Analysis on Korean Economy with an Estimated DSGE Model after 2000
This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various cyc...
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Published in | KDI Journal of Economic Policy Vol. 36; no. 2; pp. 1 - 64 |
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Main Author | |
Format | Journal Article |
Language | English |
Published |
Korea Development Institute
01.05.2014
한국개발연구원 |
Subjects | |
Online Access | Get full text |
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Abstract | This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various cyclical factors and frictions are introduced in the model for an empirical analysis in which historical decompositions of key macro variables are quantitatively assessed after 2000. While the monetary policy during the global financial crisis have reacted systematically in accordance with the estimated Taylor rule relatively, the fiscal policy which was aggressively expansionary is not fully explained by the estimated fiscal rule but more by the large magnitude of non-systematic reaction. |
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AbstractList | This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various cyclical factors and frictions are introduced in the model for an empirical analysis in which historical decompositions of key macro variables are quantitatively assessed after 2000. While the monetary policy during the global financial crisis have reacted systematically in accordance with the estimated Taylor rule relatively, the fiscal policy which was aggressively expansionary is not fully explained by the estimated fiscal rule but more by the large magnitude of non-systematic reaction. This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various cyclical factors and frictions are introduced in the model for an empirical analysis in which historical decompositions of key macro variables are quantitatively assessed after 2000. While the monetary policy during the global financial crisis have reacted systematically in accordance with the estimated Taylor rule relatively, the fiscal policy which was aggressively expansionary is not fully explained by the estimated fiscal rule but more by the large magnitude of non-systematic reaction. KCI Citation Count: 7 |
Author | Kim, Tae Bong |
Author_xml | – sequence: 1 fullname: Kim, Tae Bong organization: Assistant Professor, Department of Economics, Ajou University |
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CitedBy_id | crossref_primary_10_3390_math12111657 crossref_primary_10_1080_00036846_2020_1752902 crossref_primary_10_2139_ssrn_3755715 crossref_primary_10_3390_math10152653 crossref_primary_10_1016_j_econmod_2022_106098 crossref_primary_10_2139_ssrn_2699943 crossref_primary_10_1016_j_heliyon_2024_e30143 crossref_primary_10_1016_j_iref_2017_02_008 crossref_primary_10_3390_math11173668 crossref_primary_10_3390_math10122029 crossref_primary_10_1016_j_eap_2024_06_011 |
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SubjectTerms | Bayesian Estimation(베이지안 추정) DSGE(동태확률모형) Korean Economy(한국경제) Small Open Economy(소규모 개방경제) 경제학 |
Title | Analysis on Korean Economy with an Estimated DSGE Model after 2000 |
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