Taeyoung Doh

Senior Economist

Economic Research Kansas City

Taeyoung.Doh@kc.frb.org

Curriculum Vitae

Taeyoung Doh is a Senior Economist in the Economic Research Department of the Federal Reserve Bank of Kansas City. He joined the department in July 2007. He received a bachelor's degree in economics from Seoul National University in 1996, an M.A. degree from Seoul National University in 1998 and a Ph.D. in economics from the University of Pennsylvania in 2007. His current research interest include monetary policy and term structure of interest rates, estimation of dynamic stochastic general equilibrium models, and asset pricing based on long run macroeconomic risks.

Professional Journals and Books

Economic Review Articles

Research Working Papers

Economic Bulletin

“Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements”, with Dongho Song and Shu-Kuei Yang, American Economic Journal: Macroeconomics, 18(3) pp.379-412.
“Heterogeneity in Household Inflation Expectations and Monetary Policy”, with JiHyung Lee and Woong Yong Park, Journal of Financial Econometric, 23(1) January, 2025.
“A New Approach to Integrating Expectations into VAR Models” with Andrew Lee Smith, Journal of Monetary Economics, vol. 132(C), pages 24-43.
"A Bayesian Evaluation of Alternative Models of Trend Inflation" with Todd Clark, International Journal of Forecasting, pp. 426-448, Vol 30(3), July-September 2014
"Monetary Policy Regime Shifts and Inflation Persistence" with Troy Davig, Review of Economics and Statistics, pp. 862-75, Vol 96(5), December 2014
Book Chapter Contribution: "The State Space Representation and Estimation of a Time-Varying Parameter VAR with Stochastic Volatility" with Michael Connolly, in State-Space Models, edited by Zeng, Yong and Shu Wu, Springer: 2013
"Long-Run Risks in the Term Structure of Interest Rates: Estimation" Journal of Applied Econometrics, 2013, 28(3), 478-497
"What Does the Yield Curve Tell Us About the Federal Reserve's Implicit Inflation Target?" Journal of Money, Credit, and Banking, 2012, 44 (2-3), 469-486
"Yield Curve in an Estimated Nonlinear Macro Model" Journal of Economic Dynamics and Control, 2011, 35 (8), 1229-1244
"Non-stationary Hours in a DSGE Model" with Yongsung Chang and Frank Schorfheide, Journal of Money, Credit, and Banking, 2007, 39 (6), 1357-1373
"Analysis of Loan Guarantees among the Korean Chaebol Affiliates" with Keunkwan Ryu, International Economic Journal, 2004, 18 (2), 161-178

"The Employment Effect of an Increase in the National Minimum Wage: Review of International Evidence" with Luca Van der Meer, 2023
Download File
"How You Say It Matters: Text Analysis of FOMC Statements Using Natural Language Processing" with Sungil Kim and Shu-Kuei X. Yang, 2021
Download File
"Tracking U.S. GDP in Real Time" with Jaeheung Bae, 2019
Download File
"Has the Anchoring of Inflation Expectations Changed in the United States during the Past Decade?" with Amy Oksol, 2018
Download File
"Measuring the Stance of Monetary Policy on and off the Zero Lower Bound" with Jason Choi, 2016
Download File
"Should Monetary Policy Monitor Risk Premiums in Financial Markets?" with Guangye Cao and Daniel Molling, 2015
"Has the Effect of Monetary Policy Announcements on Asset Prices Changed?" with Michael Connolly, 2013
"Is Unemployment Helpful in Understanding Inflation?", 2011
"The Efficacy of Large-Scale Asset Purchases at the Zero Lower Bound", 2010

"Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements - Online Appendix" with Dongho Song and Shu-Kuei X. Yang, 2025
"Text Sentiment About Monetary Policy" with Hie Joo Ahn, Thomas R. Cook, Elias Kastritis and Jesse Wedewer, 2025
Download File
"Heterogeneity in Household Inflation Expectations and Monetary Policy" with JiHyung Lee and Woong Yong Park, 2024
"Shocks, Frictions, and Policy Regimes: Understanding Inflation after the COVID-19 Pandemic" with Choongryul Yang, 2023
Download File
"The Economic Effects of a Rapid Increase in the Minimum Wage: Evidence from South Korea Experiments" with Kyoo il Kim, Sungil Kim, Hwanoong Lee and Kyungho Song, 2022
Download File
"Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements", 2020
Download File
"Assessing Macroeconomic Tail Risks in a Data-Rich Environment" with Thomas R. Cook, 2019
Download File
"A New Approach to Integrating Expectations into VAR Models" with A. Lee Smith, 2018
Download File
"Reconciling VAR-based Forecasts with Survey Forecasts" with A. Lee Smith, 2018
"The Trend Real Interest Rate and Stagnation Risk: Bayesian Exponential Tilting with Survey Data", 2017
Download File
"The Equilibrium Term Structure of Equity and Interest Rates" with Shu Wu, 2016
Download File
"Cash Flow and Risk Premium Dynamics in an Equilibrium Asset Pricing Model with Recursive Preferences" with Shu Wu, 2015
"Yield Curve and Monetary Policy Expectations in Small Open Economies", 2014
"The State Space Representation and Estimation of a Time-Varying Parameter VAR with Stochastic Volatility" with Michael Connolly, 2012
"A Bayesian Evaluation of Alternative Models of Trend Inflation" with Todd E. Clark, 2011
"Yield Curve in an Estimated Nonlinear Macro Model", 2009
"Monetary Policy Regime Shifts and Inflation Persistence" with Troy Davig, 2008
"Long-Run Risks in the Term Structure of Interest Rates: Estimation", 2008
"What Does the Yield Curve Tell Us About the Federal Reserve’s Implicit Inflation Target?", 2007

"Inflation Persistence as an Outcome of Monetary Policy" with Stephen D. Vasiljevic, 2026
Download File
"How Do Financial Markets Perceive the Balance of Risks to the Policy Rate?" with Brent Bundick and A. Lee Smith, 2024
Download File
"Failure of Silicon Valley Bank Reduced Local Consumer Spending but Had Limited Effect on Aggregate Spending" with Edmund S. Crawley and Minchul Shin, 2023
Download File
"Have Lags in Monetary Policy Transmission Shortened?" with Andrew T. Foerster, 2022
Download File
"To Improve the Accuracy of GDP Growth Forecasts, Add Financial Market Conditions" with Thomas R. Cook, 2021
Download File
"Assessing the Risk of Extreme Unemployment Outcomes" with Thomas R. Cook, 2019
Download File
"Revamping the Kansas City Financial Stress Index Using the Treasury Repo Rate" with Thomas R. Cook, 2018
Download File
"Changing Credit Profile of Consumers: Aging Versus the Business Cycle", 2017
Download File
"Should Monetary Policy Monitor Risk Premiums in Financial Markets?" with Guangye Cao and Daniel Molling, 2015
"Has the Effect of Monetary Policy Announcements on Asset Prices Changed?" with Michael Connolly, 2013

Jackson Hole Economic Policy Symposium