Myung-Jig Kim is an economist and co-author of the Kim-Kim (1996) paper on transient fads and the 1987 stock market crash. Working with Chang-Jin Kim, he applied an unobserved-components model with independent Markov-switching heteroscedasticity (UC-MS) to decompose monthly S&P 500 returns into permanent and transient (fad) components, identifying the OPEC oil shock and the 1987 crash as the two significant fad episodes — both characterized by unwarranted pessimism.