- 12th and 13th R. K. Cho Economics Prize Award Ceremony and Commemorative Lectures September 26, 2022
Prof. Valerie Ramey and Prof. Yuriy Gorodnichenko Received Awards
On September 21, the R. K. Cho Economics Prize Steering Committee (Chairman: President Seoung Hwan Suh of Yonsei University) held the "12th and 13th R. K. Cho Economics Prize Award Ceremony and Commemorative Lectures" at the Gakdangheon Auditorium in the Daewoo Hall.
The R.K. Cho Economics Prize is one of the most prestigious awards to economists, awarded by Yonsei University in Seoul, South Korea. It has been awarded to scholars in the field of economics who have contributed to the development of scholarship and education. Established in 2007 with an endowment of 1 billion won from President R. K. Cho of Samryoong Co. (Economics, entering class of '55), the prize includes a monetary award of 100 million won.
At the awards ceremony held on September 21, the 13th winner Yuriy Gorodnichenko, Quantedge Presidential Professor at UC Berkeley, and the 12th winner Valerie Ramey, Distinguished Professor at UC San Diego, were presented. Professor Ramey's ceremony award last year was postponed due to the COVID-19 incident.
Professor Valerie Ramey, the 12th winner, received a doctorate in economics from Stanford University in 1987 for her research on inventory investment. She has contributed to the field of macroeconomics with various studies on economic fluctuations, fiscal spending, and working hours. In particular, she was selected as the prize winner in recognition of her contribution to the government expenditure debate through various studies estimating the macroeconomic effects of fiscal expenditure.
In her commemorative lecture titled "Estimating the Effects of Fiscal Policy," Professor Ramey introduced the latest research on fiscal policy, which emphasized its importance after the global financial crisis in 2007, providing important implications for the Korean economy, whose fiscal soundness has become a hot topic since the COVID-19 pandemic. In particular, she emphasized that the government expenditure multiplier, an indicator of how much national income increases when government expenditure increases by 1 won, is estimated to be between 0.6 and 0.7, and an increase in government expenditure can lead to the construction of private consumption or investment.
Professor Yuriy Gorodnichenko, the 13th winner, received a doctorate in economics from the University of Michigan in 2007 for his work on monetary policy. He has contributed to macroeconomics with various studies on monetary finance, the effects of information friction on macroeconomics, and fiscal expenditure. In particular, he was selected as the prize winner in recognition of his outstanding achievements in the process of forming expected inflation using survey data from consumers and companies.
Professor Gorodnichenko gave a commemorative lecture titled "The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications," explaining the fully informed and rational expectation hypothesis commonly accepted in macroeconomics and introducing a study on consumer and business expectation inflation to verify it empirically. In particular, he emphasized the importance of central bank policymakers' simple and direct policy-related communication to households and companies.
From this year's awards ceremony, the winners will conduct three open lectures each. Professors Ramey and Gorodnichenko will introduce their studies at the forefront of academia to academic workers and graduate and undergraduate students at the Song Ha-kyoung Hall in the Daewoo Hall on September 22 and 23. The lectures will be released to the general public through Yonsei University's knowledge platform "LearnUs (learnus.org)" in the future.