-person households.

• Does Political Sentiment Move Household Spending? Evidence from Linked Survey-Transaction Data with Kwang Hwan Kim, Jaehyeok Lee, Jongkwan Lee, Myunghwan Lee, and Myungkyu Shim

Abstract: Using linked survey-transaction data around the closely contested 2022 South Korean presidential election, we study how households with different political alignments form economic beliefs and adjust spending. Respondents identified to support the winning candidate report substantially more optimistic beliefs about aggregate outcomes-GDP growth, unemployment, stock prices, and government debt-than the opponents. In contrast, the two groups report similar beliefs about own earnings, household spending, loan access, uncertainty, and inflation. Total spending shows no significant divergence, while predicted supporters reduce non-necessity spending and predicted opponents increase it. The findings suggest that partisan macroeconomic optimism alone does not characterize spending responses, which instead depend on which economic beliefs households revise and how those beliefs relate to their own spending decisions.

• In Search for Energy-Environmental Kuznets Curve with Seongmin Choi and Moohyun Yang

Abstract: This study investigates the presence of an inverted U-shaped relationship between household income and household total energy consumption within the context of South Korea by two methods of stratification: i) provinces are ordered by gross regional domestic product then grouped into three subsequent groups to capture housing characteristics and regional traits, and ii) households are ordered by post-tax annual income and partitioned into three subsequent groups. Using the Korean Household Energy Panel Survey data from 2018 to 2020, our analysis indicates that such a relationship exists between total household energy consumption and household income in rural areas. We confirm that households in rural regions increase their energy consumption up to a certain threshold point and consume less afterwards. In addition, households in lower income bracket tend to have a U-shaped energy consumption in relation to income increase. Efforts are made in identifying the turning point. 

Work in Progress

• Consumption under Dirty Skies: How Air Pollution Affects Daily Spending with Seowoo Han, Soojin Jo, Kwang Hwan Kim, and Myungkyu Shim

• Wage Structure and New Technology Adoption: Does High Wage Level Structure Bring Rise to Process Automation? with Myungkyu Shim and Hee-Seung Yang