Minwook Kang

(updated: Sep 2022)


Email: kangmw@korea.ac.kr

Website: minwookkang.online


Department of Economics

Korea University

145 Anam-ro, Seongbuk-gu

Seoul 02841, South Korea


Academic position


Associate Professor, Department of Economics

Korea University           Mar 2022 ~ Present


Assistant Professor, Department of Economics

Korea University        Sep 2021 ~ Feb 2022


Assistant Professor, Division of Economics

Nanyang Technological University (NTU), Singapore                  July 2013 ~ Aug 2021




PhD    Cornell University, Economics         2013

Thesis Title: Price Level Volatility and Incomplete Financial Markets


MA     University of Pennsylvania, Economics                                            2006


MS      University of California at Los Angeles, Electrical Engineering           2005


BS       Seoul National University, Electrical Engineering                          2001


Research Interests


Research Areas:                                         

Macro-finance; Public finance; Economic theory


Research Topics:                                        

Corporate tax policy, Inflation-indexed bonds, Bank runs, Utility recovery theory, Incomplete financial markets, Welfare cost of business cycles, Transfer problem, Industrial subsidy policy, Hyperbolic discounting, Sunspot equilibrium, Extrinsic uncertainty


Journal Articles


Inflation-linked Bonds in Incomplete Markets with Sunspots, forthcoming, Macroeconomic Dynamics.


Addiction, present-bias, and self-restraint (with Lawrence Jin), Southern Economic Journal, Vol. 89(1), pp. 138-159, 2022.


The positive impact of investment subsidies on the economy with present-biased consumers, Quarterly Review of Economics and Finance, Vol 99, pp. 229-235, 2022.


Durable Goods as Commitment Devices under Quasi-Hyperbolic Discounting (with Jingoo Kang), Journal of Mathematical Economics, Vol. 99, 102561, 2022.


Aggregate savings under quasi-hyperbolic versus exponential discounting, Economics Letters, Vol. 207, 110006, 2021.


Can Optimism be a Remedy for Present Bias? (with Sandy Lei Ye), Journal of Money, Credit and Banking, Vol. 53(1), pp. 201-231, 2021.


Demand Deposit Contracts and Bank Runs with Present Biased Preferences, Journal of Banking and Finance, Vol. 119, 105901, 2020.


Industrial Subsidy Policy and the Optimal Level of Specialization (with Ram Sewak Dubey), Economic Modelling, Vol. 91, pp. 81-88, 2020.


Inflation-indexed Bonds and Nominal Bonds: Financial Innovation and Precautionary Motives, Journal of Money, Credit and Banking, Vol. 52(4), pp. 721-745, 2020.


Transfer Paradox in a Stable Equilibrium (with Ram Sewak Dubey), Economic Theory Bulletin, Vol. 7(2), pp. 259-269, 2019.


Pareto-Improving Tax Policies under Hyperbolic Discounting, International Tax and Public Finance, Vol. 26(3), pp. 618-660, 2019.


The Welfare Cost of Excess Volatility in Incomplete Markets with Sunspots, Macroeconomic Dynamics, Vol. 23(3), pp. 1062-1073, 2019.


Present Bias and Corporate Tax Policies (with Lei Sandy Ye), Journal of Public Economic Theory, Vol. 21(9), pp. 265-290, 2019.


Pareto Criterion and Long-Term Perspective Criterion under Myopic Discounting (with Lei Wang), Economics Bulletin, Vol. 39(1), pp. 24-31, 2019.


Comparative Advantage and Strategic Specialization, Review of International Economics, Vol. 26(1), pp. 1-19, 2018.


Advantageous Redistribution with Three Smooth CES Preferences (with Lei Sandy Ye), Journal of Mathematical Economics, Vol. 67, pp. 171-180, 2016.


Risk Neutrality Regions (with Yakar Kannai, Larry Seldon and Xiao Wei), Journal of Mathematical Economics, Vol. 62, pp. 75-89, 2016.


Welfare Criteria for Quasi-hyperbolic Time Preferences, Economics Bulletin, Vol. 35(4), pp. 2506-2511, 2015.


Price-Level Volatility and Welfare in Incomplete Markets with Sunspots, Journal of Mathematical Economics, Vol. 56, pp. 58-66, 2015.


Non-Connectedness of the Set of Bankruptcy-Free Money Equilibria in the Static Economy: A Constructive Example, Macroeconomic Dynamics, Vol. 18(7), pp. 1539-1546, 2014.


Coalition-Enhancing Fiscal Policies in an Open Economy: A CES Framework of Gale's Transfer Paradox (with Lei Sandy Ye), Journal of Mathematical Economics, Vol. 50, pp. 141-147, 2014.


Book Chapter


Winners and Losers from Price-Level Volatility: Money Taxation and Information Frictions (with Guido Cozzi, Aditya Goenka, and Karl Shell) In Sunspots and Non-Linear Dynamics: Essays in Honor of Jean-Michel Grandmont, K. Nishimura, A. Venditti, and N. C. Yannelis (Eds.), Volume 31 of Studies in Economic Theory, Springer Verlag, 2017.


Working Papers


Dividend and corporate income taxation with present-based consumers (with Lei Sandy Ye)


Price Level Volatility and Optimal Taxation (with Guido Cozzi, Aditya Goenka, and Karl Shell)


Welfare costs from output and price fluctuations with heterogeneous risk preferences (with Ram Sewak Dubey)


Commitment Value of Human-Capital Investments under Present Bias (with Lawrence Jin)


Optimal taxation of durable and nondurable goods under quasi-hyperbolic discounting


Commitment, Myopia and Savings




Referee Service


Economic Modelling; Journal of Economic Theory; Macroeconomic Dynamics; Singapore Economic Review; International Tax and Public Finance; The Manchester School; Scandinavian Journal of Economics; Journal of Public Economic Theory; Economics Letters


Conferences & Seminars


2021: Western Economic Association International (March 17-19, 2021, Virtual)


2020: Chonnam National University (Online, Oct 13)


2019: Asian Meeting of the Econometric Society (June 14-16, 2019, Xiamen University); Singapore Economic Review Conference (Aug 5-7, 2019, Singapore)


2018: Kobe-Hanyang-NTU workshop (Sep)


2017: Asian Meeting of the Econometric Society (June 3-5, 2017, the Chinese University of Hong Kong); AEI-Five Joint Conference (May 29-30, 2017, Seoul National University)


2016: Aoyama Gakuin University (Jun); Senshu University DSGE Workshop (Jun), Western Economic Association International (WEAI) Confernce (Jan 07-10, 2016, Singapore)


2015: Hanyang University (May); NTU-Hiroshima workshop (Mar); Kobe-Hanyang-NTU workshop (Apr), Kaist Business School (Sep)


2014: National University of Singapore; Seoul National University (Nov)


2013: Kaist, Korea; Unist, Korea; Nanyang Technological University; Kyung Hee University, Korea (Oct).



Teaching Experience


Financial Economics (Undergraduate) 2021


Macroeconomics Theory I (Graduate) 2021


Monetary Economics (Undergraduate) 2014 – 2020


Intermediate Macroeconomics (Undergraduate)                        2014 – 2021


Macroeconomics Principles (Undergraduate)                                    2013



Past Employment


The Sol C. Snider Entrepreneurial Research Center, Philadelphia, PA


-         Researcher (Apr 2008 – Aug 2009); Research Assistant (Oct 2006 – Mar 2008)


The Republic of Korea Marine Corps (ROTC)                      Mar 2001 – Feb 2003


-         Retired as a First Lieutenant