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Sangyup (Sam) Choi is an Associate Professor at the School of Economics of Yonsei University where he also holds a Lee Youn Jae Rising Fellowship Professor.  He is currently on the Advisory Panel of the Bank of Korea Economic Research Institute and the chief editor of the Korean Journal of Economics. He is also a Research Associate at the Centre for Applied Macroeconomic Analysis (CAMA) of the Australian National University and the Global Research Unit of the City University of Hong Kong. Prior to joining Yonsei University, he was an economist (Economist Program) at the Middle East and Central Asia Department of the International Monetary Fund. Previously, he also worked in the IMF’s Statistics Department and the Research Department. His primary field of research is international finance. His research, thus far, has focused on financial market imperfections, fluctuations in uncertainty, transmission channels of monetary and fiscal policy and their international spillovers. He has published over twenty articles in renowned international academic journals, including the Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Economic Dynamics and Control, Journal of Applied Econometrics, International Journal of Central Banking, Macroeconomic Dynamics, Journal of International Money and Finance, Journal of Economic Behavior and Organization, B.E. Journal of Macroeconomics: Advances, Journal of Macroeconomics, and Oxford Economic Papers. His scholarly work has been cited in Ben Bernanke's Nobel Lecture: Banking, Credit, and Economic Fluctuations, Economic Report of the President, and IMF Managing Director's Speech at the Atlantic Council. He also received the Tae Sung Kim Award for the best Korean economist under 40 in 2025, the Dasan Young Economist Award for the best Korean economist under 45 in 2024, the Lee Youn Jae Rising Fellowship in 2023, the Korea Economic Research Award in 2023, the Choheon Academic Award in 2022, and the university-wide research excellence awards in 2020 and 2022. He was listed among young and influential economists in Korea by Chosun Biz. He received a Ph.D. in Economics from UCLA in 2015, a B.A. in Economics from Yonsei University in 2009, and studied at UC Berkeley from 2007 to 2008. 

Email: sangyupchoi@gmail.com (for research and personal); sangyupchoi@yonsei.ac.kr (for teaching and admin)

Web:  www.sangyupchoi.com 

Address: School of Economics, Yonsei University, 50 Yonsei-ro, Sinchon-dong, Seodaemun-gu, Seoul, Korea    

Click here for a downloadable CV (January 2025)

Research and Teaching Interests

Primary: International Finance

Secondary: Macroeconomics, Financial Markets, Banking

[Official Page] [Google Scholar Page] [IMF Blogger Page] [Yonsei Researcher Page]

[Featured in Roger Farmer's Economic Window] [Featured in Yonsei Research Magazine] [Featured in Yonsei News] 

[News]

• April 2025. My new working paper "US monetary policy, exchange rates, and delayed portfolio adjustments" is now available.

• December 2024. My paper "Geopolitical risk and U.S. foreign portfolio investment: a tale of advanced and emerging markets" is forthcoming in the Journal of International Money and Finance.

• October 2024. My paper "Impact of uncertainty shocks on income and wealth inequality" is forthcoming in the Journal of Money, Credit and Banking.

• July 2024. My new working paper "Haircut, interest rate, and collateral quality in the tri-party repo market: evidence and theory" is now available.

• July 2024. My new working paper "Asymmetric mortgage channel of monetary policy: refinancing as a call option" is now available.

• May 2024. My paper "News or animal spirits? Consumer confidence and economic activity: redux" is forthcoming in the Journal of Applied Econometrics. 

• April 2024. My paper "Heterogeneity in the effects of uncertainty shocks on labor market dynamics and extensive vs. intensive margins of adjustment" is forthcoming in the Journal of Economic Dynamics and Control.

• February 2024. My paper "Revisiting the monetary transmission mechanism through an industry-level differential approach" is forthcoming in the Journal of Monetary Economics. Our new monetary policy shock estimate data can be downloaded here.

• March 2023. My paper "Household indebtedness and the macroeconomic effects of tax changes" is forthcoming in the Journal of Economic Behavior and Organization.

• January 2023. My new working paper "One monetary policy and two bank lending standards: a tale of two Europes" is now available.

• October 2022. My paper "Is domestic uncertainty a local pull factor driving foreign capital inflows? New cross-country evidence" is forthcoming in the Journal of International Money and Finance.

• April 2022. My paper "Are government spending shocks inflationary at the zero lower bound? New evidence from daily data" is forthcoming in the Journal of Economic Dynamics and Control.

• November 2021. My paper "Inflation anchoring and growth: the role of credit constraints" is forthcoming in the Journal of Economic Dynamics and Control with a non-technical summary 

• October 2021. My paper "Bank lending standards, loan demand, and the macroeconomy: evidence from the Korean bank loan officer survey" is forthcoming in the International Journal of Central Banking.

• September 2021. My paper "Heterogeneous gains from countercyclical fiscal policy: new evidence from international industry-level data" is forthcoming in Oxford Economic Papers.

• June 2021. My paper "Labor market dynamics under technology shocks: the role of subsistence consumption" is forthcoming in Macroeconomic Dynamics. 

• May 2021. My paper "Uncertainty, financial markets, and monetary policy over the last century" is forthcoming in the B.E. Journal of Macroeconomics: Advances.