Jae Won Lee
Economic Research Institute
Chief Economist
Deputy Governor
Deputy Governor
Education
Ph.D in Economics, Princeton University (June 2008)
M.A. in Economics, Princeton University (June 2006)
B.A. in Economics and Mathematics, University of Wisconsin (May 2003)
M.A. in Economics, Princeton University (June 2006)
B.A. in Economics and Mathematics, University of Wisconsin (May 2003)
Professional Experience
Chief Economist and Deputy Governor, Economic Research Institute, Bank of Korea (September 2023 - Present)
Research Associate, Federal Reserve Bank of Dallas (May 2016 - Present)
Associate Professor, Department of Economics, Seoul National University (August 2021 - Present)
Associate Editor, The Korean Journal of Economic Studies(경제학연구) (2023 - Present)
Associate Editor, Journal of Macroeconomics (2023 - Present)
Member of Financial Development Advisory Council, Financial Services Commission(February 2023- February 2024)
Member of Differential Assessment Committee, Korea Deposit Insurance Corporation (2022 - 2024)
Associate Editor, International Economic Journal (2019 - 2023)
Editorial Board Member, Korean Economic Review (2014 - 2023)
Assistant Professor, Department of Economics, University of Virginia (September 2017 - July 2021)
Advisor on Foreign Exchange and International Finance, Financial Supervisory Service (2014)
Associate Professor, Department of Economics, Seoul National University (2015 – 2017)
Assistant Professor, Department of Economics, Seoul National University (2013 - 2015)
Visiting Scholar, Federal Reserve Bank of St. Louis (July 2013 - August 2013)
Assistant Professor, Department of Economics, Rutgers University (September 2008 - August 2013)
Research Associate, Federal Reserve Bank of Dallas (May 2016 - Present)
Associate Professor, Department of Economics, Seoul National University (August 2021 - Present)
Associate Editor, The Korean Journal of Economic Studies(경제학연구) (2023 - Present)
Associate Editor, Journal of Macroeconomics (2023 - Present)
Member of Financial Development Advisory Council, Financial Services Commission(February 2023- February 2024)
Member of Differential Assessment Committee, Korea Deposit Insurance Corporation (2022 - 2024)
Associate Editor, International Economic Journal (2019 - 2023)
Editorial Board Member, Korean Economic Review (2014 - 2023)
Assistant Professor, Department of Economics, University of Virginia (September 2017 - July 2021)
Advisor on Foreign Exchange and International Finance, Financial Supervisory Service (2014)
Associate Professor, Department of Economics, Seoul National University (2015 – 2017)
Assistant Professor, Department of Economics, Seoul National University (2013 - 2015)
Visiting Scholar, Federal Reserve Bank of St. Louis (July 2013 - August 2013)
Assistant Professor, Department of Economics, Rutgers University (September 2008 - August 2013)
Research Papers
“Price Stickiness Heterogeneity and Equilibrium Determinacy”, with Woong Yong Park, Journal of Money, Credit and Banking (forthcoming)
“Redistribution and the Monetary-Fiscal Policy Mix”, with Saroj Bhattarai and Choongryul Yang, Quantitative Economics 14(3): 817-853, 2023.
“CBDC and its Implications for Reserve Markets and Central Bank Balance Sheets”, with Seunghyeon Lee and Woong Yong Park, Journal of Economic Theory and Econometrics 34(1): 84–117, 2023.
“Sticky Prices and Welfare”, with Seunghyeon Lee , Wonkoo Lee and Jin Shil Hong), Korean Economic Journal 62(1): 23-54, 2023.
“System Reduction of Dynamic Stochastic General Equilibrium Models Solved by gensys”, with Woong Yong Park, Economics Letters 199: 109704, 2021.
“Sectoral Price Facts in a Sticky-Price Model”, with Carlos Carvalho and Woong Yong Park, American Economic Journal: Macroeconomics 13(1): 216-56, January 2021.
“The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data”, with Carlos Carvalho and Niels Dam, Review of Economics and Statistics 102(1): 162-179, 2020.
“Sectoral Heterogeneity in Nominal Rigidities in Korea: Implications for Monetary Policy”, with Seula Kim, Korean Economic Review 36(1): 59-99, 2020.
“Policy Regimes, Policy Shifts, and U.S. Business Cycles”, with Saroj Bhattarai and Woong Yong Park, Review of Economics and Statistics 98(5): 968-983, December 2016.
“Optimal Monetary Policy in a Currency Union with Interest Rate Spreads”, with Saroj Bhattarai and Woong Yong Park, Journal of International Economics 96(2): 375-397, July 2015.
“The Relevance of the Fiscal Theory of the Price Level in Korea”, with Jung Yi Hong, Jungsik Hyun and Yeji Sung), Journal of Economic Theory and Econometrics 26(1): 1-34, 2015.
“Inflation Dynamics: The Role of Public Debt and Policy Regimes”, with Saroj Bhattarai and Woong Yong Park, Journal of Monetary Economics 67: 93-108, October 2014.
“Price Indexation, Habit Formation, and the Generalized Taylor Principle”, with Saroj Bhattarai and Woong Yong Park, Journal of Economic Dynamics and Control 48: 218-225, 2014.
“Monetary Policy with Heterogeneous Households and Imperfect Risk-Sharing”, Review of Economic Dynamics 17(3): 505-522, 2014.
“Monetary-Fiscal Policy Interactions and Indeterminacy in Post-War U.S. Data”, with Saroj Bhattarai and Woong Yong Park, American Economic Review: P&P 102(3): 173-178, May 2012.
“Aggregate Implications of Heterogeneous Households in a Sticky-Price Model”, Journal of Money, Credit and Banking 44(1): 1-22, February 2012. (Lead article)
“Redistribution and the Monetary-Fiscal Policy Mix”, with Saroj Bhattarai and Choongryul Yang, Quantitative Economics 14(3): 817-853, 2023.
“CBDC and its Implications for Reserve Markets and Central Bank Balance Sheets”, with Seunghyeon Lee and Woong Yong Park, Journal of Economic Theory and Econometrics 34(1): 84–117, 2023.
“Sticky Prices and Welfare”, with Seunghyeon Lee , Wonkoo Lee and Jin Shil Hong), Korean Economic Journal 62(1): 23-54, 2023.
“System Reduction of Dynamic Stochastic General Equilibrium Models Solved by gensys”, with Woong Yong Park, Economics Letters 199: 109704, 2021.
“Sectoral Price Facts in a Sticky-Price Model”, with Carlos Carvalho and Woong Yong Park, American Economic Journal: Macroeconomics 13(1): 216-56, January 2021.
“The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data”, with Carlos Carvalho and Niels Dam, Review of Economics and Statistics 102(1): 162-179, 2020.
“Sectoral Heterogeneity in Nominal Rigidities in Korea: Implications for Monetary Policy”, with Seula Kim, Korean Economic Review 36(1): 59-99, 2020.
“Policy Regimes, Policy Shifts, and U.S. Business Cycles”, with Saroj Bhattarai and Woong Yong Park, Review of Economics and Statistics 98(5): 968-983, December 2016.
“Optimal Monetary Policy in a Currency Union with Interest Rate Spreads”, with Saroj Bhattarai and Woong Yong Park, Journal of International Economics 96(2): 375-397, July 2015.
“The Relevance of the Fiscal Theory of the Price Level in Korea”, with Jung Yi Hong, Jungsik Hyun and Yeji Sung), Journal of Economic Theory and Econometrics 26(1): 1-34, 2015.
“Inflation Dynamics: The Role of Public Debt and Policy Regimes”, with Saroj Bhattarai and Woong Yong Park, Journal of Monetary Economics 67: 93-108, October 2014.
“Price Indexation, Habit Formation, and the Generalized Taylor Principle”, with Saroj Bhattarai and Woong Yong Park, Journal of Economic Dynamics and Control 48: 218-225, 2014.
“Monetary Policy with Heterogeneous Households and Imperfect Risk-Sharing”, Review of Economic Dynamics 17(3): 505-522, 2014.
“Monetary-Fiscal Policy Interactions and Indeterminacy in Post-War U.S. Data”, with Saroj Bhattarai and Woong Yong Park, American Economic Review: P&P 102(3): 173-178, May 2012.
“Aggregate Implications of Heterogeneous Households in a Sticky-Price Model”, Journal of Money, Credit and Banking 44(1): 1-22, February 2012. (Lead article)
External Activities
o 2023.9.20.-9.21. BOK-MNB Joint Workshop
o 2023.9.22. Korea Capital Market Institute Conference Panel Discussion
- Topic: Possibility of Structural Shift in Interest Rate Policy and Private Debt
o 2023.12.14.-12.15. MOEF-BOK-FSC-IMF Internation Conference Host
- Topic: Digital Money: Navigating a Changing Financial Landscape
o 2023.12.21. BOK ERI-BOJ IMES Research Workshop Host
- Topic: Growth and Inflation in an Aging Economy
o 2024.1.5.-1.7. Americal Economic Assosiation Annual Meeting Keynote Speech
- Topic: Low Birth Rate and Aged Society: Causes, Impacts, and Solutions of Extreme Population Structure
o 2024.2.1.-2.2. Korean Economic Association Joint Academic Conference Special Session Participant
- Topic: Risk Factors and Policy Directions for the Korean Economy
o 2024.4.26.-4.27. Carnegie-Rochester-NYU Conference on Public Policy Participant
- Topic: Labor Market Dynamics: Drivers and Consequences
o 2023.9.22. Korea Capital Market Institute Conference Panel Discussion
- Topic: Possibility of Structural Shift in Interest Rate Policy and Private Debt
o 2023.12.14.-12.15. MOEF-BOK-FSC-IMF Internation Conference Host
- Topic: Digital Money: Navigating a Changing Financial Landscape
o 2023.12.21. BOK ERI-BOJ IMES Research Workshop Host
- Topic: Growth and Inflation in an Aging Economy
o 2024.1.5.-1.7. Americal Economic Assosiation Annual Meeting Keynote Speech
- Topic: Low Birth Rate and Aged Society: Causes, Impacts, and Solutions of Extreme Population Structure
o 2024.2.1.-2.2. Korean Economic Association Joint Academic Conference Special Session Participant
- Topic: Risk Factors and Policy Directions for the Korean Economy
o 2024.4.26.-4.27. Carnegie-Rochester-NYU Conference on Public Policy Participant
- Topic: Labor Market Dynamics: Drivers and Consequences