Our Team
Yongsung Chang
A professor of economics at Seoul National University, Yongsung Chang was a long-term consultant in the Research Department at the Federal Reserve Bank of Richmond. He was also a senior economist at the Richmond Fed from 2003 to 2004.
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Working Papers
November 2025, No. 25-13
When a primary worker' income drops unexpectedly, spousal labor supply and earnings increase to compensate, especially in young households with limited financial assets.
Yongsung Chang, Elin Halvorsen and Marios Karabarbounis
March 2020, No. 20-01RBased on administrative data from Statistics Norway, we find economically significant shifts in households' financial portfolios around individual structural breaks in labor-income volatility.
Yongsung Chang, Jay H. Hong, Marios Karabarbounis, Yicheng Wang and Tao Zhang
July 2018, No. 18-13Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and LuxuriesYongsung Chang, Andreas Hornstein and Marios Karabarbounis
June 2014, No. 14-13RA great uncertainty in the labor market--high unemployment risk, frequent job turnovers, and an unknown career path--prevents young workers from taking too much risk in the financial market. As labor-market uncertainty is resolved over time, workers start taking more risk in their financial portfolios.
Yongsung Chang, Jay H. Hong and Marios Karabarbounis
August 2011, No. 11-04RYongsung Chang and Andreas Hornstein
August 2006, No. 06-6Yongsung Chang, Andreas Hornstein and Pierre-Daniel G. Sarte
May 2006, No. 06-4Yongsung Chang and Andreas Hornstein
April 2005, No. 05-2Yongsung Chang and Jay H. Hong
December 2004, No. 04-9Pierre-Daniel G. Sarte, Andreas Hornstein and Yongsung Chang
January 2004, No. 03-17Yongsung Chang and Sun-Bin Kim
July 2003, No. 03-7Yongsung Chang and Frank Schorfheide
July 2003, No. 03-6Yongsung Chang and Jay H. Hong
July 2003, No. 03-5Yongsung Chang and Sun-Bin Kim
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Bank Publications
Economic Quarterly, First Quarter 2020Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries
Yongsung Chang, Andreas Hornstein and Marios Karabarbounis
Economic Quarterly, Winter 2005Yongsung Chang and Sun-Bin Kim
Our Team
Yongsung Chang
A professor of economics at Seoul National University, Yongsung Chang is a long-term consultant in the Research Department at the Federal Reserve Bank of Richmond. He was a senior economist at the Richmond Fed from 2003 to 2004.