Jaewoo Lee

Last Updated: November 01, 2009

Currently Deputy Division Chief in the Open Economy Macroeconomics Division of the IMF Research Department. Prior to this, Senior Economist in the Research Department, Economist in the Asia-Pacific Department, and Assistant Professor in the University of California at Irvine. Educated in MIT (Ph.D. 1992) and Seoul National University (B.A. 1985).

Email: JLEE3@imf.org

Fluent In: Korean.

Others:

The Valuation Channel of External Adjustment, joint with Fabio Ghironi and Alessandro Rebucci, 2009. (Related earlier version in NBER Working Paper 12937, 2007.)

Accounting for Global Dispersion of Current Accounts, joint with Yongsung Chang and Sun-Bin Kim, 2009.

International Macroeconomic Fluctuations: A New Open Economy Macroeconomics Interpretation, joint with Soyoung Kim, 2009.


Field of Expertise:

Open Economy Macroeconomics

Macro-Financial Issues

International Finance

IMF Books and Working Papers:

Demographic Headwinds in Central and Eastern Europe , Departmental Paper No.19/12 , July 15, 2019

Demographics and Interest Rates in Asia , Working Paper No. 18/172 , July 27, 2018

In Which Exchange Rate Models Do Forecasters Trust? , Working Paper No. 11/116 , May 01, 2011

Forecasting U.S. Investment , Working Paper No. 10/246 , November 01, 2010

U.S. Consumption after the 2008 Crisis , Staff Position Note No. 2010/01 , January 15, 2010

The Valuation Channel of External Adjustment , Working Paper No. 09/275 , December 01, 2009

Accounting for Global Dispersion of Current Accounts , Working Paper No. 09/276 , December 01, 2009

The Case for Global Fiscal Stimulus , Staff Position Note No. 2009/03 , March 06, 2009

Exchange Rate Assessments : CGER Methodologies , Occasional Paper No. 261 , April 07, 2008

Real Exchange Rates and Fundamentals: A Cross-Country Perspective , Working Paper No. 08/13 , January 01, 2008

Financial Versus Monetary Mercantilism: Long-Run View of the Large International Reserves Hoarding , Working Paper No. 06/280 , December 01, 2006

A Fair Exchange? Theory and Practice of Calculating Equilibrium Exchange Rates , Working Paper No. 05/229 , December 01, 2005

International Reserves: Precautionary vs. Mercantilist Views, Theory, and Evidence , Working Paper No. 05/198 , October 01, 2005

New Rates from New Weights , Working Paper No. 05/99 , May 01, 2005

GEM: A New International Macroeconomic Model , Occasional Paper No. 239 , November 30, 2004

Insurance Value of International Reserves: An Option Pricing Approach , Working Paper No. 04/175 , September 01, 2004

Does Productivity Growth Lead to Appreciation of the Real Exchange Rate? , Working Paper No. 03/154 , July 01, 2003

Current Account and Real Exchange Rate Dynamics in the G-7 Countries , Working Paper No. 02/130 , August 01, 2002

Other Published Materials

To Float or Not to Float, Book Review of Too Sensational: On the Choice of Exchange Rate Regimes by W. Max Corden, Finance Development, September 2003, pp.53-4.

Evolution of the Policy on Noninternationalization of the Singapore Dollar, Singapore: Selected Issues , IMF: Washington, D.C., 2001

Other Published Materials

Option Pricing Approach to International Reserves, Review of International Economics, 2009

Global Dispersion in Current Accounts: Is the Universe Expanding? joint with Hamid Faruqee, IMF Staff Papers, 2009

Three Current Accounts--A Semi-structuralist interpretation, joint with Menzie Chinn, Japan and the World Economy, 21: 202-12, 2009.

International Reserves: Precautionary vs. Mercantilist Views, Theory and Evidence (joint with Joshua Aizenman), Open Economies Review, 18(2): 191-214, 2007.

Transfer Effect in National Price Levels, Weltwirtschaftliches Archiv (Review of World Economics), 143(3): 534-556, 2007

Current Account and Real Exchange Rate Dynamics in the G-7 Countries (joint with Menzie Chinn), Journal of International Money and Finance, 25:257-74, 2006.

Political Influence and the Dynamic Consistency of Policy (joint with Michelle Garfinkel), American Economic Review, 90(3):667-680, 2000.

The Role of a Variable Input in the Relationship between Investment and Uncertainty. (joint with Kwanho Shin), American Economic Review, 90(3):649-666, 2000.

Asset Price and Current Account Dynamics (joint with Kyung-Soo Kim), International Economic Journal, 15(3):85-108, 2001.

Reexamination of Dynamic Efficiency with Taxation on Land (joint with Kyung-Soo Kim), Economics Letters, 57(2):169--175, 1997.

Financial Development by Learning, Journal of Development Economics, 50(1):147--164, August 1996.

The Response of Exchange Rate Pass-Through to Market Concentration in a Small Economy: The Evidence from Korea, Review of Economics and Statistics, 79(1):142--145. February 1997.

Intertemporal Substitution in Imported Durables, Journal of International Economics, 44:113-133, 1998

The Effect of Exchange Rate Volatility on Trade in Durables, Review of International Economics, 7(2):189-201, 1999

Election Surprises and Exchange Rate Uncertainty. (joint with Michelle Garfinkel and Amihai Glazer), Economics and Politics , 11(3):255-74,1999.

Financial Versus Monetary Mercantilism--Long-Run View of Large International Reserves Hoarding, joint with Joshua Aizenman, {\em The World Economy}, May 2008 issue Vol. 31 (5).

Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?, joint with Man-Keung Tang. {\it Review of International Economics}, 15(1): 164-187, 2007.

New Rates from New Weights, joint with Tamim Bayoumi and Sarma Jayanthi, {\it IMF Staff Papers}, 53(2):272-305, 2006.

Currently Deputy Division Chief in the Open Economy Macroeconomics Division of the IMF Research Department. Prior to this, Senior Economist in the Research Department, Economist in the Asia-Pacific Department, and Assistant Professor in the University of California at Irvine. Educated in MIT (Ph.D. 1992) and Seoul National University (B.A. 1985).

Email: JLEE3@imf.org

Fluent In: Korean.

Others:

The Valuation Channel of External Adjustment, joint with Fabio Ghironi and Alessandro Rebucci, 2009. (Related earlier version in NBER Working Paper 12937, 2007.)

Accounting for Global Dispersion of Current Accounts, joint with Yongsung Chang and Sun-Bin Kim, 2009.

International Macroeconomic Fluctuations: A New Open Economy Macroeconomics Interpretation, joint with Soyoung Kim, 2009.


Field of Expertise:

Open Economy Macroeconomics

Macro-Financial Issues

International Finance

IMF Books and Working Papers:

Demographic Headwinds in Central and Eastern Europe , Departmental Paper No.19/12 , July 15, 2019

Demographics and Interest Rates in Asia , Working Paper No. 18/172 , July 27, 2018

In Which Exchange Rate Models Do Forecasters Trust? , Working Paper No. 11/116 , May 01, 2011

Forecasting U.S. Investment , Working Paper No. 10/246 , November 01, 2010

U.S. Consumption after the 2008 Crisis , Staff Position Note No. 2010/01 , January 15, 2010

The Valuation Channel of External Adjustment , Working Paper No. 09/275 , December 01, 2009

Accounting for Global Dispersion of Current Accounts , Working Paper No. 09/276 , December 01, 2009

The Case for Global Fiscal Stimulus , Staff Position Note No. 2009/03 , March 06, 2009

Exchange Rate Assessments : CGER Methodologies , Occasional Paper No. 261 , April 07, 2008

Real Exchange Rates and Fundamentals: A Cross-Country Perspective , Working Paper No. 08/13 , January 01, 2008

Financial Versus Monetary Mercantilism: Long-Run View of the Large International Reserves Hoarding , Working Paper No. 06/280 , December 01, 2006

A Fair Exchange? Theory and Practice of Calculating Equilibrium Exchange Rates , Working Paper No. 05/229 , December 01, 2005

International Reserves: Precautionary vs. Mercantilist Views, Theory, and Evidence , Working Paper No. 05/198 , October 01, 2005

New Rates from New Weights , Working Paper No. 05/99 , May 01, 2005

GEM: A New International Macroeconomic Model , Occasional Paper No. 239 , November 30, 2004

Insurance Value of International Reserves: An Option Pricing Approach , Working Paper No. 04/175 , September 01, 2004

Does Productivity Growth Lead to Appreciation of the Real Exchange Rate? , Working Paper No. 03/154 , July 01, 2003

Current Account and Real Exchange Rate Dynamics in the G-7 Countries , Working Paper No. 02/130 , August 01, 2002

Other Published Materials

To Float or Not to Float, Book Review of Too Sensational: On the Choice of Exchange Rate Regimes by W. Max Corden, Finance Development, September 2003, pp.53-4.

Evolution of the Policy on Noninternationalization of the Singapore Dollar, Singapore: Selected Issues , IMF: Washington, D.C., 2001

Other Published Materials

Option Pricing Approach to International Reserves, Review of International Economics, 2009

Global Dispersion in Current Accounts: Is the Universe Expanding? joint with Hamid Faruqee, IMF Staff Papers, 2009

Three Current Accounts--A Semi-structuralist interpretation, joint with Menzie Chinn, Japan and the World Economy, 21: 202-12, 2009.

International Reserves: Precautionary vs. Mercantilist Views, Theory and Evidence (joint with Joshua Aizenman), Open Economies Review, 18(2): 191-214, 2007.

Transfer Effect in National Price Levels, Weltwirtschaftliches Archiv (Review of World Economics), 143(3): 534-556, 2007

Current Account and Real Exchange Rate Dynamics in the G-7 Countries (joint with Menzie Chinn), Journal of International Money and Finance, 25:257-74, 2006.

Political Influence and the Dynamic Consistency of Policy (joint with Michelle Garfinkel), American Economic Review, 90(3):667-680, 2000.

The Role of a Variable Input in the Relationship between Investment and Uncertainty. (joint with Kwanho Shin), American Economic Review, 90(3):649-666, 2000.

Asset Price and Current Account Dynamics (joint with Kyung-Soo Kim), International Economic Journal, 15(3):85-108, 2001.

Reexamination of Dynamic Efficiency with Taxation on Land (joint with Kyung-Soo Kim), Economics Letters, 57(2):169--175, 1997.

Financial Development by Learning, Journal of Development Economics, 50(1):147--164, August 1996.

The Response of Exchange Rate Pass-Through to Market Concentration in a Small Economy: The Evidence from Korea, Review of Economics and Statistics, 79(1):142--145. February 1997.

Intertemporal Substitution in Imported Durables, Journal of International Economics, 44:113-133, 1998

The Effect of Exchange Rate Volatility on Trade in Durables, Review of International Economics, 7(2):189-201, 1999

Election Surprises and Exchange Rate Uncertainty. (joint with Michelle Garfinkel and Amihai Glazer), Economics and Politics , 11(3):255-74,1999.

Financial Versus Monetary Mercantilism--Long-Run View of Large International Reserves Hoarding, joint with Joshua Aizenman, {\em The World Economy}, May 2008 issue Vol. 31 (5).

Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?, joint with Man-Keung Tang. {\it Review of International Economics}, 15(1): 164-187, 2007.

New Rates from New Weights, joint with Tamim Bayoumi and Sarma Jayanthi, {\it IMF Staff Papers}, 53(2):272-305, 2006.