. Fourth, firms are found to keep their product prices unchanged unless there are large changes in costs, demand or inflation … reduced impacts on inflation. When the frequency of price adjustments increases, the effects of monetary policy are analyzed …

because unemployment growth contains information on not only output gap, but also price inflation and wage inflation which are …English Abstract: This paper studies the role of unemployment as a feedback variable in monetary policy interest rate … the real sector variable in the feedback rule. We build a DSGE model with sticky prices and wages and unemployment …

English Abstract: This paper studies, from a quantity theory of money perspective, the reasons that North Korean … inflation and exchange rates maintain stability while its economy is experiencing difficulties due to the international … money. In particular, foreign currency holdings are divided into those for store-of-value purposes and those for transaction …

English Abstract: This paper examines the properties of survey-based measures of inflation expectations in Korea …. Inflation expectations are found to be highly persistent and do not appear rational in the sense that all useful information … inflation are closely associated with the actual inflation around the time when expectations are formed and are not well …

, such as, domestic economic growth and inflation. In particular, the asymmetric response of macroeconomic variables to the … oil price increase shocks, it reduces economic growth and increases the inflation rate, but oil price decrease shocks do … is -0.05%, while that against the inflation rate is 0.081%. But oil production shortfall shocks do not have an asymmetric …

inflation rate during the period can be attributed to the bias. In light of purchasing power parity, we provide an …

English Abstract: The global financial crisis has exerted enormous impacts on the attainment of inflation target in … Korea. The annual average CPI inflation was 3.3% during the targeting period of 2007-2009 and the target was 3.0±0.5%. Thus … Korea has succeeded in keeping annual average CPI inflation just below the upper limit of the 2007-2009 target under the …