Seungjun Baek
@sejong.ac.kr
Sejong University
Scopus Publications
- How effective are universal payments for raising consumption? Evidence from a natural experiment
Seungjun Baek, Seongeun Kim, Tae-hwan Rhee, Wonmun Shin
Empirical Economics, 2023 - The redistributive effects of monetary policy in an overlapping generations model
Seungjun Baek
European Economic Review, 2023 - Information acquisition and asset price volatility
Seungjun Baek
Finance Research Letters, 2022 - Optimal policy in lemon markets with flexible information acquisition
Seungjun Baek
Economic Modelling, 2022 - Special theme 1: Globalization in the era of covid-19
Seungjun Baek, Seongeun Kim, Tae-hwan Rhee
Journal of Economic Integration, 2021
The unforeseen COVID-19 outbreak has brought dramatic changes to how our world operates. - Uncertainty, Incentives, and Misallocation
SEUNGJUN BAEK
Journal of Money Credit and Banking, 2020
Abstract This paper identifies a new propagation mechanism by which the effects of business cycle shocks amplify in the context of the dynamic stochastic general equilibrium framework. Business cycle shocks, such as heightened uncertainty, and positive monetary shocks endogenously magnify the cross‐sectional dispersion in idiosyncratic productivity. This induces entrepreneurs, who have asset substitution incentive, to distort the quality of an investment project, which amplifies the response of investment and output. Moreover, lenders reallocate credit from firms with a high marginal product of capital, in which the asset substitution problem is more prevalent, to firms with a low marginal product of capital, which in turn further depresses aggregate economic activities. A policy that subsidizes lenders to firms with a high marginal product during a recession improves the allocation of loans. Empirical evidence from the NBER‐CES Manufacturing Industry Database provides support for the model's predictions. - The redistributive effects of forward guidance
Seungjun Baek
Economics Letters, 2019
