Welcome! I am a Research Fellow at the Korea Capital Market Institute(KCMI).
I study the intersection between monetary policy, financial intermediaries and housing market.
PhD, UC Berkeley Haas, 2025
MS, Duke University, 2019
BA, Korea University, 2017
I use property-level data merged with loan-level data to document three empirical facts about the relationship between interest rates and rental prices for properties financed through government-sponsored entity (GSE) commercial mortgage-backed securities (CMBS) loans. First, rental prices rise when interest rates increase. Second, rental prices do not decline when interest rates fall. Third, this asymmetric pass-through of interest rates primarily occurs among properties that are liquidity constrained due to debt-service coverage ratios (DSCR). These empirical facts cannot be rationalized with standard neoclassical models that assume pricing decisions are unaffected by fixed costs like mortgage payments. I propose an alternative model that rationalizes the pass-through of interest rates by incorporating liquidity constraints imposed by DSCR, which can create asymmetric responses to changes in interest rates.
with
Clifton Green,
Russell Jame,
Jaemin Lee
Presented at FMA (2022), AFA (2023)
"Housing Supply Elasticities Across Time and Space and Media Sentiment" with Denis Gorea, Boris Hofmann, Deniz Igan
"Spatially Targeted Leverage Regulation and Rental Housing" with Konhee Chang