Background
Lee, Tong Hun was born on November 20, 1931 in Seoul, Republic of Korea. Arrived in the United States, 1955, naturalized, 1968. Son of Chong Su and Yun Lee.
Lee, Tong Hun was born on November 20, 1931 in Seoul, Republic of Korea. Arrived in the United States, 1955, naturalized, 1968. Son of Chong Su and Yun Lee.
Bachelor of Science (Business Administration) Yonsei University, Seoul, 1955. Bachelor of Arts Northeast Missouri State University, Kirksville, 1956. Master of Arts, Doctor of Philosophy University Wisconsin-Madison, 1958, 1961.
Research Association, Social Systems Research Institute, Institution, University WisconsinMadison, 1960-1962. Assistant Professor, Association Professor of Economics, University Tennessee, 1962-1964,
7. United Nations Development Programme Mission, Korea, 1972.
Professor of Economics, University Wisconsin-Milwaukee, United States of America, since 1967.
Contributed in several areas of economics and quantitative methods. In quantitative methods, developed (with A. Zellner) a joint estimation procedure for a system of equations involving discrete random variables, which would yield efficient estimators by taking account of heteroscedasticity as well as the correlations existing between the random variables. Extended the instrumental variable method for testing the permanent income hypothesis where a lagged or future income is not the perfect instrument for permanent income.
Developed
an interregional interindustry model which requires data only on interregional interindustry sales flows rather than interregional input-output structures. Extended the regression method for correcting heteroscedasticity which is related to the exponential function of the expected value of the dependent variable. In monetary economics, contributed the first empirical evidence supporting the Gurley-Shaw hypothesis that non-bank financial intermediary liabilities are close substitutes for cash balances, revealing important implications for monetary theory and policy.
Provided initial empirical results that supported the Baumol-Tobin-Whalen hypothesis on economies of scale in holding cash balances. In the theory of the consumption function, produced evidence contradicting Friedman’s permanent income hypothesis while showing the important influence of transitory income such as windfall income obtained from a temporary income-tax reduction. Also provided a set of definitive empirical results indicating that, although long-run income has a unique role in housing demand, its effect had been exaggerated for over a decade and its elasticity is, in fact, less than unity.
This finding has an important implication for the theory of urban economics, indicating that the population flight from an urban centre cannot simply be explained by the rising standard of living. In regional economics, demonstrated that linking economies among multi-regions empirically provided the optimal location of an industry and measured the impact of one region on another.
Member American Economic Association, American Finance Association, American Statistical Association, Econometric Society.
Married Yul Jah Ahn, June 11, 1960. Children: Bruce Keebeck, James Keewon.