Journal Article
Mapping the U.S. Production Network: Identifying Hub Industries
Hong, Sungki; Sun, Qiuhan; Shell, Hannah (2018)
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
Werner, Devin; Hong, Sungki (2020-04-03)
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
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
60% of District's Jobs Could Face Automation in the Next 20 Years
Hong, Sungki; Shell, Hannah (2018)
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
Shell, Hannah; Hong, Sungki (2020-07-28)
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
Hong, Sungki (2017-09-21)
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
Moon, Terry S.; Hong, Sungki (2019-12-12)
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
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

Startups Account for Smaller Share of U.S. Jobs
Werner, Devin; Hong, Sungki (2020-06-23)
Since 1994, startup firms have seen their share of U.S. employment shrink.
On the Economy