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Yeji Sung
PhD Candidate
Fields: Behavioral & Experimental, Macroeconomics, Monetary Economics
Sponsor(s): Michael Woodford




Thank you for dropping by!

I am a 6th year graduate student interested in applying insights from behavioral economics into topics in macroeconomics. My recent interest is in studying biases and noise of human judgement when making forecasts about the future.

Please do not hesitate to contact me, especially if you have comments or questions about my research.


Job Market Paper
Abstract:

Recent studies document empirical evidence that is at odds with the traditional models of information frictions. Does this evidence really contradict models of information frictions? In this paper, I argue that it does not. I show that the seemingly contradictory evidence is successfully accounted for by the information friction model I propose. The key distinction is that I consider an additional source of information frictions. Like traditional models, I assume people do not accurately observe the current state. Importantly, I also assume people do not accurately remember past observations. I show that introducing this additional friction changes the model prediction both qualitatively and quantitatively. Subject to two information frictions, short-term forecasts under-react while long-term forecasts over-react to recent news. This is qualitatively different from the traditional models that can only generate under-reaction. Quantitative aspect of the proposed model is also important: I find evidence that the existing literature is likely under-estimating the magnitude of information frictions.


Research

Working Paper

“Optimally Imprecise Memory and Biased Forecasts” (with Rava Azeredo da Silveira and Michael Woodford), NBER Working Paper No 28075, November 2020. Revise and Resubmit, American Economic Review

The impact of TLTOR2 on the Italian credit market: some econometric evidence
(with Lucia Esposito and Davide Fantino), Bank of Italy Temi di discussione No. 1264, Feb. 2020


Teaching
At Columbia University, I was a teaching assistant for:
At Seoul National University, I was a teaching assistant for:
  • Advanced Macroeconomics (PhD)
  • Applied Macroeconomics (PhD)
  • Macroeconomics
  • Microeconomics
  • Principles of Economics
  • Introductory Statistics for Economists
1022 International Affairs Building (IAB)
Mail Code 3308  
420 West 118th Street
New York, NY 10027
Ph: (212) 854-3680
Fax: (212) 854-0749
Business Hours:
Mon–Fri, 9:00 a.m.–5:00 p.m.

1022 International Affairs Building (IAB)

Mail Code 3308

420 West 118th Street

New York, NY 10027

Ph: (212) 854-3680
Fax: (212) 854-0749
Business Hours:
Mon–Fri, 9:00 a.m.–5:00 p.m.
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