Earticle

초록

영어

The purpose of this paper is to investigate the optimal monetary policy in the context of a two-country model. I have incorporated the dynamic stochastic general equilibrium model. The main conclusions are summaries as follows. First, using bayesian estimation technic with Korea data, the estimated parameters are in the range of reasonable interpretation. Second, based on estimated parameters, the impulse response analysis has been implemented for the technology, cost-push and foreign income shocks. When there is a one standard deviation of technology shock, the output gap decreases as the output under flexible price increases. However, the output decreases since the central bank decreases the nominal interest rate to keep the output gap on the long-run equilibrium. The domestic and CPI inflation decrease as the total supply exceeds its long-run equilibrium. Third, social welfare loss analysis shows that the SDIT and FDIT are optimal in the sense that those alternative simple interest rate rules minimize the social welfare loss evaluated by the domestic inflation and output gap. The exchange rate peg, however, is suboptimal even though it stabilize the volatility of exchange rate.

목차

Abstract
Ⅰ. 서론
Ⅱ. 선행 연구
III. 모형
IV. 추정 및 충격반응함수 분석
V. 최적통화정책 분석
VI. 결론
참고문헌

키워드

저자

• 최용재 [ Yong-Jae Choi | 전북대학교 무역학과 교수 ] 제1연구자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  무역통상학회지 [Journal of Korea Research Association of International Commerce]

• 간기

  격월간

• pISSN

  1738-4354

• 수록기간

  2001~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 326 DDC 380