English Abstract: The central bank performs the monetary policies for the various economic purposes such as inflation …

future inflation and economic activities. This paper finds that the yields on KGBs (3-month and 3-year Korean Government …

inflation which marked above 4% before the global financial crisis has dampened and stabilized after the crisis. Moreover, we … investigate the rationality of the various expected inflation measures in terms of the unbiasedness and efficiency and find that … the long-run actual inflation, while the expected inflation estimated from the term structure model has the cross …