Vita

Education

The Ohio State University, Ph.D. in Economics, 2000

Employment

• Professor, UTA, September 2017 – present.
• Associate Professor, UTA, September 2011 –  August 2017.
• Assistant Professor, UTA, July 2006 – August 2011.
• Assistant Professor, UNH, August 2001 – May 2006.
• Lecturer, OSU, January – June 2001.
• Economist, The Bank of Korea, January 1991 – August 1995

Other Appointments

• Research Associate, Global and Monetary Policy Institute, Federal Reserve Bank of Dallas, 2014 – present.
• Advisory Board, Korea-America Economic Association (KAEA), 2022 – present.
• President, Korea-America Economic Association (KAEA), 2021.
• President-elect, Korea-America Economic Association (KAEA), 2020.
• Vice President, Korea-America Economic Association (KAEA), 2018.
• Secretary General, Korea-America Economic Association (KAEA), 2014 – 2016.
• Visiting Professor, Institute of Social and Economic Research (ISER), Osaka University, Japan, Dec 2023.
• Visiting Professor, UC Berkeley, May 2023.
• Visiting Professor, Sauder School of Business, UBC, Vancouver, Canada, Mar 2023.
• Visiting Professor, Victoria University at Wellington (VUW), Wellington, New Zealand, Mar 2023.
• Visiting Professor, University of Auckland, Auckland, New Zealand, Feb – Mar 2023.
• Faculty Fellow, Beta Gamma Sigma, 2021-2024.
• Faculty Advisor, Korean Student Association at UTA, 2014 – 2016.
• Visiting Professor, Monash University, Melbourne, Australia, Dec 2017-Jan 2018.
• Visiting Associate Professor, SKKU, Korea, June 2015.
• Visiting Scholar, Academia Sinica, Taiwan, June-July 2010.

Research Interests

Dynamics of consumer prices; Regional economic growth and inequality; Housing markets; Climate change induced natural disasters; Local economy and electoral outcomes;

Grants and Fellowship

• Co-PI, Enhancing resilience of energy and water supply infrastructure along the Texas Coast against catastrophic coastal flooding through integration of climate-informed adaptation strategies, 2023-2026, $499,492, NOAA (Sea Grant), awarded.
• Co-PI, Identification and quantification of economic benefits of climate-informed adaptation measures to reduce flood risk exposure of water supply infrastructure along the southeast Texas coast, 2019-2023, $294,000, NOAA, awarded.
• Co-PI, Effect of Enhanced Building Codes on Cost Effective Tornadic Wind and Hail Resiliency of New Home Construction in Texas, 2025-2028, $699,803, NSF, pending.
• Co-PI, Home Mitigation for Hurricane Induced Multi-Hazards: A Multilevel Interdisciplinary Vulnerability and Resiliency Approach, 2024-2027, $473,308, NSF, pending.
• PI, COB Impactful Research Grant, Title: Developing Forecasting Models for Construction Costs at the City Level, 2020, $5,000, awarded.
• PI, Proposal to COB Research Expense Grant, UTA, Title: The impact of monetary policy on firms’ operation – A lexical analysis of firms’ 10-K annual reports, 2018-9, $5,000, awarded.
• PI, Summer Research Grant, UNH, 2005, $5,000, awarded.
• PI, Summer Research Fund, UNH, 2002-2003, $10,000, awarded.

Journal Publications

( Papers marked with a triple asterisk (***) indicate single-authored or corresponding-authored works.)

1. “The Impacts of Local Housing Markets on U.S. Presidential Elections: Via the Collateral Channel” (with D. Quigley and X. Wang), 2025. Oxford Bulletin of Economics and Statistics, forthcoming.***
2. “How Do Housing Markets Affect Local Consumer Prices? – Evidence from U.S. Cities” (with S. Jo), 2023. (formerly circulated as Federal Reserve Bank of Dallas WP No. 398). Journal of Money, Credit and Banking, forthcoming.***
3. “Reassessing the Economic Impacts of Hurricane Harvey on Texas: A Closer Look with Granular Analyses” (Y. Zhang, M. Hummel, and Q. Qian), 2024. (Inter-disciplinary research funded by the NOAA). Natural Hazards, forthcoming.***
4. “State Political Uncertainty and Local Housing Markets – Evidence from U.S. Mid-term Gubernatorial Elections” 2023. Applied Economics, 55, 6717-6738.***
5. “Improving Accuracy in Predicting City-level Construction Cost Indices by Combining Linear ARIMA and Nonlinear ANNs” (with S. KIm, K. Ryu and S.M. Shahandashti), 2022. Journal of Management in Engineering, 38(2), 04021093 (Inter-disciplinary research).
6. “From Banking Integration to Housing Market Integration – Evidence from the Comovement of U.S. Metropolitan House Prices” (with A. Hansz), 2021. Journal of Financial Stability, 100883.***
7. “Predicting City-level Construction Cost Index Using Linear Forecasting Models” (with K. Ryu and S.M. Shahandashti), 2021. Journal of Construction Engineering and Management, 147(2), 04020158 (lead article) (Inter-disciplinary research).
8. “Regional Inequality in the U.S.: Evidence from City-level Purchasing Power,” (with H. Choi and A. Chudik), 2020. Journal of Regional Science, 60(4), 738-774.***
9. “Estimating Impulse Response Functions When the Shock Series is Observed,” (with A. Chudik), 2019. Economics Letters, 180, 71-75.
10. “Segmentation of Consumer Markets in the U.S.: What Do the U.S. Retail Prices Tell Us?” (with A. Murphy and J. Wu), 2017. Canadian Journal of Economics, 50(3), 738-777.***
11. “The Role of Two Frictions in Geographic Price Dispersion: When Market Friction Meets Nominal Rigidities,” (with H. Choi), Journal of International Money and Finance, 63, 1-27 (lead article).***
12. “Monetary Policy Regime Change and Regional Inflation Dynamics: Looking through the Lens of Sectoral Data in Korea,” (with J. Lee and R. O’Sullivan), 2017, Pacific Economic Review, 22(5), 814-840.***
13. “Discontinuity of Output Convergence within the U.S.: Why Has the Course Changed?,” (with Xiaojun Wang), 2015, Economic Inquiry, 53(1), 49-71.***
14. “Does Distance Reflect More Than Transport Costs?,” (with Horag Choi), 2014, Economics Letters, 125(1), 82-86.***
15. “Heterogeneous Response of Disaggregate Inflation to Monetary Policy Regime Change: The Role of Price Stickiness,” (with R. O’Sullivan), 2013, Journal of Economic Dynamics & Control, 37(9), 1814-1832.***
16. “Inflation Targeting (IT) and Relative Price Variability (RPV): What Difference Does IT Make?,” (with Young Se Kim, Roisin O’Sullivan), 2011,  Southern Economic Journal, 77(4), 934-957.***
17. “Bias Reduction in Dynamic Panel Data Models by Common Recursive Mean Adjustment,” (with Nelson C. Mark and Donggyu Sul), 2010, Oxford Bulletin of Economics and Statistics, 72(5), 567-599 (lead article).
18. “Reconsidering the Relationship between Inflation and Relative Price Variability,” 2010, Journal of Money, Credit and Banking, 42(5), 769-798 (lead article).***
19. “Is There Any Asymmetry in the Effect of Inflation on Relative Price Variability?” (with Young Se Kim), 2010, Economics Letters, 108(3), 233-236.***
20. “Robust Estimation for Structural Spurious Regressions and A Hausman-type Cointegration Test,” (with Ling Hu and Masao Ogaki), 2008, Journal of Econometrics, 142, 327-351.
21. “How useful are tests for unit-root in distinguishing unit-root processes from stationary but nonlinear processes?” (with Young-Kyu Moh), 2007, The Econometrics Journal, 10, 82-112.***
22. “Heterogeneity in the Persistence of Relative Prices: What Do the Japanese Cities Tell Us?” (with Kiyoshi Matsubara), 2007, Journal of the Japanese and International Economics, 21, 260-286.***
23. “On the Performance of Popular Unit-Root Tests against Various Nonlinear Dynamic Models: A Simulation Study,” (with Young-Kyu Moh), 2006, Communications in Statistics: Simulation and Computation, 35(1), 105-116.***
24. “Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data,” (with Nelson C. Mark and Donggyu Sul), 2006, Journal of Money, Credit and Banking, 38(4), 921-938.
25. “Prewhitening Bias in HAC Estimation,” (with Donggyu Sul and P.C.B. Phillips), 2005, Oxford Bulletin of Economics and Statistics, 67(4), 517-546.
26. “A Reexamination of Output Convergence in the U.S. States: Toward Which Level(s) Are They Converging?,” 2004, Journal of Regional Science, 44(4), 713-741.***
27. “Searching for Evidence of Long-Run PPP from a Post Bretton Woods Panel: Separating the Wheat from the Chaff,” 2004, Journal of International Money and Finance, 23(7-8), pp.1159-1186.***

Other Publications

“Consumer Price Differences Persist Among Eight Texas Cities”, (with M. Ca’Zorzi and A. Chudik), 2014. Economic Letter, 9(14), The Federal Reserve Bank of Dallas.

Media Exposure

• Interview with KERA radio, Jan 30, 2020.
• Interview with Univision (about 1:43 mark), May 26, 2023.
• Interview with YTN (in Korean, about 3:07 mark), November 11, 2023.

Refereeing Service (ad hoc)

American Economic Review (AER); Annals of Regional Science; Applied Economics*; Applied Economics Letters; Canadian Economic Journal*; Chinese Economic Review; Econometrics Journal*; Econometric Review; Economic Inquiry*; Economics Letters*; Empirical Economics*; Explorations in Economic History; International Economic Journal; International Review of Economics and Finance; Japanese Economic Review; Journal of Applied Econometrics (JAE)*; Journal of Applied Economics; Journal of Business and Economic Statistics (JBES)*; Journal of Economic Behavior and Organization (JEBO); Journal of Economic Dynamics and Control (JEDC); Journal of Econometric Methods; Journal of Econometrics (JoE)*; Journal of Financial Stability; Journal of Forecasting; Journal of Housing Economics; Journal of International Economics (JIE)*; Journal of International Money and Finance (JIMF)*; Journal of the Japanese and International Economics (JJIE); Journal of Macroeconomics*; Journal of Money, Credit and Banking (JMCB)*; Journal of Regional Science (JRS)*; Oxford Bulletin of Economics and Statistics (OBES)*; Pacific Economic Review*; Pattern Recognition; Regional Studies; Regional Science and Urban Economics*; Review of Development Economics; Review of Economics and Statistics (ReStat)*; Scandinavian Journal of Economics; Southern Economic Journal; Studies in Nonlinear Dynamics & Econometrics;
Addison-Wesley*; McGraw-Hill*; Pearson*; Worth Publisher;

* indicate multiple service

Courses Taught