Jeongwoo Moon
I am a Ph.D. candidate in Economics at The Ohio State University.
Currently, I am on the 2024/2025 job market and available for interviews.
Research Interests:
Macroeconomics, Financial Economics,
Financial Intermediation, Financial Friction, Heterogeneous Agent Models
Contact Information
Department of Economics
410 Arps Hall
1945 N. High St., Columbus, OH 43210
+1 (614) 312-2146
Please click here for my CV
Research
Job Market Paper
presented at the 88th Annual Midwest Economic Association Meetings, 19th Economics Graduate Student Conference by Washington University in St. Louis, 11th Northeast Ohio Economics Workshop by Cleveland State University and Federal Reserve Bank of Cleveland
Abstract: This paper analyzes the bank deposit mix and heterogeneous liquidity risk across different sizes, as well as the aggregate implications for financial stability within a model of heterogeneous banks with a deposit market power. I present empirical observations of bank deposit products and composition in the balance sheet across the U.S. bank size distribution. Data shows that banks mix savings and time deposits, with the share of savings deposits increasing as banks grow. In the model, banks engage in liquidity transformation and face liquidity risk due to the potential withdrawal of savings deposits, which incentivizes them to hold liquid assets. Costly but stable time deposits can mitigate withdrawal risk, allowing banks to substitute securities with loans. Withdrawal shock distribution recovered using the model reveals that medium-sized banks are as risky as small banks, despite their significant role in the aggregate asset market. An increased risk of withdrawals in the economy amplifies the banking industry’s response to negative net worth shocks, particularly by further reducing the supply of loans. External liquidity provision can alleviate the impact of these shocks showing a distributional effect, with Medium-sized banks benefiting the most from liquidity provision.
"Pause, Reactivation, and Firm Dynamics" (September 2024)
Abstract: This paper explores the macroeconomic impact of allowing production units to pause and reactivate operations. This option leads to fewer active firms, altering the productivity distribution. Using data on US establishments and a model of heterogeneous firms, I find that temporarily inactive firms can reactivate, as seen in the data. Fewer active firms exist in equilibrium compared to a model without this option. This change reduces aggregate productivity and other aggregate variables. The decline in active firms primarily drives the observed effects.
"Income-based Unsecured Credit and Business Cycles"
Abstract: I examine how unsecured credit limits for different households affect business cycles. Credit limits increase with household income, aligning with default risk literature. When income-based credit limits are applied in models with heterogeneous households, aggregate consumption reacts more strongly to productivity shocks. Low-income households face tighter credit limits and have a higher marginal propensity to consume, making aggregate consumption more responsive. Additionally, I explore how credit shocks impact business cycles in a production economy. A shock that tightens credit limits leads to expansion rather than a recession, suggesting a need to separate household savings from financial intermediaries’ loan supply to produce a recession episode.
Teaching
Independent Instructor
Intermediate Macroeconomic Theory (ECON 4002.01) Summer 2024
Teaching Assistant
Macroeconomic Theory 1B (Ph.D., ECON 8722) Autumn 2021 - 2023
Macroeconomic Theory 2A (Ph.D., ECON 8723) Spring 2024 - 2025
Macroeconomic Theory 2B (Ph.D., ECON 8724) Spring 2022
Principles of Macroeconomics (ECON 2002.01) Autumn 2024
Intermediate Macroeconomic Theory (ECON 4002.01) Autumn 2020, Spring 2021
Intermediate Microeconomic Theory (ECON 4001.01) Autumn 2020
Econometrics 2 (ECON 5420) Spring 2021
Tutor
Ph.D. 1st-year Macroeconomics Qualifying Exam Summer 2023
Award
Departmental Citations for Excellence in Teaching, The Ohio State University, 2022