Gwang-hwan Kim
Yonsei University · Economics, Econometrics and Finance
About the Lab
Professor Gwang-hwan Kim's research lab specializes in macroeconomic modeling and behavioral economics, with a focus on monetary policy transmission, business cycle dynamics, and intertemporal consumption behavior. The lab investigates how financial frictions, collateral constraints, and heterogeneous price rigidities affect economic stability and welfare in both advanced and emerging economies. Using dynamic stochastic general equilibrium (DSGE) models with realistic microfoundations—particularly those incorporating habit formation, capital adjustment costs, and durable/non-durable good segmentation—the lab explores conditions under which financial integration may not always improve welfare. The research also extends into neurobiological mechanisms underlying social behavior, particularly through studies on olfactory neurogenesis and autism-related phenotypes in mouse models.
Research Overview
Research Output Trend
Figures are computed from collected data and may differ slightly.
Selected Papers
15Electroless deposition of a NiWP barrier layer on a SiO2 substrate was investigated for all-wet Cu interconnect fabrication. In this study, the entire fabrication process including substrate activation, barrier layer electroless deposition, and direct Cu electrodeposition was modified. The SiO2 substrate was activated via Pd nanoparticles that were immobilized on the substrate by using a preformed self-assembled monolayer composed of 3-aminopropyl-triethoxysilane. Reduction of NiWP layer resisti
Complete financial markets are widely believed to be beneficial for the international economy, since they enable cross-country risk-sharing. Using a two-country New Keynesian model , we show that this is not the case if the source of income fluctuations is a country-specific markup shock. When preferences involve the wealth effect on labor supply and imply that Home and Foreign goods are Edgeworth substitutes, the absence of risk-sharing in autarky acts like a favorable markup shock, reducing th
NEGR1 contributes to mouse affective recognition, possibly by regulating olfactory neurogenesis and subsequent olfactory sensory processing. We propose a novel neurobiological mechanism of autism-related behaviors based on disrupted adult olfactory neurogenesis.
This paper investigates the role of collateral constraints in the transmission ofmonetary policy shocks in a two-sector sticky price general equilibrium model withnondurable and durable goods. While many researchers have stressed the role ofcollateral constraints in a one-sector sticky price model, the role of such constraintsin two-sector sticky price models has been relatively underexplored. This studyshows that nominal wage rigidity is crucial for collateral constraints to acceleratethe effec
This paper studies optimal interest rate feedback rule in an economy with heterogeneous price rigidity and durable goods. Many literatures document that the price of durable goods is more flexible than that of nondurable goods. Our analysis builds on the New Keynesian framework where nondurables price is sticky and durables price is flexible. Our findings about the optimal interest rate feedback rule in the model can be explained as follows: Firstly, the optimal interest rate feedback rule yield
Cu direct electrodeposition (ED) on a Ta substrate was performed using Pd nanocolloids (NCs) as a Cu nucleation promoter. Pd NCs were synthesized by a polyol method and loaded onto a pretreated Ta substrate. Through a two-step potentiostatic ED process in a pyrophosphate-based electrolyte, a continuous Cu seed layer was deposited on the Ta substrate, although the surface showed irregular morphology. The addition of allyl alcohol improved the surface regularity of the Cu seed layer, allowing the
본 논문에서는 선진국과 달리 신흥국에서 소득대비 소비의 변동성이 크게 나타나는 이른바 ‘소비퍼즐’ 현상의 원인을 영구적 생산성충격이 이를 유발한다는 견해와 금융제약(financial friction)과 결합한 일시적 생산성충격이 이를 유발한다는 견해를 중심으로 살펴보았다. 이를 위하여 한국 및 멕시코의 자료를 이용하여 RBC DSGE 모형을 추정하였으며 추정결과에 대한 예측오차 분산분해 및 역사적 분해, 충격반응분석, 금리 시뮬레이션분석 등을 실행한 결과 다음과 같은 사실을 확인할 수 있었다. 신흥국의 과도한 소비 변동성은 국가마다 영향을 주는 충격이 달라서 이를 특정한 외생적 충격에 의해 설명하는 일반화는 곤란하다는 점이다. 멕시코의 경우에는 금융제약과 결합한 일시적 생산성충격이 과도한 소비 변동을 유발하는 반면 한국의 경우에는 영구적 생산성충격이 과도한 소비 변동을 유발하는 것으로 나타났다. 특히 한국에서는 기존의 연구결과와 달리 금융제약과 결합한 영구적 생산성충격이 과도한 소비
본 논문에서는 가변자본가동률(variable capital utilization rate) 조정비용을 정의하는 두 가지 방식 중 어느 방식이 경기변동을 더욱 잘 설명하는지 분석해보고자 한다. 이를 위해 여러 마찰들(frictions)과 당기(contemporaneous) 및 뉴스(news) 충격들을 동시에 포함하고 있는 DSGE 모형에 대해 베이지안 추정을 실시한다. 분석 결과, GHH방식으로 자본가동률 조정비용을 정의한 모형이 CEE방식으로 정의한 모형에 비해 항상 경기변동을 잘 설명한다는 것을 알 수 있었다. 이는 주로 GHH방식 모형이 명목변수(명목이자율, 인플레이션)를 실제데이터에 보다 근접하도록 설명해주는데 기인하였다.
Research Areas
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