Park, Cheolbeom; Park, Sookyung - Institute of Economic Research, Korea University - 2014
break evidence for the reaction to inflation in the monetary policy rule do not show a clear directional change in the slope …Using a typical open macroeconomic model, we show that the UIP puzzle becomes more pronounced when the monetary policy … rule is stricter against inflation. To determine the empirical validity of our model, we examine (the Taylor …