Research
Published Papers
[22] Choi, Sangyup and Junhyeok Shin. Household indebtedness and the macroeconomic effects of tax changes Journal of Economic Behavior and Organization May 2023, 209: 22-52
[21] Choi, Sangyup, Gabriele Ciminelli, and Davide Furceri. Is domestic uncertainty a local pull factor driving foreign capital inflows? New cross-country evidence Journal of International Money and Finance February 2023, 130: 102764
[20] Choi, Sangyup and Myungkyu Shim. Labor market dynamics under technology shocks: the role of subsistence consumption Macroeconomic Dynamics December 2022, 26(8): 1965-1993
[Journal Article] [Online Appendix] [GRU Working Paper 2020-002] [Yonsei University Working Paper 2018-127]
[19] Choi, Sangyup, Davide Furceri, and João Tovar Jalles. Heterogeneous gains from countercyclical fiscal policy: new evidence from international industry-level data Oxford Economic Papers July 2022, 74(3), 773–804.
[Journal Article] [Online Appendix] [GRU Working Paper 2020-015] [Yonsei University Working Paper 2020-176] [IMF Working Paper 17-198] [Featured in Central Banking]
[18] Choi, Sangyup, Junhyeok Shin and Seung Yong Yoo. Are government spending shocks inflationary at the zero lower bound? New evidence from daily data Journal of Economic Dynamics and Control June 2022, 139, 104423.
[17] Choi, Sangyup and Chansik Yoon. Uncertainty, financial markets, and monetary policy over the last century B.E. Journal of Macroeconomics: Advances June 2022, 22(2), 397-434.
[Journal Article] [Online Appendix] [GRU Working Paper 2019-020] [Yonsei University Working Paper 2019-142]
[16] Choi, Sangyup and Junhyeok Shin. Bitcoin: an inflation hedge but not a safe haven Finance Research Letters May 2022, 46(B), 102379.
[Journal Article] [GRU Working Paper 2021-030] [Yonsei University Working Paper 2021-185] [Featured in FX Empire]
[15] Choi, Sangyup, Davide Furceri, Prakash Loungani, and Myungkyu Shim. Inflation anchoring and growth: the role of credit constraints Journal of Economic Dynamics and Control January 2022, 134, 104279.
[Journal Article] [Online Appendix] [Yonsei University Working Paper 2021-188] [GRU Working Paper 2020-032] [IMF Working Paper 18-36] [Featured in Central Banking] [Bloomberg] [BOK Global Economy Focus] [Brookings] [Yonsei University Research Blog]
[14] Choi, Sangyup. Bank lending standards, loan demand, and the macroeconomy: evidence from the Korean bank loan officer survey (Lead Article) International Journal of Central Banking December 2021, 17.5: 1-46.
[Journal Article] [Online Appendix] [GRU Working Paper 2020-006] [Yonsei University Working Paper 2018-126]
[13] Choi, Sangyup, Davide Furceri, and Chansik Yoon. Policy uncertainty and foreign direct investment Review of International Economics May 2021, 29(2), pp 195-227.
[Journal Article] [GRU Working Paper 2020-007] [Yonsei University Working Paper 2019-144] [Most cited articles in RIE between 2021 and 2022] [Cited in 2023 Economic Report of the President]
[12] Choi, Sangyup, Davide Furceri, and Chansik Yoon. International fiscal-financial spillovers: the effect of fiscal shocks on cross-border bank lending Open Economies Review April 2021, 32(2), pp 259-290.
[Journal Article] [Online Appendix] [GRU Working Paper 2020-025] [Yonsei University Working Paper 2020-179] [IMF Working Paper 19-150] [Featured in BOK Global Economy Focus]
[11] Albrizio, Silvia, Sangyup Choi, Davide Furceri, and Chansik Yoon. International bank lending channel of monetary policy Journal of International Money and Finance April 2020, 102, 102124.
[Journal Article] [Banco de España Working Paper 1938] [IMF Working Paper 19-234] [GRU Working Paper 2019-017] [Yonsei University Working Paper 2019-145] [Non-technical Summary] [Featured in Chosun Biz] [BOK Global Focus] [Central Banking] [Capital Ebbs and Flows] [Cited by Nobel Lecture: Banking, Credit, and Economic Fluctuations (Ben Bernanke)]
[10] Choi, Sangyup. Changes in the effects of bank lending shocks and development of public debt markets Finance Research Letters March 2020, 33, 101225.
[9] Choi, Sangyup and Davide Furceri. Uncertainty and cross-border banking flows Journal of International Money and Finance May 2019, 93, pp 260-274.
[Journal Article] [Online Appendix] [Yonsei University Working Paper 2018-125] [IMF Working Paper 18-4]
[8] Choi, Sangyup and Myungkyu Shim. Financial vs. policy uncertainty in emerging market economies Open Economies Review April 2019, 30(2), pp 297-318.
[7] Choi, Sangyup, Davide Furceri, Yi Huang, and Prakash Loungani. Aggregate uncertainty and sectoral productivity growth: the role of credit constraints Journal of International Money and Finance November 2018, 88, pp 314-330.
[Journal Article] [Yonsei University Working Paper 2017-109] [IMF Working Paper 16-174] [Graduate Institute of Geneva Working Paper 09-2017] [Featured in Unassuming Economist] [Chosun Biz] [Yonsei University Research Blog] [Listed among the most cited articles in JIMF since 2018]
[6] Choi, Sangyup and Yuko Hashimoto. Does transparency pay? Evidence from IMF data transparency policy reforms and emerging market sovereign bond spreads Journal of International Money and Finance November 2018, 88, pp 171-190.
[Journal Article] [Yonsei University Working Paper 2017-112] [IMF Working Paper 17-74] [Featured in IMF-World Bank 2017 Spring Meeting] [Reuters] [Managing Director's speech in Atlantic Council] [Managing Director's speech in Dubai] [Mint]
[5] Choi, Sangyup, Davide Furceri, Prakash Loungani, Saurabh Mishra, and Marcos Poplawski-Ribeiro. Oil prices and inflation dynamics: evidence from advanced and developing economies Journal of International Money and Finance April 2018, 82, pp 71-96.
[Journal Article] [Yonsei University Working Paper 2017-111] [IMF Working Paper 17-196] [Featured in Unassuming Economist] [Mint] [Listed among the most cited articles in JIMF since 2017]
[4] Choi, Sangyup. The impact of US financial uncertainty shocks on emerging market economies: an international credit channel Open Economies Review February 2018, 29(1), pp 89–118.
[3] Choi, Sangyup. Variability in the effects of uncertainty shocks: new stylized facts from OECD countries Journal of Macroeconomics September 2017, 53, pp 127-144.
[Journal Article] [Online Appendix] [Chosun Biz] [Listed among the most cited articles in JMacro since 2017]
[2] Choi, Sangyup and Prakash Loungani. Uncertainty and unemployment: the effects of aggregate and sectoral channels Journal of Macroeconomics December 2015, 46, pp 344-358.
[Journal Article] [IMF Working Paper 15-36] [Sectoral uncertainty index, 2015Q3 Updated] [Featured in Unassuming Economist]
[1] Choi, Sangyup. Are the effects of Bloom’s uncertainty shocks robust? Economics Letters May 2013, 119-2 pp 216-220.
Working Papers
[8] News or animal spirits? Consumer confidence and economic activity: redux (with Jaehun Jeong, Dohyeon Park, and Donghoon Yoo) (April 2023) Under review
[7] Local geopolitical risk and foreign portfolio investment: a tale of advanced and emerging markets (with Jiri Havel)
[Draft coming soon]
[6] Partisan bias in inflation beliefs: new evidence from Korea (with Siye Bae, Sang-Hyun Kim, Myunghwan Andrew Lee, and Myungkyu Shim) (November 2022) Under revision
[5] Impact of uncertainty shocks on income and wealth inequality (with Jeeyeon Phi) (August 2022) R&R at Journal of Money, Credit and Banking
[4] One monetary policy and two bank lending standards: a tale of two Europes (with Kimoon Jeong and Jiseob Kim) (January 2023) Under review
[3] Revisiting the monetary transmission mechanism through an industry-level differential approach (with Tim Willems and Seung Yong Yoo) (May 2023) Under review
[Bank of England Working Paper 2023-1024] [Yonsei University Working Paper 2023-215] [IMF Working Paper 22-17] [Data for monetary policy shocks] [Featured in Bank Underground]
[2] Brave new world? Bitcoin is not the new gold: understanding cryptocurrency price dynamics (with Junhyeok Shin) (February 2020) Under revision
[1] Uncertainty, irreversibility, and labor market dynamics: extensive vs. intensive margins of adjustment (with Davide Furceri and Seung Yong Yoo) Under revision
[New draft coming soon]
Selected Work in Progress
[7] Heterogeneity in exchange rate responses across countries to the US monetary policy shock (with Kwangyong Park and Jongho Park )
[6] Do households understand the consequences of monetary policy changes? (with Jiyoung Lee)
[5] Crouching interest rate, hidden inequality: monetary policy and inequality revisited (with Jeeyeon Phi)
[4] Mortgage markets, consumption, and monetary policy: evidence from the euro area (with Kimoon Jeong and Jiseob Kim)
[3] Asset redeployability and the effect of technology shocks on employment: a firm-level analysis (with Yongjun Kim and Myungkyu Shim)
[2] Spread, haircut, and collateral quality: evidence from the universe of Korean repo transactions (with Kee-Youn Kang)
[1] Monetary policy countercyclicality: what shapes it and what shakes it? (with Davide Furceri, Guillermo Vuletin, and Carlos Vegh)
Book Chapters and Policy Publications
[7] Boom-bust cycles revisited: the role of credit supply 2022 KIEP World Economy Brief [Report]
[6] A study on credit supply, economic growth, and financial crisis, Korea Institute for International Economic Policy 2020 KIEP Policy Analyses [Report] [Summary]
[5] Macroeconomic and financial linkage: analysis and implications, Bank of Korea 2018 BOK-Knowledge Partnership Program (Cambodia)
[4] Caucasus and Central Asia: no room for complacency, International Monetary Fund 2017 Regional Economic Outlook [Chapter 3]
[3] Global disinflation in an era of constrained monetary policy, International Monetary Fund 2016 World Economic Outlook (IMF Flagship Publication) [Chapter 3] [Slides]
[2] The Federal Democratic Republic of Ethiopia, International Monetary Fund 2016 Article IV Consultation [Report]
[1] Impacts of the 2014 oil price decline, International Monetary Fund 2015 Spillover Report (IMF Flagship Publication) [Report]
Discussions
[11] A common macro factor in credit risk: a machine learning approach with big data (Choi et al., 2022), Seoul (February 2023) [Slides]
[10] Changes in inflation dynamics in Korea: global factor, country factor, and their propagation (Kim and Kwark, 2022), Seoul (November 2022) [Slides]
[9] Effect of monetary policy on government spending multiplier (Han and Hur, 2021), Seoul (October 2021) [Slides]
[8] Energy efficiency and fluctuations in CO2 emissions (Jo and Karnizova, 2021), Seoul (September 2021) [Slides]
[7] Veiled expectations: the heterogeneous impact of exchange rate shocks at the sectoral-level (Lian, 2020), Hong Kong (January 2021) [Slides]
[6] Uncertainty and macroeconomic policies (Kang and Park, 2019), Seoul, Korea (October 2019) [Slides]
[5] Identifying uncertainty shocks by geopolitical swings in Korea (Ha et al., 2018), Seoul, Korea (June 2018) [Slides]
[4] Market power and risk-taking of banks: empirical evidence from emerging economies (Jeon et al., 2018), Seoul, Korea (June 2018) [Slides]
[3] Quasi ex-ante inflation forecast uncertainty (Charemza et al., 2017), Washington, D.C. (April 2017) [Slides]
[2] The measurement and transmission of macroeconomic uncertainty: evidence from the U.S. and BRIC countries (Liu and Sheng, 2017), Washington, D.C. (April 2017) [Slides]
[1] Financial heterogeneity and monetary union (Gilchrist et al., 2015), Washington, D.C. (February 2016) [Slides]
Op-eds and blogs
[4] What can we learn about monetary policy transmission using international industry-panel data? (May 2023) [Bank of England Research Blog]
[3] Researchers show how uncertainty in inflation expectations affects economic growth (June 2022) [Yonsei University Research Blog]
[2] Productivity during uncertain times: investment behavior of credit-constrained industries (December 2018) [Yonsei University Research Blog]
[1] Transparency pays: emerging markets share more data (July 2017) [IMF Blog]