Research

Working Papers

• “The Impacts of Local Housing Markets on U.S. Presidential Elections: Via the Collateral Channel” (with D. Quigley and X. Wang), 2023.
• “Mean Group Distributed Lag Estimation of Impulse Response Functions in Large Panels” (with Alex Chudik), 2023. (Federal Reserve Bank of Dallas WP No. 423)
• “Rethinking the Choice between Core and Headline Inflation: Does It Matter Which One to Target?” (with J. Kong and D. Sul), 2016.

Publications

(Papers below are copyrighted by their publishers and are not to be reproduced without the permission of the publishers.)

• “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.
• “State Political Uncertainty and Local Housing Markets – Evidence from U.S. Mid-term Gubernatorial Elections” 2023. Applied Economics, 55, 6717-6738.
• “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).
• “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.
• “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).
• “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. (Earlier version of the paper: Federal Reserve Bank of Dallas Working Paper No. 330; Also appeared as System Working Paper 17-30 of Federal Reserve Bank of Minneapolis).
• “Estimating Impulse Response Functions When the Shock Series is Observed” (with Alex Chudik), 2019. Economics Letters, 180, 71~75. Online Appendix. (working paper version: Federal Reserve Bank of Dallas WP No. 353)
• “Segmentation of Consumer Markets in the U.S.: What Do Intercity Price Differences Tell Us?” (with A. Murphy and J. Wu), 2017, Canadian Journal of Economics, 50(3), 738~777.
• “The Role of Two Frictions in Geographic Price Dispersion: When Market Friction Meets Nominal Rigidity” (with H. Choi), 2016, Journal of International Money and Finance, 63, 1~27. [lead article] (working paper version: Federal Reserve Bank of Dallas WP No. 219)
• “Monetary Policy Regime Change and Regional Inflation Dynamics: Looking through the Lens of Sectoral Data in Korea” (with J. Lee and R. O’Sullivan), Pacific Economic Review, 22(5), 814~840.(working paper version: Bank of Korea WP 2015-20)
• “Discontinuity of Output Convergence within the U.S.: Why Has the Course Changed?” (with Xiaojun Wang), 2015, Economic Inquiry, 53(1), 49~71. Online annex.
• “Consumer Price Differences Persist Among Eight Texas Cities” (with M. Ca’Zorzi and Alex Chudik), 2014, Economic Letter, 9(14), The Federal Reserve Bank of Dallas.
• “Does Distance Reflect More Than Transport Costs?” (with Horag Choi), 2014, Economics Letters, 125(1), 82~86.
• “Heterogeneous Response of Disaggregate Inflation to Monetary Policy Regime Change: The Role of Price Stickiness” (with Roisin O’Sullivan), 2013, Journal of Economic Dynamics and Control, 37(9), 1814~1832.
•  “Inflation Targeting and Relative Price Variability: What Difference Does Inflation Targeting Make?” (with Young Se Kim and Roisin O’Sullivan), 2011, Southern Economic Journal, 77(4), 934~957.
• “Reconsidering the Relationship between Inflation and Relative Price Variability”, 2010, Journal of Money, Credit and Banking, 42(5), 769~798 [lead article]
• “Bias Reduction in Dynamic Panel Data Models by Common Recursive Mean Adjustment,” (with Nelson C. Mark and Donggyu Sul), Oxford Bulletin of Economics and Statistics, 72(5), 567~599.[lead article]Additional simulation results (MC1, MC2, MC3)
• “Is There Any Asymmetry in the Effect of Inflation on Relative Price Variability?” (with Young Se Kim), 2010, Economics Letters, 108(2), 233~236.
• “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.
• “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.
• “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.
• “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.
• “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.
• “Prewhitening Bias in HAC Estimation,” (with Donggyu Sul and P.C.B. Phillips), 2005, Oxford Bulletin of Economics and Statistics, 67(4), 517~546.
• “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.
• “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.