I am a quantitative macroeconomist. My main research fields are:

Macroeconomics / Computational Economics / Fiscal Policy.

My research is focused on heterogeneous household in the housing market. 

CV                 click here                             

Contact      lee.8537 [at] osu.edu

Job Market Paper (link)

Housing ladder and scarring effect in overlapping-generations economy

Abstract : This paper quantifies the scarring effect of recessions on young households when they face housing choices over the life cycle. I develop an overlapping-generations model with heterogeneous households in age, liquid assets, housing status, and defaultable mortgages. In the model, shock propagates through the housing ladder, where households upgrade or downgrade their housing quality among rental units, small houses, and big houses. During a recession, lower interest rates grant investment opportunities to young households by allowing them to borrow cheaper mortgages to buy houses and make smaller periodic repayments. However, slowly recovering wage incomes interplay with uninsurable idiosyncratic labor productivity shocks and prevent the young homeowners from maintaining homeownership. It results in that young homeowners with low accumulation of savings return to rental units to increase non-housing consumption and stay as renters until the base wage recovers. Combined with overshooting real interest rates after the recession, the housing ladder extends the period that renters save for future home purchases of big houses eventually.