Yoonsoo Lee is a Professor of Economics specializing in macroeconomics and international economics, with research interests in monetary policy, household debt, firm dynamics, and fiancial crisis. He received his Ph.D. and M.A. in Economics from the University of Rochester and his B.A. in Economics from Seoul National University.
Prior to his academic career, he worked as a Research Economist at the Federal Reserve Bank of Cleveland and has also held visiting and consulting positions at the International Monetary Fund, Georgetown University, the World Bank, and the Asian Development Bank. He is actively engaged in academic, editorial, and policy advisory activities in Korea and abroad.
Professor of Economics, Sogang University
Member, National Economic Advisory Council (NEAC)
Research Economist, Federal Reserve Bank of Cleveland
Visiting Professor, Georgetown University
Visiting Scholar, International Monetary Fund
Consultant, World Bank
Consultant, Asian Development Bank
Faculty Advisor, Bank of Korea
Faculty Advisor, Financial Supervisory Service
Co-Editor, Korean Economic Review , The Korean Journal of Economic Studies
Peer-Reviewed Journal Articles
• “E-Commerce and Local Labor Markets： Is the Retail Apocalypse Near？” with Hyunbae Chun， Hailey Joo， and Jisoo Kang．
Journal of Urban Economics， 2024．
• “Assessment of the Status and Risks of Household Debt After COVID-19，” with Wonhyeok Kim． Journal of Korean Economic
Analysis， 2024． （in Korean）
• “Productivity Dynamics in the Retail Trade Sector： The Roles of Large Modern Retailers and Small Entrants，” with Janghee
Cho and Hyunbae Chun． Small Business Economics， 2023．
• “Job Creation and Destruction of Small and Large Plants over the Business Cycle，” with Young-il Kim and Shinyoung Noh．
Journal of Money and Finance， 2023． （in Korean）
• “Predicting Apartment Transaction Prices Using Machine Learning Methods and a Fixed Effects Model，” with Wonhyeok
Kim and Seunghyun Kim． Housing Studies Review， 2022． （in Korean）
• “How Do House Prices Affect Consumption Patterns across Categories？” with Wonheok Kim and Soohyung Lee． Korean
Economic Review， 2021．
• “Analysis of the Relationship Between Exports and Productivity in Manufacturing： Evidence from Plant-Level Data，” with
Jin Ho Park and Wonhyeok Kim． Journal of Economic Theory and Econometrics， 2021． （in Korean）
• “Household Debt and Default： Effects of Changes in Loan Balances and Affordability，” with Wonhyeok Kim and Seunghyun
Kim． Journal of Korea International Economic Association， 2020． （in Korean）
• “Effect of Plant Start-up and Growth on Productivity，” with Wonhyeok Kim and Chunggu Chee． Journal of Korean Economic
Analysis， 2019． （in Korean）
• “A Model of Entry， Exit， and Plant-Level Dynamics over the Business Cycle，” with Toshihiko Mukoyama． Journal of Economic
Dynamics and Control， 2018．
• “Economic Policies with Endogenous Entry and Exit of Plants，” with Toshihiko Mukoyama． Journal of Economic Theory
and Econometrics， 2018．
• “Job Creation and Destruction of Small and Large Plants over the Business Cycle，” with Chunsoo Jung and Wonhyeok Kim．
Journal of Money and Finance， 2018． （in Korean）
• “Growth and Failure of Manufacturing Plants in Korea： Single-Unit versus Multi-Unit Plants，” with Hyunbae Chun and
Nyeong Seon Son． Journal of Market Economy， 2018． （in Korean）
• “Job Creation and Destruction： New Evidence on the Role of Small versus Young Firms in Korea，” with Janghee Cho，
Hyunbae Chun， and Hongjun Kim． Japanese Economic Review， 2017．
• “Firm Structure and Exit of Manufacturing Plants，” with Nyeong Seon Son． Korean Journal of Industrial Organization，
2017． （in Korean）
• “Productivity and Employment Dynamics of U．S． Manufacturing Plants，” with Toshihiko Mukoyama． Economics Letters，
2015．
• “How Does the Entry of Large Discount Stores Increase Retail Employment？ Evidence from Korea，” with Hyunbae Chun
and Janghee Cho． Journal of Comparative Economics， 2015．
• “Entry and Exit of Manufacturing Plants over the Business Cycle，” with Toshihiko Mukoyama． European Economic Review，
2015．
• “Cross-Sectoral Variation in the Volatility of Plant-Level Idiosyncratic Shocks，” with Rui Castro and Gian Luca Clementi．
Journal of Industrial Economics， 2015．
• “A New Estimate of the Natural Rate of Unemployment Based on Job-Finding and Separation Rates，” with Kyu Baek Kwon
and Hyung Seok Kim． Korean Journal of Labor Economics， 2015． （in Korean）
• “Entry and Competition of Large Discount Stores in Korea，” with Hyunbae Chun and Seoji Hur． Korean Journal of Economic
Studies， 2014． （in Korean）
• “An Analysis of Establishment Dynamics in Korea Using a Dynamic General Equilibrium Model： Comparison with the U．S．
Case，” with Choongryul Yang． Journal of Korea International Economic Association， 2013． （in Korean）
• “An Analysis of Korean Business Cycles Using a New Open Economy Macroeconomics Model with Financial Frictions，”
with Weh-Sol Moon． Journal of Korea International Economic Association， 2012． （in Korean）
• “Foreign Investment in Monetary Stabilization Bonds Before and After the Financial Crisis，” with In Hur． Journal of the
Korean Data Analysis Society， 2011． （in Korean）
• “Regional Labor Productivity Growth in the U．S． and the Role of Reallocation across Establishments．” Review of Applied
Economics， 2011． （in Korean）
• “Geographic Redistribution of U．S． Manufacturing and the Role of State Development Policy．” Journal of Urban Economics，
2008．
Books and Other Publications
• “Misconceptions about ʻYeongkkeul’ and Its Rationalizations： The Reality of Korea’s Household Debt Problem．” The Road
of the Economy 2， Chapter 2， June 2024． （in Korean）
• “The Sustainability of Household Debt and Financial Stabilization in the Real Estate Sector．” In The Future of Korean
Finance， Korean Finance Association， Chapter 4， June 2024． （in Korean）
• “COVID-19 Crisis and Shifts in the Corporate Competitive Landscape： Comparisons with Prior Economic Crises，” with
Sang-Ha Yoon， Yaein Baek， Wontae Han， and Daisoon Kim． Korea Institute for International Economic Policy， 2022． （in
Korean）
• “Monetary Policy and Firm Entry and Exit，” with Willem Van Zandweghe． The Macro Bulletin， Federal Reserve Bank of
Kansas City， 2015．
• “A Study on the Firm Growth Paradigm in Korea： High-Growth Firms and Firm Dynamics，” with Jungsoo Park and Sun-Ok
Kim． KT Economic and Management Research Institute， 2015． （in Korean）
• “A Study of the Effects of Entry and Exit on Productivity Growth in the Personal Service Sector，” with Hyunkyung Choi
and Hyunbae Chun． Korea Institute for Industrial Economics and Trade， 2014． （in Korean）
• “Asian Bond Markets after the Financial Crisis and Policy Implications，” with In Huh， Dong-Eun Rhee， and Da Young Yang．
Korea Institute for International Economic Policy， 2010． （in Korean）
• “Are There Cleansing Effects of Recessions？ Entry and Exit of Manufacturing Plants over the Business Cycle，” with Toshihiko
Mukoyama． VoxEU， 2008．
• “Regional Productivity Growth and Plant-Level Dynamics．” Economic Commentary， Federal Reserve Bank of Cleveland，
2007．
• “Regional Variation in Job Creation and Destruction，” with Paul Bauer． Economic Commentary， Federal Reserve Bank of
Cleveland， 2007．
• “Employment Growth， Job Creation， and Job Destruction in Ohio．” Economic Commentary， Federal Reserve Bank of
Cleveland， 2006．
• “Estimating GSP and Labor Productivity by State，” with Paul Bauer． Policy Discussion Paper， Federal Reserve Bank of
Cleveland， 2006．
• “Labor Productivity Growth across States，” with Paul Bauer． Economic Commentary， Federal Reserve Bank of Cleveland，
2005．
• “E-Commerce and Local Labor Markets： Is the Retail Apocalypse Near？” with Hyunbae Chun， Hailey Joo， and Jisoo Kang．
Journal of Urban Economics， 2024．
• “Assessment of the Status and Risks of Household Debt After COVID-19，” with Wonhyeok Kim． Journal of Korean Economic
Analysis， 2024． （in Korean）
• “Productivity Dynamics in the Retail Trade Sector： The Roles of Large Modern Retailers and Small Entrants，” with Janghee
Cho and Hyunbae Chun． Small Business Economics， 2023．
• “Job Creation and Destruction of Small and Large Plants over the Business Cycle，” with Young-il Kim and Shinyoung Noh．
Journal of Money and Finance， 2023． （in Korean）
• “Predicting Apartment Transaction Prices Using Machine Learning Methods and a Fixed Effects Model，” with Wonhyeok
Kim and Seunghyun Kim． Housing Studies Review， 2022． （in Korean）
• “How Do House Prices Affect Consumption Patterns across Categories？” with Wonheok Kim and Soohyung Lee． Korean
Economic Review， 2021．
• “Analysis of the Relationship Between Exports and Productivity in Manufacturing： Evidence from Plant-Level Data，” with
Jin Ho Park and Wonhyeok Kim． Journal of Economic Theory and Econometrics， 2021． （in Korean）
• “Household Debt and Default： Effects of Changes in Loan Balances and Affordability，” with Wonhyeok Kim and Seunghyun
Kim． Journal of Korea International Economic Association， 2020． （in Korean）
• “Effect of Plant Start-up and Growth on Productivity，” with Wonhyeok Kim and Chunggu Chee． Journal of Korean Economic
Analysis， 2019． （in Korean）
• “A Model of Entry， Exit， and Plant-Level Dynamics over the Business Cycle，” with Toshihiko Mukoyama． Journal of Economic
Dynamics and Control， 2018．
• “Economic Policies with Endogenous Entry and Exit of Plants，” with Toshihiko Mukoyama． Journal of Economic Theory
and Econometrics， 2018．
• “Job Creation and Destruction of Small and Large Plants over the Business Cycle，” with Chunsoo Jung and Wonhyeok Kim．
Journal of Money and Finance， 2018． （in Korean）
• “Growth and Failure of Manufacturing Plants in Korea： Single-Unit versus Multi-Unit Plants，” with Hyunbae Chun and
Nyeong Seon Son． Journal of Market Economy， 2018． （in Korean）
• “Job Creation and Destruction： New Evidence on the Role of Small versus Young Firms in Korea，” with Janghee Cho，
Hyunbae Chun， and Hongjun Kim． Japanese Economic Review， 2017．
• “Firm Structure and Exit of Manufacturing Plants，” with Nyeong Seon Son． Korean Journal of Industrial Organization，
2017． （in Korean）
• “Productivity and Employment Dynamics of U．S． Manufacturing Plants，” with Toshihiko Mukoyama． Economics Letters，
2015．
• “How Does the Entry of Large Discount Stores Increase Retail Employment？ Evidence from Korea，” with Hyunbae Chun
and Janghee Cho． Journal of Comparative Economics， 2015．
• “Entry and Exit of Manufacturing Plants over the Business Cycle，” with Toshihiko Mukoyama． European Economic Review，
2015．
• “Cross-Sectoral Variation in the Volatility of Plant-Level Idiosyncratic Shocks，” with Rui Castro and Gian Luca Clementi．
Journal of Industrial Economics， 2015．
• “A New Estimate of the Natural Rate of Unemployment Based on Job-Finding and Separation Rates，” with Kyu Baek Kwon
and Hyung Seok Kim． Korean Journal of Labor Economics， 2015． （in Korean）
• “Entry and Competition of Large Discount Stores in Korea，” with Hyunbae Chun and Seoji Hur． Korean Journal of Economic
Studies， 2014． （in Korean）
