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.
• 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, 2022-present.
• 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.
• 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 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

1. “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.
2. “State Political Uncertainty and Local Housing Markets – Evidence from U.S. Mid-term Gubernatorial Elections” 2023. Applied Economics, 55, 6717-6738.
3. “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).
4. “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.
5. “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).
6. “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.
7. “Estimating Impulse Response Functions When the Shock Series is Observed,” (with A. Chudik), 2019. Economics Letters, 180, 71-75.
8. “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.
9. “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).
10. “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.
11. “Discontinuity of Output Convergence within the U.S.: Why Has the Course Changed?,” (with Xiaojun Wang), 2015, Economic Inquiry, 53(1), 49-71.
12. “Does Distance Reflect More Than Transport Costs?,” (with Horag Choi), 2014, Economics Letters, 125(1), 82-86.
13. “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.
14. “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.
15. “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).
16. “Reconsidering the Relationship between Inflation and Relative Price Variability,” 2010, Journal of Money, Credit and Banking, 42(5), 769-798 (lead article).
17. “Is There Any Asymmetry in the Effect of Inflation on Relative Price Variability?” (with Young Se Kim), 2010, Economics Letters, 108(3), 233-236.
18. “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.
19. “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.
20. “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.
21. “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.
22. “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.
23. “Prewhitening Bias in HAC Estimation,” (with Donggyu Sul and P.C.B. Phillips), 2005, Oxford Bulletin of Economics and Statistics, 67(4), 517-546.
24. “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.
25. “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*; 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