Curriculum Vitae
Download CV [PDF]Yong Hoon Cho
Korea Institute for International Economic Policy
Center for Emerging Economy Studies
Russia and Eurasia Team
Email: yc6tu@virginia.edu
Website: www.yongcho.com
Employment
Associate Research Fellow, Russia and Eurasia Team
Education
Ph.D., Economics
B.A., Economics
B.A., Mathematics
Research Interests
Russian Economy, CIS Economy, Macroeconomics, Financial Economics, Monetary and Fiscal Policy Analysis
Job Market Paper
“Optimal Monetary and Fiscal Policy Rules under Debt Collateralization”
Abstract: This paper studies optimal monetary and fiscal policy when government debt and capital serve as collateral in financial markets. When bonds and capital carry high premiums, firms face reduced access to credit, leading to lower production. In a New Keynesian model with this financial friction, the paper examines whether monetary policy should respond to collateral premiums. Unlike standard New Keynesian models that prescribe infinite inflation response as optimal policy, I find that finite responses are optimal in this setting. This result stems from the interaction between price dynamics and collateral constraints: while surprise deflation generates price adjustment costs, it can relax financial constraints by appreciating the real value of nominal government debt. The optimal monetary policy features a moderate response to inflation and a negative response to collateral premiums. This premium-sensitive monetary rule achieves better consumption stabilization than a standard Taylor rule and allows for less aggressive fiscal adjustments.
Working Papers
“Optimal Monetary and Fiscal Policy Rules under Debt Collateralization” (Job Market Paper)
“Optimal Supply of Government Debt - Collateralization and Overaccumulation of Capital”
Policy Reports
“Analysis of Russia’s Wartime Economy: Focusing on Fiscal and Monetary Policy”
Yong Hoon Cho
KIEP 기초자료 25-06, Korea Institute for International Economic Policy,
December 29, 2025. [in Korean]
“The Impact of the Iran War on the Russian Economy and Policy Implications”
Yong Hoon Cho
KIEP 세계경제포커스 26-32, Korea Institute for International Economic Policy,
May 6, 2026. [in Korean]
“Outcomes of the Korea–Mongolia Summit and Policy Implications”
Yong Hoon Cho, Dongyeon Jung, Kyung Mi Kim
KIEP 세계경제포커스 26-53, Korea Institute for International Economic Policy,
July 23, 2026. [in Korean]
“Dead Soldiers and Dying Machines: Russia's Labor Crisis”
Yong Hoon Cho
KIEP Opinions 348, Korea Institute for International Economic Policy,
Aug 21, 2026.
Teaching Experience
Teaching Assistant, University of Virginia
- Intermediate Macroeconomics — Fall 2024, Spring 2024, Fall 2022
- Intermediate Microeconomics — Spring 2023
- Macroeconomic Policy — Fall 2020, Spring 2021
- Macroeconomics Theory II (Ph.D. course) — Spring 2020
- Principles of Economics: Macroeconomics — Spring 2022
- Principles of Economics: Microeconomics — Fall 2021, Fall 2019
Undergraduate Teaching Assistant, Indiana University
- Principle of Economics: Microeconomics — Fall 2017, Fall 2016
- Principle of Economics: Macroeconomics — Spring 2017, Fall 2017
Skills
Programming: Matlab, Dynare, Python
Languages: English (fluent), Korean (native)