Academic Research
Current Working Papers
[7] US monetary policy, exchange rates, and delayed portfolio adjustments (with Kwangyong Park and Jongho Park )
[Draft coming soon]
[6] Asymmetric mortgage channel of monetary policy: refinancing as a call option (with Kimoon Jeong and Jiseob Kim) (July 2024) Under review
[5] Haircut, interest rate, and collateral quality in the tri-party repo market: evidence and theory (with Inkee Jang, Kee-Youn Kang, and Hyunpyung Kim ) (July 2024) Under review
[University of Liverpool Management School Working Paper 2024-11] [Yonsei University Working Paper 2024-229]
[4] One monetary policy and two bank lending standards: a tale of two Europes (with Kimoon Jeong and Jiseob Kim) (October 2023) Under revision
[3] Geopolitical risk perception and U.S. foreign portfolio investment: a tale of advanced and emerging markets (with Jiri Havel) (October 2023) R&R at Journal of International Money and Finance
[2] 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
[1] Brave new world? Bitcoin is not the new gold: understanding cryptocurrency price dynamics (with Junhyeok Shin) (February 2020)
Published Papers
[27] Choi, Sangyup and Jeeyeon Phi. Impact of uncertainty shocks on income and wealth inequality Journal of Money, Credit and Banking (forthcoming)
[Journal Article] [Online Appendix] [CAMA Working Paper 2023-33] [Yonsei University Working Paper 2022-196]
[26] Choi, Sangyup, Jaehun Jeong, and Donghoon Yoo. How to interpret consumer confidence shocks? State-level evidence Economics Letters November 2024, 244:111985
[25] Choi, Sangyup, Jaehun Jeong, Dohyeon Park, and Donghoon Yoo. News or animal spirits? Consumer confidence and economic activity: redux Journal of Applied Econometrics August 2024, 39(5): 960–966
[Journal Article] [Data and Code] [CAMA Working Paper 2024-6] [IEAS Working Paper No. 23-A002] [Bank of Finland Discussion Paper 8/2023] [Yonsei University Working Paper 2023-216] [Featured in SUERF Policy Brief]
[24] Choi, Sangyup, Tim Willems, and Seung Yong Yoo. Revisiting the monetary transmission mechanism through an industry-level differential approach Journal of Monetary Economics July 2024, 145:103556
[Journal Article] [Data for monetary policy shocks] [CAMA Working Paper 2023-64] [Bank of England Working Paper 2023-1024] [Yonsei University Working Paper 2023-215] [IMF Working Paper 22-17] [Featured in Bank Underground] [BOK Global Economy Focus]
[23] Choi, Sangyup, Davide Furceri, and Seung Yong Yoo. Heterogeneity in the effects of uncertainty shocks on labor market dynamics and extensive vs. intensive margins of adjustment Journal of Economic Dynamics and Control May 2024, 162:104859
[Journal Article] [CEPR Discussion Paper No. 18861] [CAMA Working Paper 2024-17] [Yonsei University Working Paper 2023-222]
[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] [Korea Economic Research Award, Korean Economic Association (2022)]
[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.
Selected Work in Progress
[5] Deciphering housing bubbles: evidence from two housing prices in Korea (with Junghyuk Lee)
[4] Uncertainty shocks are aggregate demand shocks: U.S. state-level evidence (with Jiyoung Lee and Seung Yong Yoo)
[3] Crouching interest rate, hidden inequality: monetary policy and inequality revisited (with Jeeyeon Phi)
[2] Do households understand the consequences of monetary policy changes? (with Jiyoung Lee)
[1] Asset redeployability and the effect of technology shocks on employment: a firm-level analysis (with Yongjun Kim and Myungkyu Shim)