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Author:Hong, Sungki 

Journal Article
Mapping the U.S. Production Network: Identifying Hub Industries

Identifying key suppliers and buyers could help identify the cause of certain economic downturns.
Economic Synopses , Issue 31 , Pages 1-2

Journal Article
U.S. States Hit the Hardest by COVID-19 Have Lower Unemployment Risks

States with relatively more COVID-19 cases tend to have a workforce less likely to face unemployment.
Economic Synopses , Issue 12

Journal Article
Industry Connectivity: A Case Study of the Construction Industry

Industries most related to the construction industry were hit harder by the Great Recession.
Economic Synopses , Issue 33 , Pages 1-2

Journal Article
60% of District's Jobs Could Face Automation in the Next 20 Years

Jobs in the St. Louis Fed?s District face a higher risk of automation than do jobs nation-wide. Smaller MSAs in the District will face bigger impact.
The Regional Economist , Volume 26 , Issue 3

Construction’s Impact on Other Industries during the Great Recession

Industries that trade heavily with the construction industry were hit sooner and harder by the Great Recession than those that don’t.
On the Economy

Working Paper
Markup Cyclicality: A Tale of Two Models

Many models in the business cycle literature generate counter-cyclical price markups. This paper examines if the prominent models in the literature are consistent with the empirical findings of micro-level markup behavior in Hong (2016). In particular, I test the markup behavior of the following two models: (i) an oligopolistic competition model, and (ii) a New Keynesian model with heterogeneous price stickiness. First, I explore the Atkeson and Burstein (2008) model of oligopolistic competition, in which markups are an increasing function of firm market shares. Coupled with an exogenous ...
Working Papers , Paper 2017-34

Working Paper
Capital Gains Taxation and Investment Dynamics

This paper quantifies the long-run effects of reducing capital gains taxes on aggregate investment. We develop a dynamic general equilibrium model with heterogeneous firms, which face discrete capital gains tax rates based on firm size. We calibrate our model by targeting micro moments and a difference-in-differences estimate of the capital stock response based on the institutional setting and policy reform in Korea. We find that the reform that reduced the capital gains tax rates for a subset of firms substantially increased investment in the short run, and capturing general equilibrium ...
Working Papers , Paper 2018-31

Journal Article
Factors Behind the Decline in the U.S. Natural Rate of Interest

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

Occupations with large employment and low income have a higher automation probability.
Economic Synopses , Issue 29 , Pages 1-2

Startups Account for Smaller Share of U.S. Jobs

Since 1994, startup firms have seen their share of U.S. employment shrink.
On the Economy

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