As Korea's household debt has increased rapidly since the mid-2000s, concerns that its economy's hard-wired leveraging may negatively impact economic activity have grown. Calls are being made for policy actions to return the economy to its long-run trend. Housing preferences and monetary shocks...

As Korea's household debt has increased rapidly since the mid-2000s, concerns that its economy's hard-wired leveraging may negatively impact economic activity have grown. Calls are being made for policy actions to return the economy to its long-run trend. Housing preferences and monetary shocks...

We investigate the nature of oil price shocks to the Korean economy in recent years and find that the recent hike in oil price is induced by the increase in oil demand in contrast to the previous years when oil price run-up is mostly from supply disruptions. We also study how monetary responses...

This paper aims to estimate the social discount rate (SDR) rather than dig into its theoretical foundation. As SDRs can be derived by investigating both the rate of return on investment and the social time preference rate, we estimate the marginal productivity of both private and public capital...

Korean Abstract: 본 연구에서는 이자율 변수에 적절한 확률과정을 부여하고 이를 가격함수에 직접 대입한 뒤 최종적으로 자산가격 PDE를 도출하는 재무모형을 이용하여 우리나라 기대인플레이션을 추정하고 그 특성을...

Korea Abstract: 본고에서는 3요인 무재정거래(3-factor no arbitrage) 조건하에서의 이자율 기간 구조를 추정하고 이를 이용하여 기간프리미엄의 추이 및 정책금리 변경의 유효성을 분석하였다. 기간프리미엄의 경우 3년물에서 높게...

It is widely accepted that public rental housing programs affect both the allocation of resources and the distribution of welfare. This paper explains institutional arrangements of public housing program in Korea and assesses the benefits of the program. In contrast to the previous studies which...

We investigate the nature of oil price shocks to the Korean economy in recent years and find that the recent hike in oil price is induced by the increase in oil demand in contrast to the previous years when oil price run-up is mostly from supply disruptions. We also study how monetary responses...

This paper extends Romer's (1990) endogenous growth model by incorporating the heterogeneity of skills among workers. Based on this heterogeneous characteristic, our model has an endogenous labor allocation mechanism determined by the shape of the skill distribution of the workers. Workers are...