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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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
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Working Papers
March 2020, No. 20-01R
Based 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
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.