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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.

DSGE modelsmonetary policyconsumption smoothingcollateral constraintsbehavioral macroeconomics

Research Overview

Papers
79
Total Citations
388
Papers (5y)
15
Primary Field
Economics, Econometrics and Finance

Research Output Trend

Figures are computed from collected data and may differ slightly.

Publications per year (5y)
15total
2022
2023
2024
2025
2026
Citations per year (5y)
110total
20222023202420252026

Selected Papers

15
1
Article|24 citations·2013
Non-separability and sectoral comovement in a sticky price model
Kwang Hwan Kim, Munechika Katayama
SJR Q1Journal of Economic Dynamics and Control
General Economics, Econometrics and FinanceEconomics, Econometrics and Finance
2
Article|17 citations·2014
Investigation of Cu growth phenomena on Ru substrate during electroless deposition using hydrazine as a reducing agent
Kwang Hwan Kim, Taeho Lim, Kyung Ju Park, Hyo-Chol Koo, Myung Jun Kim, Jae Jeong Kim
SJR Q1Electrochimica Acta
Electrical and Electronic EngineeringEngineering
3
Article|12 citations·2015
Porous indium electrode with large surface area for effective electroreduction of N 2 O
Kwang Hwan Kim, Taeho Lim, Myung Jun Kim, Seunghoe Choe, Seungyeon Baek, Jae Jeong Kim
SJR Q2Electrochemistry CommunicationsOA
Renewable Energy, Sustainability and the EnvironmentEnergy
4
Article|9 citations·2014
Direct Cu Electrodeposition on Electroless Deposited NiWP Barrier Layer on SiO2Substrate for All-Wet Metallization Process
Kwang Hwan Kim, Taeho Lim, Myung Jun Kim, Seunghoe Choe, Kyung Ju Park, Sang Hyun Ahn, Oh Joong Kwon, Jae Jeong Kim
SJR Q1Journal of The Electrochemical Society

Electroless 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

Electrical and Electronic EngineeringEngineering
5
Article|6 citations·2023
Inefficient international risk-sharing
Daeha Cho, Kwang Hwan Kim, Suk Joon Kim
SJR Q1Journal of Monetary EconomicsOA

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

General Economics, Econometrics and FinanceEconomics, Econometrics and Finance
6
Article|5 citations·2024
NEGR1 Modulates Mouse Affective Discrimination by Regulating Adult Olfactory Neurogenesis
Kwang Hwan Kim, Kyungchul Noh, Jae-Sung Lee, Soojin Lee, Sung Joong Lee
SJR Q1Biological Psychiatry Global Open ScienceOA

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.

Sensory SystemsNeuroscience
7
Article|5 citations·2010
Is the real price of equipment a good measure for investment-specific technological change?
Kwang Hwan Kim
SJR Q2Economics Letters
Economics and EconometricsEconomics, Econometrics and Finance
8
Article|3 citations·2014
Collateral Constraints, Sticky Wages, and Monetary Policy
김광환, 오준석

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

9
Article|3 citations·2023
The paradox of price flexibility in an open economy
Daeha Cho, Kwang Hwan Kim, Suk Joon Kim
SJR Q1Review of Economic Dynamics
General Economics, Econometrics and FinanceEconomics, Econometrics and Finance
10
Article|2 citations·2024
Optimal trend inflation in an open economy
Daeha Cho, Jung Hyun Kim, Kwang Hwan Kim, Suk Joon Kim
SJR Q1Journal of Monetary Economics
General Economics, Econometrics and FinanceEconomics, Econometrics and Finance
11
Article|1 citations·2018
Asset Bubbles, Taxation, and Optimal Monetary Policy
Kwang Hwan Kim, Byeong Mook Sung
Journal of Market Economy
Economics and EconometricsEconomics, Econometrics and Finance
12
Article|1 citations·2014
Heterogeneous Price Rigidity, Durable Goods, and Optimal Monetary Policy
김광환, 오준석

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

13
Article|1 citations·2013
Direct Cu Electrodeposition on Ta Using Pd Nanocolloids: Effect of Allyl Alcohol on the Formation of Seed Layer
Kwang Hwan Kim, Taeho Lim, Seunghoe Choe, Insoo Choi, Sang Hyun Ahn, Myung Jun Kim, Kyung Ju Park, Min Hyung Lee, Jae Jeong Kim, Oh Joong Kwon
SJR Q1Journal of The Electrochemical Society

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

Electrical and Electronic EngineeringEngineering
14
Article|1 citations·2018
신흥국의 과도한 소비변동성 요인 분석: 한국 및 멕시코 비교를 중심으로
김광환, 김태경

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

15
Article|1 citations·2016
가변자본가동률 조정비용은 DSGE 모형에서 어떻게 구현되어야 하는가?
김광환, 이창기

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

Electrical and Electronic EngineeringEconomics and EconometricsGeneral Economics, Econometrics and FinancePhysiologyFinanceNeurology

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