• Assistant Professor at the National Taiwan University since Aug 2021.

  • Ph.D. in Economics from the University of Chicago

  • B.A. in Economics from Seoul National University

  • Field Trade, Macro, Urban

  • Research statement: How do firms and workers respond to macroeconomic & trade shocks? How do such shocks propagate in the economy?

  • Working Papers

Import Competition and Internal Firm Network: Establishment-level Analysis with Jay Hyun and Vladimir Smirnyagin

Trade Exposure, Housing Price Bust, and Employer-to-Employer Transitions

Trade Adjustment: Establishment-Level Evidence

Unsupervised Discovery of Firm-Level Variables in Earnings Call Transcript Embeddings with Daniel Edmiston


  • Works in Progress (with results)

Foreign Sourcing Shock and International Agglomeration with Robin Gong

Finding: In upstream industries that sell inputs to the industries that experience import penetration from China, US public manufacturing firms build more affiliates in China, but not necessarily elsewhere, most likely to sell directly to Chinese input customers.

Micro-Evidence for the Alternative Theory of Firm Size Distributions

Finding: The prediction of Holmes and Stevens (2014) that large establishments are more negatively affected is supported in the context of the import competition from China to the US.

Unemployment Scars and the Age Profile of Labor Market Outcomes

Theory: A labor search model that simultaneously generates (1) "unemployment scars" and (2) age profile of labor transitions (both motivated by trade literature). Purely theoretical at this point.

Descriptive Trends in Multinational Operations during the Covid-19 Pandemic

Finding: In the early half of 2020, multinational firms' entries into foreign countries have declined, whereas their exits from foreign countries have surged.

What If We Measure International Trade Activities at Establishment Level Instead of Firm Level?: US Domestic Geography and Sector of Trade

Data: NETS' importing/exporting data is unique in the sense that they are provided at the establishment-level, rather than just firm-level (as in most other microdata)Finding: Firms allocate their importing activities primarily to wholesale establishments, and exporting activities primarily to manufacturing establishments within them.

Trade Status and Ownership Hierarchy

Data: NETS' unique data on ownership hierarchy of US firmsFinding: Consistent with the theory of Caliendo and Rossi-Hansberg (2012), US firms' export and import statuses are strongly associated with (1) the contemporaneous (domestic) number of ownership layers of a firm and (2) future growth of (domestic) ownership hierarchies, controlling for firm-level employment and age.

Import Competition and Growth of Non-Manufacturing Establishments

Finding: In US local areas where manufacturing industries experienced a higher growth of imports from China, many of their non-manufacturing industries gain employment, consistent with the reallocation effect in Heckscher-Ohlin and Ricardo-Viner models whereby labor and capital in sectors exposed to import competition are reallocated to other sectors.

CEO Demographics and Firm Characteristics