Working papers

• Deciphering CIP Deviation: Who Moves It and Why It Matters? (with Jihyun Kim) [paper] 🆕
• What Makes the Recent KRW Depreciation Episode Different from the Past? (with Jihyun Kim) [paper]
• Conducting Unconventional Monetary Policy with Foreign Exchange Reserves [JMP version, World Bank Blogs]
• Re-estimating Potential GDP: New Evidence on Output Hysteresis (with Diego Anzoategui) [paper, online appendix, slides, poster]
• Optimal Foreign Exchange Intervention and Financial Crises [paper]

Work in progress

• Capital Controls and Sovereign Default (with Diego Anzoategui, Francisco Roch, Francisco Roldán)

Publications

• A Note on Optimal Foreign Reserve Management without Commitment, Macroeconomic Dynamics, 2025 [paper, code]
• Exchange Rate Volatility and Spot FX Trading Behavior of Korean Firms (with Ju Hyun Pyun), Economic Analysis, 2025 (in Korean) [paper]
• Fair international protocols for the abatement of GHG emissions (with Biung-Ghi Ju, Suyi Kim, and Juan D. Moreno-Ternero), Energy Economics, 2021 [paper]

Policy Work

• Covered Interest Parity Deviation (CIPD) in South Korea: Who Moves It and Why It Matters? 2025, [link, Korean version, BOK Youtube]
  • Media coverage: SBS Biz, and others
• 최근 엔캐리 트레이드 수익률 변화와 청산가능 규모 추정 (Recent changes in the Yen carry trade yield and the estimated size of unwindables), 2024 [link, related blog by department head]
  • Media coverage: Chosun Daily, 중앙일보, and others
• 원/달러 환율 움직임의 글로벌**・지역・**개별 요인 분해 (Decomposing KRW/USD exchange rate movements into global, regional, and local factors), 2024 [summary]
  • Media coverage: 인포맥스, 이데일리
• 우리나라 외환시장 유동성의 특징 (Foreign Exchange Market Liquidity in Korea), 2024 [blog version]
• 한국의 외환시장과 외환제도 (Foreign Exchange Market and Foreign Exchange System in Korea), 2023 ****[link]
• 알기 쉬운 경제지표 해설 (Economic Indicators: Concepts and Interpretation for beginners), 2023 [link]

Discussions