Research

Macro-Monetary

Higher-Order Forward Guidance (with Marc Dordal i Carreras)

• Draft, Published Version, Slides, TANK Slides, SSRN, CESifo Working Paper
• Journal of Economic Theory, Volume 231, January 2026

(REVISED!) Firm Wage Setting, On-the-Job Search, and the Inflationary Effects of Supply Shocks (with Justin Bloesch and Jake Weber)

• Draft, SSRN, AD-AS framework
• Revise and Resubmit at American Economic Journal: Macroeconomics

(REVISED!) Yield-Curve Control Policy under Inelastic Financial Markets (with Marc Dordal i Carreras)

• Draft, Slides, SSRN
• Revise and Resubmit at The Economic Journal

Self-fulfilling Volatility and a New Monetary Policy (Job Market Paper) (with Marc Dordal i Carreras)

• Draft, Slides, SSRN.
• Revise and Resubmit at Journal of the European Economic Association (2nd Round)

(NEW!) How to Shrink a Central Bank: The Optimal Pace of Quantitative Tightening (with Chris Hyland)

• Draft, SSRN

Endogenous Firm Entry and the Monetary Policy ‘Room’ (with Marc Dordal i Carreras and Zhenghua Qi)

• Draft, SSRN

Macro-Finance

Beliefs and the Net Worth Trap (with Goutham Gopalakrishna and Theofanis Papamichalis)

• Draft, Published Version, Slides, SSRN, Summary, Media
• Journal of Economic Theory, Volume 227, June 2025

The Spatial Transmission of U.S. Banking Panics: Evidence from 1870-1929 (with Marc Dordal i Carreras)

• Draft, Published Version, Slides, SSRN
• Oxford Bulletin of Economics and Statistics, Volume 88, Issue 1, February 2026

Data Centers and Electricity Bills: Pecuniary Externality? (with Martin Schmalz)

• Draft, SSRN

Growth-Technology-Development

(REVISED!) Geopolitics and Export Miracles: Firm-Level Evidence from U.S. War Procurement in Korea (with Philipp Barteska, Oliver Kim, and Nathan Lane)

• Draft, Old Thread, SSRN
• Submitted to ISoT (2nd Edition) Special Issue of Journal of International Economics

Endogenous Technology Adoption in a Search Economy (with Mingze Ma)

• Draft, Slides, SSRN

Contracting

Managerial Incentives, Financial Innovation, and Risk-Management Policies (with Son Ku Kim and Sheridan Titman)

• Draft, NBER WP, Slides, SSRN

A Proxy-Contract Based Approach to the First-Order Approach in Agency Models (with Jin Yong Jung and Son Ku Kim)

• Draft, Slides, SSRN (Submitted)

Ignorance is Bliss: Ex-Ante vs. Ex-Post Information Systems in an Agency Model (with Jin Yong Jung and Son Ku Kim)

• Draft, Slides

Work in Progress

Re-estimating r-star with rp-star (with Marc Dordal i Carreras and Runhuan Wang)

Risky Growth with Short-Term Debt (with Artur Doshchyn)