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...

The Korean housing market showed booms in the early 2000s and sharp fluctuations after the U.S. financial crisis. The recent increase in volatility in the housing market has motivated greater attention to the relationship between the housing market and the Korean economy. This paper develops a...