지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2011.12
- 수록면
- 485 - 511 (27page)
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초록· 키워드
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We analyze a small-scale new Keynesian open economy model to assess the BOK’s monetary policy during the post crisis period. The model is estimated by the Bayesian Markov Chain Monte Carlo (MCMC) method. The results are largely consistent with the predictions of the new Keynesian model. Most importantly, the forward looking behavior plays an important role in the IS curve as well as in the Phillips curve. The estimates on the real exchange rate in the model show signs consistent with the theory. The monetary feedback rule tells that inflation and output have been equally treated. The weight on the exchange rate is relatively small, but the exchange rate seems to be another important concern of the BOK. The impulse response analysis confirms that the BOK tries to offset the impact of exchange rate shocks in a moderate but persistent way. Our results indicate that even under the official inflation targeting regime, inflation is not the sole focus. The BOK seems to put no less emphasis on stabilizing exchange rates as well as output.
목차
1. INTRODUCTION
2. THE MODEL
3. ESTIMATION
4. IMPULSE RESPONSES
5. CONCLUSION
REFERENCES
참고문헌 (29)
참고문헌 신청
1. [보고서] - Berg, A. / 2006 / Practical Model-Based Monetary Policy Analysis — A How-to Guide
2. [학술지(정기간행물)] - Buncic, D. / 2008 / An estimated New Keynesian Policy Model for Australia / The Economic Record 84 (264) : 1 ~ 16
3. [학술지(정기간행물)] - 조성훈 / 2007 / AN EMPIRICAL ASSESSMENT OF THE KOREAN MONETARY POLICY SINCE THE FOREIGN EXCHANGE CRISIS / The Korean Economic Review 23 (2) : 329 ~ 352
4. [학술지(정기간행물)] - Cho, S. / 2006 / A small-sample study of the New-Keynesian macro model / JOURNAL OF MONEY CREDIT AND BANKING 38 (6) : 1461 ~ 1481
5. [학술지(정기간행물)] - 조성훈 / 2007 / 한국 통화정책의 효율성 검정 / 한국개발연구 29 (2) : 117 ~ 133
2. [학술지(정기간행물)] - Buncic, D. / 2008 / An estimated New Keynesian Policy Model for Australia / The Economic Record 84 (264) : 1 ~ 16
3. [학술지(정기간행물)] - 조성훈 / 2007 / AN EMPIRICAL ASSESSMENT OF THE KOREAN MONETARY POLICY SINCE THE FOREIGN EXCHANGE CRISIS / The Korean Economic Review 23 (2) : 329 ~ 352
4. [학술지(정기간행물)] - Cho, S. / 2006 / A small-sample study of the New-Keynesian macro model / JOURNAL OF MONEY CREDIT AND BANKING 38 (6) : 1461 ~ 1481
5. [학술지(정기간행물)] - 조성훈 / 2007 / 한국 통화정책의 효율성 검정 / 한국개발연구 29 (2) : 117 ~ 133
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UCI(KEPA) : I410-ECN-0101-2013-320-001239225