Korean Abstract: 본고는 패널 분위회귀 고정효과 모형을 추정할 수 있는 새로운 추정기법(Extended two-way Fixed Effects Quantile Cointegration … use cross-sectional data. Recently, it has been applied to the cointegration models that use I(1) time series data (Xiao …. This paper considers a two-way fixed effects quantile cointegration model with I(1) macro panel data. The model extends the …

the procyclicality that was an exceptional characteristic of consumption behavior of Korean households after the 1997 … currency crisis. The existing studies on consumption behavior changes after the currency crisis are mostly based on the … assumption that the occurrence of the changes was homogeneous across all age groups. In this paper, however, consumption …

English Abstract: In general, consumption plays a counter-cyclical role to smooth the amplitude of the growth rate … while showing a stable flow. However, in Korea after the global financial crisis, while sluggish consumption continued, a … pro-cyclicality of household consumption appeared in the business cycle contraction period. Previous studies have only …