Choongryul Yang

I'm very excited to share that I joined @AtlantaFed as a Research Economist and Assistant Advisor! Grateful for my incredible colleagues at @federalreserve and looking forward to this next chapter in Atlanta!

R.I.P. Christopher Sims (21 Oct. 1942 - 14 March 2026) - a giant in macroeconomics and one of the finest human beings I have ever met -

Super excited to be giving this lecture at @vox_dev! With @SposiMichael, I'll be discussing about industrial development, export-led growth, and industrial policy. Many thanks to @vox_dev for this opportunity.

This suggests the effectiveness of monetary policy isn't constant—it hinges on the shifting landscape of public attention. I hope you'll find it an interesting read! Comments and feedback are very welcome! #EconTwitter #MonetaryPolicy #Inflation #Economics #FEDS

We develop a model and use survey data to show MP only affects inflation expectations of those who are actively paying attention, and this expectations channel is most powerful during uncertain times and among people with higher financial stakes, like stockholders and homeowners.

Happy to share our new paper, "Attention-Dependent Monetary Transmission to Household Beliefs," co-authored with Jaemin and Eunseong. Why does the same policy action from the Fed sometimes have different effects? Our paper shows that it depends on who is paying attention.

Household attention acts as a crucial gatekeeper for monetary policy's effect on expectations. New #FEDSPaper shows this channel is most potent when people are already paying attention during recessions and among those with high financial stakes. federalreserve.gov/econres/feds/a…

Looking forward to @SEDmeeting in Copenhagen from tomorrow! Come and check out our session on Housing and Rental Markets on Saturday, with @andyecon and @_ChoongYang. I'll be presenting my recent paper on the "Home Purchase Channel of Expenditure".

I’m excited to present our paper “What can measured beliefs tell us monetary non-neutrality?” with @hafrouzi and @joel_flynn at this great conference at the ECB on Tuesday morning! Looking forward to interacting with many leading scholars in this field!

Our joint conference with the Bank of Canada and the Federal Reserve Bank of New York on Expectations Surveys, Central Banks and the Economy kicks off on Tuesday. Follow live from 9:00 CET ecb.europa.eu/press/conferen…

@PfaeutiEcon @klaus_adam @timo_reinelt Great paper! Congratulations!

Very happy that our paper "Subjective Housing Price Expectations, Falling Natural Rates, and the Optimal Inflation Target" with @klaus_adam and @timo_reinelt is now in press at the Journal of Monetary Economics! Short thread:

How can measured beliefs elucidate the real effects of monetary shocks? The authors highlight the interaction between firms’ beliefs & price-setting behaviors, revealing the crucial role of cross-sectional data on uncertainty & pricing durations. federalreserve.gov/econres/feds/w…

I'm excited that our new paper will be presented today in the Impulse and Propagation Mechanism session of the NBER SI, which will be live-streamed at 11:15 ET via YouTube. Watch it here 😀: youtube.com/live/ci5HzGJZd…

Studying how measured beliefs can be used to identify monetary non-neutrality, from @hafrouzi, @joel_flynn, and @ChoongYang nber.org/papers/w32541

@MamoonKader @ShihanXie Thanks, Mamoon!

@_ChoongYang @ShihanXie Great Paper!

Very excited to see our paper "Effects of monetary policy on household expectations: The role of homeownership" (with Hie Joo Ahn and @ShihanXie ) is now available online in the Journal of Monetary Economics! 👇1/4 sciencedirect.com/science/articl…

@ttwwecon @ShihanXie Thank you so much!

@_ChoongYang @ShihanXie Congrats!

@MacroInPieces @ShihanXie Thank you, Felipe!

Our model predicts limited pass-through of forward guidance shocks into perceived real rates and muted effects on the economy due to rational inattention motives, resulting in a slower understanding and response to the announced monetary policy shocks. 4/4 #econtwitter

We build a rational inattention model to characterize this empirical finding, highlighting how mortgage payments create an incentive for homeowners to acquire information on monetary policy. 3/4