Ph.D., Yale University
|Fields: Macroeconomics, Monetary and Financial Economics||Ph: +82 2-3290-2228
Office: 429 PSE
- Ph.D., Economics, Yale University
- M.Phil., Economics, Yale University
- M.A., Economics, Seoul National University
- B.A., Economics, Seoul National University
- Professor, Department of Economics, Korea University
- Contractor, Division of International Finance, Federal Reserve Board
- Senior Economist, Division of Monetary Affairs, Federal Reserve Board
- Economist, Division of Monetary Affairs, Federal Reserve Board
- Assistant Professor, Department of Economics, University of Virginia
- Adjunct Professor, Department of Economics, Georgetown University
- Economist, Division of Research and Statistics, Federal Reserve Board
- Visiting Scholar, International Monetary Fund
Publications in Refereed Journals (English)
- Designing a Simple Loss Function for the Fed: Does the Dual Mandate Make Sense? Accepted for publication in the Economic Journal coauthored with Davide Debortoli, Jesper Linde, and Ricardo Nunes.
- Impact of Demographic Changes on Inflation and the Macroeconomy, Forthcoming in the KDI Journal of Economic Policy; coauthored with Jong-Won Yoon and Jungjin Lee.
- Welfare Effects of Tax Policy in Open Economies: Stabilization and Cooperation, Forthcoming in the International Journal of Central Banking (June 2018) coauthored with Sunghyun H. Kim.
- Conditional versus Unconditional Utility as Welfare Criterion: Two Examples, Computational Economics, 51:3 (March 2018) 719-730; coauthored with Sunghyun H. Kim.
- Investment-Specific and Multi-Factor Productivity in Multi-Sector Open Economies: Data and Analysis, Seoul Journal of Economics, 30:3 (September 2017) 251-289 [lead article]; coauthored with Luca Guerrieri and Dale W. Henderson.
- How Much to Share: Welfare Effects of Fiscal Transfers, Canadian Journal of Economics, 50:3 (August 2017) 636-659; coauthored with Sunghyun H. Kim.
- Estimating Monetary Policy Rules When Interest Rates Are Stuck at Zero, Journal of Money, Credit and Banking, 49:4 (June 2017) 585-602 [lead article];coauthored with Seth Pruitt.
- Modeling Investment-Sector Efficiency Shocks: When Does Disaggregation Matter? International Economic Review, 55:3 (2014 August) 891-917. (coauthored with Luca Guerrieri and Dale W. Henderson)
- Indeterminacy under Social Constant Returns and Costs of Adjusting Capital, Journal of Economic Theory and Econometrics, 23:3 (2012 September) 187-200.
- A New Measure for Core Inflation Based on Generalized Dynamic-Factor Model, Quarterly Economic Analysis, 18:2 (2012 June) 1-28; coauthored with Byung Kwun Ahn.
- Monetary Policy When Wages Are Downwardly Rigid: Friedman Meets Tobin Journal of Economic Dynamics and Control, 35:12 (2011) 2064-2077; coauthored with Francisco Ruge-Murcia
- Monetary Policy and the Global Housing Bubble Economic Policy, 26:66 (2011) 233-283; coauthored with J. Dokko, B. Doyle, M. Kiley, S. Sherlund, J. Sim, and S. Van den Heuvel
- Bifurcation in Perturbation Analysis: Calvo Pricing Examples Computational Economics, 37:3 (2011) 221-236; coauthored with Andrew T. Levin and Tack Yun
- Solving the Multi-Country Real Business Cycle Model Using a Perturbation Method Journal of Economic Dynamics and Control; 35:2 (2011) 203-206; co-authored with Robert Kollmann and Sunghyun H. Kim
- Using a Projection Method to Analyze Inflation Bias in a Micro-Founded Model Journal of Economic Dynamics and Control, 34:9 (2010) 1572-1581; co-authored with Gary Anderson and Tack Yun
- Solving the Incomplete Markets Model with Aggregate Uncertainty Using a Perturbation Method Journal of Economic Dynamics and Control, 34:1 (2010) 50-58; co-authored with Sunghyun H. Kim and Robert Kollmann
- How Much Inflation is Necessary to Grease the Wheels? Journal of Monetary Economics, 56:3 (2009) 365-377; co-authored with Francisco Ruge-Murcia
- Calculating and Using Second Order Accurate Solution of Discrete Time Dynamic Equilibrium Models Journal of Economic Dynamics and Control, 32:11 (2008) 3397-3414 [Lead Article]; co-authored with Sunghyun H. Kim, Ernst Schaumburg, and Christopher A. Sims
- Relative Price Distortion and Optimal Monetary Policy in Open Economies Korean Economic Review, 24:1 (2008) 5-31 [Lead Article]; co-authored with Andrew T. Levin and Tack Yun
- Two Pitfalls of Linearization Methods Journal of Money, Credit and Banking, 39:4 (2007) 995-1001; co-authored with Sunghyun H. Kim
- Higher-Order Properties of the ‘Exchange Rate Dynamics Redux’ Model Computational Economics, 30:4 (2007) 371-380; co-authored with Yun-kwong Kwok
- Inflation Targeting and Nominal Income Growth Targeting: When and Why Are They Suboptimal? Journal of Monetary Economics, 52:8 (2005) 1463-1495; co-authored with Dale W. Henderson
- Does Utility Curvature Matter for Indeterminacy? Journal of Economic Behavior and Organization, 57:4 (2005) 421-429
- The Pre and Postwar Price-Output Paradox Revisited Southern Economic Journal, 71 (2004) 163-169; co-authored with Jason E. Taylor
- What Determines Aggregate Returns to Scale? Journal of Economic Dynamics and Control, 28:8 (2004) 1577-1594
- Patience, Persistence, and Welfare Costs of Incomplete Markets in Open Economies Journal of International Economics, 61:2 (2003) 385-396; co-authored with S. Kim and Andrew Levin
- Spurious Welfare Reversals in International Business Cycle Models Journal of International Economics, 60:2 (2003) 471-500; co-authored with Sunghyun H. Kim
- Functional Equivalence between Intertemporal and Multisectoral Investment Adjustment Costs Journal of Economic Dynamics and Control, 27:4 (2003) 533-549 [Lead Article]
- Indeterminacy and Investment Adjustment Costs: An Analytic Result Macroeconomic Dynamics, 7:3 (2003) 394-406
- An Epidemic Model of the Diffusion of NOW/ATS Accounts Korean Economic Review, 16:2 (2000) 267-282; co-authored with Wooheon Rhee
- Constructing and Estimating a Realistic Optimizing Model of Monetary Policy Journal of Monetary Economics, 45:2 (2000) 329-359
- Interpreting Shocks to the Relative Price of Investment with a Two-Sector Model, Under revision for resubmission to Journal of Applied Econometrics (January 2018); coauthored with Luca Guerrieri and Dale W. Henderson.
- Extreme Events and Optimal Monetary Policy, Revised-and-resubmitted to International Economic Review (January 2018); coauthored with Francisco Ruge-Murcia.
- Welfare of Incomplete Markets Economy with Permanent as well as Transitory Shocks Seoul Journal of Economics, 15:3 (2002) 369-393 [Lead Article]; presented at a Special Lecture Series
- The Choice of a Monetary Policy Reaction Function in a Simple Optimizing Model Monetary Theory and Policy Experience, Palgrave (Hampton and New York) 2001, by the International Economic Association; co-authored with Dale W. Henderson
- Exact Utilities under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents International Finance in Turmoil: Essays in Honor of Robert P. Flood, IMF and Kluwer Academic Publishers (Washington and Boston) 1999; co-authored with Dale W. Henderson.
- Learning about Policy Transitions coauthored with Andy Levin and Richhild Moessner
- 2010 ? present: Editorial Board, International Economic Journal
- 2006 ? present: Editorial Board, Korean Economic Review
- 2008 ? present: Editorial Board, International Journal of Korean Studies
- 2007 ? present: Associate Fellow, CIREQ
- Jan. 2008 ? Jan. 2011: Secretary General, Korea-America Economic Association
- 2007 ? present: Board Member, Korean American Sharing Movement(Board Secretary, 2007 ? 2009)
- Spring 2007: Organizer, Conference on Recent Developments in Optimal Monetary Policy (Montreal)
- Aug-06: Program Committee, BOK-KAEA conference (Seoul)
- Jul-04: Program Committee, Society of Computational Economics meeting (Amsterdam)
- Jul-03: Program Committee, Society of Computational Economics meeting (Seattle)
- 2003: Program Committee, Korea-America Economic Association meeting at ASSA annual convention
- 1998: Treasurer, Korea-America Economic Association
Awards and Grants
- Jan-06: Young Scholar Award, Korea-America Economic Association
- 1999-2000, 2001-2003: Bankard Fund; University of Virginia
- 2000: Weedon Travel Grants; University of Virginia