Cheolbeom Park

Ph.D., University of Michigan

Fields: Finance, Macroeconomics Ph: +82 2-3290-2203
Office: 425 PSE


  • 2018-present: Chair and Professor, Department of Economics, Korea University
  • 2011-present: Professor, Department of Economics, Korea University
  • 2015.2-2016.1: Director, Graduate Program, Department of Economics, Korea University
  • 2014: Fulbright Visiting Scholar, Department of Economics, University of Washington
  • 2012-2013: Director, Financial Engineering Program, Korea University
  • 2008-2011: Associate Professor, Department of Economics, Korea University
  • 2001-2008: Assistant Professor, Department of Economics, National University of Singapore
  • 2002. 1-4: Visiting Scholar, Visiting Scholar, Mitsui Life Financial Research Center, University of Michigan Business School


  • 2001: Ph. D. Economics, University of Michigan-Ann Arbor
  • 1996: M.A. Economics, Seoul National University
  • 1992: B.A. Economics, Seoul National University

Selected Publications

  • Are Exchange Rates Disconnected from Macroeconomic Variables? Evidence from the Factor Approach (with Yunjung Kim) Empirical Economics, forthcoming
  • Real Exchange Rate Dynamics and the Taylor Rule: Importance of Taylor-rule Fundamentals, Monetary Policy Shocks, and Risk-premium Shocks (with Chang-Jin Kim) Review of International Economics, 27 (2019) 201-219.
  • Control-Ownership Disparity and Stock Market Predictability: Evidence from Korean Chaebols (with Dennis Y. Joe and Frederick D. Oh) Finance Research Letters, 27 (2018) 6-11.
  • Is the Recent Low Oil Price Attributable to the Shale Revolution? (with Erdenebat Bataa) Energy Economics, 67 (2017) 72-82
  • Regime Shifts in Price-Dividend Ratios and Expected Stock Returns: A Present Value Approach (with Kwang Hun Choi and Chang-Jin Kim) Journal of Money, Credit and Banking, 49 (2017) 417-441
  • Can Monetary Policy Cause the Uncovered Interest Rate Parity Puzzle? (with Sookyung Park) Japan and the World Economy, 41 (2017) 34-44
  • Soccer Sentiment and Investment Opportunities in the Korean Stock Market (with In Kang) Asia-Pacific Journal of Accounting and Economics, 22 (2015) 213-226.
  • Exchange Rate Predictability and a Monetary Model with Time-varying Cointegration Coefficients (with Sookyung Park) Journal of International Money and Finance, 37 (2013) 394-410
  • Disappearing Dividends: Implications on the Dividend-Price Ratio and the Predictive Regressions (with Chang-Jin Kim) Journal of Money, Credit and Banking, 45 (2013) 933-952
  • Life-cycle Income Hypothesis and Demographic Structure: A Semi-nonparametric Analysis Using a Panel of Countries (with Jina Yu), Singapore Economic Review 58 (2013).
  • Do Free Trade Agreements Increase Economic Growth of the Member Countries? (with Jung Hur) World Development, 40(2012) 1283-1294 (Lead Article)
  • How does Changing Age Distribution Impact Stock Prices? A Nonparametric Approach, Journal of Applied Econometrics, 25 (2010) 1155-1178
  • When does the Dividend-Price Ratio Predict Stock Returns? Journal of Empirical Finance 17 (2010) 81-101
  • The Impact of Oil Price Shocks on the US Stock Market (with Lutz Kilian) International Economic Review 50 (2009) 1267-1287 (the most downloaded article at IER in 2011-2016)
  • Electricity Market Structure, Electricity Price, and its Volatility (with Youngho Chang) Economics Letters 95 (2007) 192-197
  • Rational Beliefs or Distorted Beliefs: Equity Premium Puzzle and Micro Survey Data, Southern Economic Journal 72 (2006) 677-689
  • Stock Return Predictability and the Dispersion in Earnings Forecasts, Journal of Business 78 (2005) 2351-2375

Working Papers

  • Reading a Central Banker’s Mind: A Nonparametric Regression Approach (with Sookyung Park)
  • Dominant Shareholder, Minority Shareholders, and Stock Market Predictability: Cross-Country Evidence (with Dong-hun Shin)
  • Exchange Rate Predictability, Risk Premiums and Predictive System (with Yuhyeon Bak)
  • Rare Disasters and Exchange Rates: An Empirical Investigation of South Korean Exchange Rates under Tension between Two Koreas (with Suyeon Park)

Grants and Fellowships

  • Korea University Special Research Grant Korea University 2019, 2018, 2017, 2015, 2014, 2012, 2011, 2010
  • National Research Foundation of Korea Grant National Research Foundation of Korea 2014-2015, 2012-2013, 2011-2012, 2010-2011, 2009-2010
  • Fulbright Visiting Scholar Grant Fulbright Foundation 2014
  • FASS Staff Research Support Scheme National University of Singapore, 2007, 2006, 2005
  • Untied research grant National University of Singapore, 2003, 2002
  • Research grant R-122-000-062-112 National University of Singapore, 2002
  • Graduate-School One-term Dissertation Fellowship University of Michigan, 2000
  • Graduate-School Block Grant Fellowship University of Michigan, 1996-1997