Research

Current Working Papers

 [8] Mortgage market structure, refinancing costs, and transmission channel of monetary policy (with Kimoon Jeong and  Jiseob Kim)

 [7] Interest rate, haircut, and collateral quality in the repo market: evidence and theory (with Inkee Jang, Kee-Youn Kang, and Hyunpyung Kim ) 

 [6] Impact of uncertainty shocks on income and wealth inequality (with Jeeyeon Phi) Journal of Money, Credit and Banking (accepted)

  [5] News or animal spirits? Consumer confidence and economic activity: redux (with Jaehun Jeong,  Dohyeon Park, and  Donghoon Yoo) Journal of Applied Econometrics (accepted)

 [4] One monetary policy and two bank lending standards: a tale of two Europes (with Kimoon Jeong and  Jiseob Kim) (October 2023) Under review

 [3] Geopolitical risk perception and U.S. foreign portfolio investment: a tale of advanced and emerging markets (with Jiri Havel) (October 2023) Under review

 [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

 [24] Choi, Sangyup, Tim Willems, and Seung Yong Yoo. Revisiting the monetary transmission mechanism through an industry-level differential approach Journal of Monetary Economics (forthcoming)

 [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

[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

 [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. 

 [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.

 [16] Choi, Sangyup and Junhyeok Shin. Bitcoin: an inflation hedge but not a safe haven Finance Research Letters May 2022, 46(B), 102379.

 [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.

 [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.

[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.

 [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.

 [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. 

 [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.

 [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.

 [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.

 [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.

 [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. 

 [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. 

 [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 

 [6] Deciphering housing bubbles: evidence from two housing prices in Korea (with Junghyuk Lee)

 [5] Uncertainty shocks are aggregate demand shocks: U.S. state-level evidence (with Jiyoung Lee and Seung Yong Yoo)

 [4] Crouching interest rate, hidden inequality: monetary policy and inequality revisited (with Jeeyeon Phi)

 [3] US monetary policy, exchange rates, and delayed portfolio adjustments (with Kwangyong Park and Jongho Park )

 [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)  

 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

 [12] Monetary policy transmission with and without capital controls: micro-evidence from Colombia (Dias et al., 2023), Seoul (November 2023) [Slides] 

 [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]

Briefs, op-eds and blogs

 [6] News or animal spirits? Consumer confidence and economic activity: redux (June 2023) [SUERF Policy Brief]

 [5] What can we learn about monetary policy transmission using international industry-panel data? (May 2023) [Bank of England Research Blog] 

 [4] Researchers show how uncertainty in inflation expectations affects economic growth (June 2022) [Yonsei University Research Blog] 

 [3] International bank lending channel of monetary policy (May 2020 [Bank of Spain 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]