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Author:Hong, Sungki 

Working Paper
Capital Gains Taxation and Investment Dynamics

This paper quantifies the long-run effects of reducing capital gains taxes on aggregate investment. We develop a dynamic general equilibrium model with heterogeneous firms, which face discrete capital gains tax rates based on firm size. We calibrate our model by targeting micro moments and a difference-in-differences estimate of the capital stock response based on the institutional setting and policy reform in Korea. We find that the reform that reduced the capital gains tax rates for a subset of firms substantially increased investment in the short run, and capturing general equilibrium ...
Working Papers , Paper 2018-31

Working Paper
Capital Gains Taxation and Investment Dynamics

This paper quanti?es the long-run effects of reducing capital gains taxes on aggregate investment. We develop a dynamic general equilibrium model with heterogeneous ?rms, which face discrete capital gains tax rates based on their ?rm size. We calibrate our model by targeting relevant micro moments as well as the difference-in-differences estimate of the capital elasticity based on the institutional setting and a policy reform in Korea. We ?nd that the ?rm-size reform that reduced the capital gains tax rates from 24 percent to 10 percent for the affected ?rms increased aggregate investment by ...
Working Papers , Paper 2018-31

Working Paper
Markup Cyclicality: A Tale of Two Models

Many models in the business cycle literature generate counter-cyclical price markups. This paper examines if the prominent models in the literature are consistent with the empirical findings of micro-level markup behavior in Hong (2016). In particular, I test the markup behavior of the following two models: (i) an oligopolistic competition model, and (ii) a New Keynesian model with heterogeneous price stickiness. First, I explore the Atkeson and Burstein (2008) model of oligopolistic competition, in which markups are an increasing function of firm market shares. Coupled with an exogenous ...
Working Papers , Paper 2017-34

Working Paper
Customer Capital, Markup Cyclicality, and Amplification

This paper studies the importance of firm-level price markup dynamics for business cycle fluctuations. Using state-of-the-art IO techniques to measure the behavior of markups over the business cycle at the firm level, I find that markups are countercyclical with an average elasticity of -1.1 with respect to real GDP. Importantly, I find substantial heterogeneity in markup cyclicality across firms, with small firms having significantly more counter-cyclical markups than large firms. Then, I develop a general equilibrium model by embedding customer capital (due to deep habits as in Ravn, ...
Working Papers , Paper 2017-33

Journal Article
How Important Are Production Networks to the U.S. Economy?

As manufacturing grows more sophisticated, industries become more interconnected through production networks.
The Regional Economist , Volume 26 , Issue 4

Journal Article
60% of District's Jobs Could Face Automation in the Next 20 Years

Jobs in the St. Louis Fed?s District face a higher risk of automation than do jobs nation-wide. Smaller MSAs in the District will face bigger impact.
The Regional Economist , Volume 26 , Issue 3

Journal Article
Moving In, Moving Out: The Migration Pattern of the Eighth District

Education and income differed between those leaving and those entering the District states from 2013-2017.
The Regional Economist , Volume 27 , Issue 3

Journal Article
Trends in Startups’ Share of Jobs in the U.S. and Eighth District

Startups have been representing a smaller share of all jobs within the U.S. and Eighth District in recent years.
The Regional Economist , Volume 28 , Issue 1

Journal Article
How Many People Does It Take to Start a Company?

The average number of employees at startups has declined over the past several years.
The Regional Economist , Volume 28 , Issue 2

Journal Article
Mapping the U.S. Production Network: Identifying Hub Industries

Identifying key suppliers and buyers could help identify the cause of certain economic downturns.
Economic Synopses , Issue 31 , Pages 1-2

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