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The Bank of Korea, through a legal amendment in 2011 following the financial crisis, was entrusted with the additional responsibility of financial stability beyond its existing mandate of price stability. Since then, concerns have been raised about the prolonged increase in household debt...
Persistent link: https://www.econbiz.de/10014517419
Central Bank (ECB) have introduced various kinds of โ€œunconventionalโ€ monetary policy measures. This paper compares the โ€ฆ measures first before stating to raise the policy rate. In contrast, ECB makes it clear that unconventional measures have been โ€ฆ designed and implemented focusing on its primary objective: maintaining price stability. As a result, ECB has emphasized equal โ€ฆ
Persistent link: https://www.econbiz.de/10013026016
Korean Abstract: ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต์œ„๊ธฐ๋ฅผ ๊ณ„๊ธฐ๋กœ ๊ทธ๋™์•ˆ ๊ฒฝ์‹œ๋˜์–ด ์™”๋˜ ํ†ตํ™”ยท์‹ ์šฉ๋Ÿ‰์˜ ์ค‘์š”์„ฑ์ด ํ•™๊ณ„ ๋ฐ ์ค‘์•™์€ํ–‰์„ ์ค‘์‹ฌ์œผ๋กœ ์žฌ์ธ์‹๋˜๊ณ  ์žˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์–‘์ ์ง€ํ‘œ๋ฅผ ์‹ค์ œ ๊ธˆ๋ฆฌ์ค‘์‹ฌ์˜ ์ธํ”Œ๋ ˆ์ด์…˜ ํƒ€๊ฒŒํŒ… ์šด์šฉ์ฒด๊ณ„์— ์–ด๋–ป๊ฒŒ ์ ‘๋ชฉ์‹œํ‚ฌ...
Persistent link: https://www.econbiz.de/10013026210
Korea Abstract: ๋ณธ๊ณ ์—์„œ๋Š” 3์š”์ธ ๋ฌด์žฌ์ •๊ฑฐ๋ž˜(3-factor no arbitrage) ์กฐ๊ฑดํ•˜์—์„œ์˜ ์ด์ž์œจ ๊ธฐ๊ฐ„ ๊ตฌ์กฐ๋ฅผ ์ถ”์ •ํ•˜๊ณ  ์ด๋ฅผ ์ด์šฉํ•˜์—ฌ ๊ธฐ๊ฐ„ํ”„๋ฆฌ๋ฏธ์—„์˜ ์ถ”์ด ๋ฐ ์ •์ฑ…๊ธˆ๋ฆฌ ๋ณ€๊ฒฝ์˜ ์œ ํšจ์„ฑ์„ ๋ถ„์„ํ•˜์˜€๋‹ค. ๊ธฐ๊ฐ„ํ”„๋ฆฌ๋ฏธ์—„์˜ ๊ฒฝ์šฐ 3๋…„๋ฌผ์—์„œ ๋†’๊ฒŒ...
Persistent link: https://www.econbiz.de/10012993207
Korean Abstract: ํ†ต์ƒ์ ์œผ๋กœ ์ •์ฑ…๊ธˆ๋ฆฌ์™€ ๊ณ ์šฉ์€ ์—ญ์˜ ๊ด€๊ณ„๋ฅผ ๊ฐ€์ง€๊ณ  ์žˆ๋Š” ๊ฒƒ์œผ๋กœ ์•Œ๋ ค์ ธ ์žˆ์œผ๋ฉฐ ๊ธˆ๋ฆฌ ์ธ์ƒ์€ ์ „์ฒด ๊ณ ์šฉ์„ ๊ฐ์†Œ์‹œํ‚ค๋Š” ์š”์ธ์œผ๋กœ ์ž‘์šฉํ•  ๊ฒƒ์œผ๋กœ ์˜ˆ์ƒ๋œ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์„ฑ๋ณ„, ์„ธ๋Œ€๋ณ„ ๋“ฑ ๋…ธ๋™์‹œ์žฅ์˜ ์„ธ๋ถ€ ๋ถ€๋ฌธ๋ณ„๋กœ...
Persistent link: https://www.econbiz.de/10012995296
Korean Abstract: ๋ณธ ๋…ผ๋ฌธ์—์„œ๋Š” ๊ฐ€๊ณ„๊ฐ„ ์†Œ๋น„ ๋ฐ”์Šค์ผ“ (๋ฐ ์ธํ”Œ๋ ˆ์ด์…˜) ์ด์งˆ์„ฑํ•˜์—์„œ์˜ ์ตœ์ ํ†ตํ™”์ •์ฑ…์„ ๋‹ค๋ถ€๋ฌธ ๋‰ด์ผ€์ธ์ง€์–ธ ๋ชจํ˜•(multi-sector New Keynesian model)์„ ํ†ตํ•ด ๋ถ„์„ํ•˜์˜€๋‹ค. ์†Œ๋น„ ๋ฐ”์Šค์ผ“ ์ด์งˆ์„ฑ์€ ์ƒˆ๋กœ์šด ๊ฒฝ๋กœ๋ฅผ ํ†ตํ•œ ํ†ตํ™”์ •์ฑ…์˜...
Persistent link: https://www.econbiz.de/10014240639
Korean Abstract: ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต์œ„๊ธฐ์— ๋Œ€์‘ํ•˜๋ฉด์„œ ์ฃผ์š”๊ตญ ์ค‘์•™์€ํ–‰์€ ์ •์ฑ…๊ธˆ๋ฆฌ๋ฅผ ์ œ๋กœ์ˆ˜์ค€๊นŒ์ง€ ๋Œ€ํญ ์ธํ•˜ํ•˜๊ณ  ์–‘์ ์™„ํ™”(quantitative easing) ๋“ฑ ๋น„์ „ํ†ต์  ํ†ตํ™”์ •์ฑ…์„ ๋„์ž…ํ•˜์˜€๋‹ค. ์•„์šธ๋Ÿฌ ์ด๋Ÿฌํ•œ ๋น„์ „ํ†ต์  ํ†ตํ™”์ •์ฑ…์ด...
Persistent link: https://www.econbiz.de/10014137071
Korean Abstract: ๋ณธ ๋…ผ๋ฌธ์€ ์ฃผ์š” 19๊ฐœ๊ตญ์„ ๋Œ€์ƒ์œผ๋กœ ํ†ตํ™”์ •์ฑ… ์ถฉ๊ฒฉ์ด ์ƒ์‚ฐ๊ณผ ๋ฌผ๊ฐ€์— ๋ฏธ์น˜๋Š” ํšจ๊ณผ์— ์ฐจ์ด๊ฐ€ ์žˆ๋Š”์ง€, ์žˆ๋‹ค๋ฉด ๊ทธ๋Ÿฌํ•œ ์ฐจ์ด๊ฐ€ ์–ด๋–ค ์š”์ธ์— ์˜ํ•ด ์œ ๋ฐœ๋˜๋Š”์ง€๋ฅผ ๋ถ€ํ˜ธ์ œ์•ฝ ๊ตฌ์กฐVAR ๋ชจํ˜•๊ณผ 2๋‹จ๊ณ„ ํšŒ๊ท€๋ถ„์„, ๊ทธ๋ฆฌ๊ณ  ์†Œ๊ทœ๋ชจ...
Persistent link: https://www.econbiz.de/10014263603
Korean Abstract: ์ธ๊ตฌ๊ณ ๋ นํ™”๋Š” ๊ฒฝ์ œ์„ฑ์žฅ์€ ๋ฌผ๋ก  ์ธํ”Œ๋ ˆ์ด์…˜, ๊ฒฝ์ƒ์ˆ˜์ง€, ์žฌ์ • ๋“ฑ ๊ฑฐ์‹œ๊ฒฝ์ œ ์ „๋ฐ˜์— ์˜ํ–ฅ์„ ๋ฏธ์นœ๋‹ค. ๋‹ค๋งŒ ์ธ๊ตฌ๊ณ ๋ นํ™”๊ฐ€ ๊ตฌ์ฒด์ ์œผ๋กœ ๊ฑฐ์‹œ๊ฒฝ์ œ์— ์–ด๋–ป๊ฒŒ ์–ผ๋งˆ๋งŒํผ ์˜ํ–ฅ์„ ๋ฏธ์น ์ง€๋Š” ๊ฒฝ์ œ์ฃผ์ฒด๋“ค์˜ ํ–‰ํƒœ, ์ œ๋„, ์ •์ฑ…...
Persistent link: https://www.econbiz.de/10012952791
Korean Abstract: ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต์œ„๊ธฐ ์ดํ›„, ๊ตญ์ œ์ ์œผ๋กœ๋Š” ๋ฌผ๋ก  ๊ฐ๊ตญ ๊ตญ๋‚ด์ ์œผ๋กœ๋„ ๊ฐ๋…๊ฐœํ˜์ด ์ง„ํ–‰ ์ค‘์ด๋‹ค. ๊ฐœํ˜ ๋…ผ์˜๋Š” ๋‚ด์šฉ์ƒ ๊ฐ๋…์‹ค์งˆ์˜ ๊ฐœํ˜๊ณผ ๊ฐ๋…์ฒด๊ณ„(๊ฐ๋…์ง€๋ฐฐ๊ตฌ์กฐ)์˜ ๊ฐœํ˜์œผ๋กœ ๋Œ€๋ณ„๋œ๋‹ค. ์ด ๊ธ€์€ ํŠนํžˆ ๋ฏธ๊ตญยท์˜๊ตญยทEU์—์„œ...
Persistent link: https://www.econbiz.de/10012901303