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Seung Jung Lee

Senior Economic Project Manager

International Financial Stability Section

International Finance


seung.j.lee@frb.gov
Education
  • Ph.D., Economics, University of Chicago, 2006
  • M.A., Economics, University of Chicago, 2001
  • B.A., Economics, Yale University, 1998
  • Current Research Topics

  • Limits to Monetary Policy Pass-through
  • Financial Crises and Macroprudential Policy
    • Senior Economic Project Manager

      Board of Governors of the Federal Reserve System

    • 2015 - present
    • Principal Economist, International Financial Stability Section

      Board of Governors of the Federal Reserve System

    • 2014 - 2015
    • Senior Economist, Banking Analysis Section

      Board of Governors of the Federal Reserve System

    • 2009 - 2014
    • Economist, Quantitative Risk Management Section

      Board of Governors of the Federal Reserve System

    • 2006 - 2008
  • Lee, Seung Jung, and Viktors Stebunovs (2016). "Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment," Journal of Economics and Business, vol. 83, pp. 44-69.
  • Lee, Seung Jung, and Viktors Stebunovs (2016). "Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment," International Finance Discussion Papers 1161. Board of Governors of the Federal Reserve System (U.S.).
  • Aramonte, Sirio, Seung Jung Lee, and Viktors Stebunovs (2015). "Risk Taking and Low Longer-term Interest Rates: Evidence from the U.S. Syndicated Loan Market," Finance and Economics Discussion Series 2015-068. Washington: Board of Governors of the Federal Reserve System.
  • Bassett, William F., Seung Jung Lee, and Thomas Popeck Spiller (2015). "Estimating Changes in Supervisory Standards and their Economic Effects," Journal of Banking & Finance, vol. 60, no. 11, pp. 21-43.
  • Aikman, David, Michael T. Kiley, Seung Jung Lee, Michael G. Palumbo, and Missaka N. Warusawitharana (2015). "Mapping Heat in the U.S. Financial System: A Summary," FEDS Notes 2015-08-05. Board of Governors of the Federal Reserve System (U.S.).
  • Aikman, David, Michael T. Kiley, Seung Jung Lee, Michael G. Palumbo, and Missaka N. Warusawitharana (2015). "Mapping Heat in the U.S. Financial System," Finance and Economics Discussion Series 2015-059. Washington: Board of Governors of the Federal Reserve System.
  • Haltenhof, Samuel, Seung Jung Lee, and Viktors Stebunovs (2014). "The Credit Crunch and Fall in Employment during the Great Recession," Journal of Economic Dynamics and Control, vol. 43, pp. 31-57.
  • Haltenhof, Samuel, Seung Jung Lee, and Viktors Stebunovs (2014). "The Credit Crunch and Fall in Employment during the Great Recession," Finance and Economics Discussion Series 2014-06. Board of Governors of the Federal Reserve System (U.S.).
  • Bassett, William F., Seung Jung Lee, and Thomas W. Spiller (2012). "Estimating Changes in Supervisory Standards and Their Economic Effects," Finance and Economics Discussion Series 2012-55. Board of Governors of the Federal Reserve System (U.S.).
  • Lee, Seung Jung, and Viktors Stebunovs (2012). "Bank Capital Ratios and the Structure of Nonfinancial Industries," Finance and Economics Discussion Series 2012-53. Board of Governors of the Federal Reserve System (U.S.).
  • Lee, Seung Jung, and Jonathan D. Rose (2010). "Profits and Balance Sheet Developments at U.S. Commercial Banks in 2009," Federal Reserve Bulletin, vol. 96, pp. A1-A37.
  • Lee, Seung Jung (2009). "How Information Quality of Macro Aggregates Affects Sovereign Risk: An Empirical Investigation," Review of International Economics, vol. 17, no. 3, pp. 510-532.
  • Lee, Seung Jung (2006). "An Inquiry into the Effects of Information Quality of Macro Aggregates on Sovereign Risk," Ph.D. Dissertation, University of Chicago.
  • Lee, Seung Jung (1997). "The Financial Crisis in Korea," Senior Thesis, Yale University.
  • conference

    December 2016

    2016 Financial Stability Conference, Washington, DC

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    November 2016

    2016 Southern Economics Association Annual Meeting, Washington, DC

    Anatomy of Financial Crises

  • conference

    November 2016

    2016 Southern Finance Association Annual Meeting, Sandestin, FL

    Anatomy of Financial Crises

  • conference

    November 2016

    2016 Southern Finance Association Annual Meeting, Sandestin, FL

    Prudential Policies and Their Impact on Credit in the United States

  • discussion

    November 2016

    2016 Southern Finance Association Annual Meeting, Sandestin, FL

    Discussion: When Time Is Not on Our Side: The Costs of Regulatory Forbearance in the Closure of Insolvent Banks

  • conference

    November 2016

    System Committee Meeting on Financial Structure and Regulation, Federal Reserve Bank of San Francisco, San Francisco, CA

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • conference

    October 2016

    2016 Financial Management Association Annual Meeting, Las Vegas, NV

    The Effects of U.S. Unconventional Monetary Policy on Employment in Disaggregated Data

  • conference

    October 2016

    2016 Stress Testing Research Conference, Federal Reserve Bank of Boston, Boston, MA

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    October 2016

    2016 Federal Reserve System Surveillance Conference, Federal Reserve Bank of Cleveland, Cleveland, OH

    Anatomy of Financial Crises

  • seminar

    September 2016

    Division of International Finance Policy Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • seminar

    August 2016

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: Evidence from Syndicated Leveraged Loan Markets

  • conference

    July 2016

    Regional Conference on International Financial Standards Implementation, CEMLA, Mexico City, Mexico

    Anatomy of Financial Crises

  • conference

    July 2016

    2016 Western Economic Association International Meeting, Portland, OR

    The Effects of U.S. Unconventional Monetary Policy on Employment in Disaggregated Data

  • conference

    July 2016

    2016 International Banking, Economics, and Finance Association Summer Meeting, Portland, OR

    Anatomy of Financial Crises

  • discussion

    July 2016

    2016 Western Economic Association International Meeting, Portland, OR

    Discussion: Impact of Fiscal and Monetary Policy on Heterogeneous Labor, under Limited Participation

  • discussion

    July 2016

    2016 Western Economic Association International Meeting, Portland, OR

    Discussion: Do Shocks to Animal Spirits Cause Output Fluctuations?

  • discussion

    July 2016

    2016 International Banking, Economics, and Finance Association Summer Meeting, Portland, OR

    Discussion: The Signalling Content of Asset Prices for Inflation

  • conference

    June 2016

    Closing Conference of the BIS CCA CGDFS Working Group, Mexico City, Mexico

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    June 2016

    IFABS 2016 Barcelona Conference on Risk in Financial Markets and Institutions, Barcelona, Spain

    Anatomy of Financial Crises

  • seminar

    April 2016

    Division of International Finance Policy Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Anatomy of Financial Crises

  • seminar

    March 2016

    Division of International Finance Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Prudential Policies and Their Impact on Credit in the United States

  • seminar

    March 2016

    The U.S. Department of the Treasury, Washington, DC

    Financial Vulnerabilities and Crises

  • conference

    March 2016

    2016 Midwest Finance Association Annual Meeting, Atlanta, GA

    Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment

  • discussion

    March 2016

    2016 Midwest Finance Association Annual Meeting, Atlanta, GA

    Discussion: Dynamics of Capital Regulation and US Banks' Risk-Taking

  • conference

    January 2016

    2016 American Economic Association Annual Meeting, San Francisco, CA

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market

  • seminar

    December 2015

    Center for Financial Research Seminar, Federal Deposit Insurance Corporation, Washington, DC

    Risk Taking and Interest Rates: Evidence from Syndicated Loan Markets

  • conference

    November 2015

    2015 Southern Finance Association Annual Meeting, Captiva Island, FL

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • conference

    October 2015

    2015 Financial Management Association Annual Meeting, Orlando, FL

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • discussion

    October 2015

    2015 Financial Management Association Annual Meeting, Orlando, FL

    Discussion: Bank Equity Capital and Risk-Taking Behavior: The Effect of Competition

  • discussion

    October 2015

    2015 Financial Management Association Annual Meeting, Orlando, FL

    Discussion: Corporate Cash Holdings and Monetary Shocks

  • conference

    September 2015

    2015 RiskLab / Bank of Finland / ESRB Conference on Systemic Risk Analytics, Helsinki, Finland

    Mapping Heat in the U.S. Financial System

  • conference

    August 2015

    Bank of International Settlements CCA CGDFS Research Group Meeting, Mexico City, Mexico

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    August 2015

    X Seminar on Risk, Financial Stability, and Banking of the Banco Central do Brasil, Sao Paulo, Brazil

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • conference

    June 2015

    2015 Western Economic Association International Meeting, Honolulu, HI

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • discussion

    June 2015

    2015 Western Economic Association International Meeting, Honolulu, HI

    Discussion: Asset Price Bubbles and Monetary Policy

  • conference

    June 2015

    Class of Circa 2005 Reunion Conference, University of Chicago, Chicago, IL

    Mapping Heat in the U.S. Financial System

  • conference

    May 2015

    Georgetown Center for Economic Research Bienniel Conference, Washington, DC

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • conference

    May 2015

    Midwest Macroeconomics Meetings, Washington University, St. Louis, MO

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • seminar

    April 2015

    Division of Research and Statistics Policy Brownbag Seminar, Board of Governors of the Federal Reserve System, Washington, DC

    Mapping Heat in the U.S. Financial System

  • conference

    October 2014

    2014 Financial Management Association Annual Meeting, Nashville, TN

    Risk Taking and Low Longer-Term Interest Rates: Evidence from the U.S. Syndicated Loan Market

  • discussion

    October 2014

    2014 Financial Management Association Annual Meeting, Nashville, TN

    Discussion: The Impact of Unconventional Monetary Policies: Evidence from Corporate Credit Markets

  • seminar

    September 2014

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • conference

    September 2014

    2014 Northern Finance Association Conference, Ottawa, Canada

    Risk Taking and Low Longer-Term Interest Rates: Evidence from the U.S. Syndicated Loan Market

  • conference

    June 2014

    2014 Western Economic Association International Meeting, Denver, CO

    Low Interest Rates and Risk Reallocation in the U.S. Syndicated Loan Market

  • discussion

    June 2014

    2014 Western Economic Association International Meeting, Denver, CO

    Discussion: Banking Consolidation and Changes in Banks' Portfolio--Coincidence or the Genesis of Financial Instability

  • seminar

    June 2014

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Low Interest Rates and Risk Reallocation in the U.S. Syndicated Loan Market

  • conference

    May 2014

    Midwest Macroeconomics Meetings, University of Missouri, Columbus, MO

    The Credit Crunch and Fall in Employment during the Great Recession

  • conference

    March 2014

    2014 Midwest Economic Association Annual Meeting, Evanston, IL

    Bank Capital Ratios and Employment in Nonfinancial Industries

  • discussion

    March 2014

    2014 Midwest Economic Association Annual Meeting, Evanston, IL

    Discussion: Did the Reserve Requirement Increases of 1936-1937 Reduce Bank Lending? Evidence from a Natural Experiment

  • conference

    January 2014

    2014 American Economic Association Annual Meeting, Philadelphia, PA

    Estimating Changes in Supervisory Standards and their Economic Effects

  • conference

    October 2013

    2013 Financial Management Association Annual Meeting, Chicago, IL

    Bank Lending Channels During the Great Recession

  • conference

    October 2013

    2013 Financial Management Association Annual Meeting, Chicago, IL

    Estimating Changes in Supervisory Standards and their Economic Effects

  • discussion

    October 2013

    2013 Financial Management Association Annual Meeting, Chicago, IL

    Discussion: The Effect of Bank Shocks on Corporate Financing and Investment: Evidence from 2007 - 2009 Financial Crisis

  • conference

    September 2013

    2013 Northern Finance Association Conference, Quebec City, Canada

    Estimating Changes in Supervisory Standards and their Economic Effects

  • conference

    June 2013

    2013 Western Economic Association International Meeting, Seattle, WA

    Bank Lending Channels During the Great Recession

  • conference

    January 2013

    2013 American Economic Association Annual Meeting, San Diego, CA

    Bank Lending Channels During the Great Recession

  • seminar

    December 2012

    Bank of Korea (DC Office) Brown Bag Seminar, Washington, DC

    Estimating Changes in Supervisory Standards and their Economic Effects

  • conference

    November 2012

    Statistics Orientation Session Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Survey of Terms of Lending Reports and Uses

  • conference

    October 2012

    2012 Financial Management Association Annual Meeting, Atlanta, GA

    Bank Capital Ratios and Employment in Nonfinancial Industries

  • discussion

    October 2012

    2012 Financial Management Association Annual Meeting, Atlanta, GA

    Discussion: Making the Case for Corporate Bond Clawbacks as a Contingent Capital Requirement for Large Complex Financial Institutions

  • conference

    October 2012

    System Committee Meeting on Financial Structure and Regulation, Federal Reserve Bank of Chicago, Chicago, IL

    Firm and Household Access to Credit and Non-Financial Employment Over the Great Recession

  • seminar

    May 2012

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    The Role of Credit to Households and Firms in the Non-Financial Employment Dynamics over the Great Recession

  • conference

    November 2011

    Small Business and Entrepreneurship during an Economic Recovery, Board of Governors of the Federal Reserve System, Washington, DC

    Bank Capital Ratios and the Structure of Nonfinancial Industries

  • conference

    October 2011

    Statistics Orientation Session Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Survey of Terms of Lending Reports and Uses

  • conference

    October 2011

    Regional System Committee Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Bank Capital Ratios and the Structure of Nonfinancial Industries

  • seminar

    August 2011

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Supervisory Standards on Commercial Bank CAMELS Ratings

  • conference

    May 2011

    Midwest Macroeconomics Meetings, Vanderbilt University, Nashville, TN

    Bank Balance Sheet Pressures and the Structure of Manufacturing Industries

  • conference

    October 2010

    Statistics Orientation Session Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Survey of Terms of Lending Reports and Uses

  • seminar

    September 2010

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Bank Balance Sheet Pressures and the Structure of Manufacturing Industries

  • discussion

    April 2010

    George Washington University, Washington, DC

    Basel III

  • discussion

    October 2008

    Basel Committee on Banking Supervision Research Task Force Vendors Models Project Meeting, BIS, Basel, Switzerland

    Review of LossCalc Model from Moody's KMV

  • discussion

    March 2007

    Basel Committee on Banking Supervision Research Task Force Vendors Models Project Meeting, BIS, Basel, Switzerland

    Review of Moody's KMV's CreditEdge (Comments)

  • discussion

    January 2007

    Basel II Wholesale Advisory Group Meeting, Federal Reserve Bank of Boston, Boston, MA

    The NPR Supervisory Mapping Function for LGDs

  • seminar

    March 2006

    Deloitte & Touche USA, LLP, Chicago, IL

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    February 2006

    Wesleyan University, Middletown, CT

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    February 2006

    Bryant University, Smithfield, RI

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    February 2006

    Federal Reserve Board, Washington, DC

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    January 2006

    St. Joseph's University, Philadelphia, PA

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    November 2004

    Political Economy Workshop, University of Chicago, Chicago, IL

    How Information Quality of Macro Aggregates Affects Sovereign Risk

Referee

  • Bulletin of Economic Research
  • Economic Inquiry
  • Emerging Markets Finance and Trade
  • Journal of Banking and Finance
  • Journal of Economic Dynamics and Control
  • Journal of Economics and Business
  • Journal of Financial Stability
  • Journal of Risk Management in Financial Institutions
  • Journal of Futures Markets
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Last update: December 5, 2016