In Korea's high-growth economy, the Bank of Korea had been willing to tolerate double-digit inflation, provided that it … remained at "non-explosive" levels. In this article, we estimate a monetary policy feedback rule for Korea and find that the … upper threshold of tolerable inflation for the Bank of Korea was about 20 percent. It appears that the Bank of Korea …

This paper applies two traditional empirical approaches to investigate how successfully Korea managed to control money …, the domestic monetary policies were partially offset mainly by short-term capital flows. The Bank of Korea pursued …