Journal Article
Moving In, Moving Out: The Migration Pattern of the Eighth District
Hong, Sungki; Shell, Hannah (2019)
Education and income differed between those leaving and those entering the District states from 2013-2017.
The Regional Economist , Volume 27 , Issue 3

Working Paper
Customer Capital, Markup Cyclicality, and Amplification
Hong, Sungki (2017-04-30)
This paper studies the importance of firm-level price markup dynamics for business cycle fluctuations. Using state-of-the-art IO techniques to measure the behavior of markups over the business cycle at the firm level, I find that markups are countercyclical with an average elasticity of -1.1 with respect to real GDP. Importantly, I find substantial heterogeneity in markup cyclicality across firms, with small firms having significantly more counter-cyclical markups than large firms. Then, I develop a general equilibrium model by embedding customer capital (due to deep habits as in Ravn, ...
Working Papers , Paper 2017-33

Journal Article
Firms’ Price-Markup Dynamics During the Great Recession
Hong, Sungki (2018)
The customer capital model is consistent with Great Recession markup dynamics.
Economic Synopses , Issue 20 , Pages 1-2

Journal Article
Trends in Startups’ Share of Jobs in the U.S. and Eighth District
Werner, Devin; Hong, Sungki (2020-03-18)
Startups have been representing a smaller share of all jobs within the U.S. and Eighth District in recent years.
The Regional Economist , Volume 28 , Issue 1

Journal Article
How Many People Does It Take to Start a Company?
Werner, Devin; Hong, Sungki (2020-07-07)
The average number of employees at startups has declined over the past several years.
The Regional Economist , Volume 28 , Issue 2

Journal Article
Industry Connectivity: A Case Study of the Construction Industry
Hong, Sungki; Shell, Hannah (2018)
Industries most related to the construction industry were hit harder by the Great Recession.
Economic Synopses , Issue 33 , Pages 1-2

Journal Article
Factors Behind the Decline in the U.S. Natural Rate of Interest
Hong, Sungki; Shell, Hannah (2019-04-19)
Longer lives and fewer babies have contributed to a lower natural rate of interest.
Economic Synopses , Issue 11

Journal Article
The Impact of Automation on Inequality
Hong, Sungki; Shell, Hannah (2018)
Occupations with large employment and low income have a higher automation probability.
Economic Synopses , Issue 29 , Pages 1-2

Journal Article
The Global Decline of the Natural Rate of Interest and Implications for Monetary Policy
Hong, Sungki; Shell, Hannah (2019-02-01)
A low natural rate of interest in normal times may call for unconventional policy in recessions.
Economic Synopses , Issue 4

Journal Article
Price Markups for Small and Large Firms Over the Business Cycle
Hong, Sungki (2018)
In this essay, I measure markup behaviors at the firm level (as opposed to the aggregate level usually measured in the literature). I use firm-level data in manufacturing sectors of France from the Bureau van Dijk (BvD) Amadeus dataset. I focus on the manufacturing sector because it suits the estimation of production functions.
Economic Synopses , Issue 17 , Pages 1-3