reacted to expected inflation, output gap, and won/dollar exchange rate, as expected by theory. Second, it identifies the … shock of global financial crisis into core and non-core, applying the structural VAR model. The core shock was defined to … have no (medium- to) long-run impact on real output.The core shock was identified to have the character of the demand shock …

branches amplify the effect of financial shock, which is a sudden deterioration in domestic banks’ soundness, by exacerbating …

English Abstract: This paper studies, from a quantity theory of money perspective, the reasons that North Korean … management of its exchange rate, using both domestic and foreign currencies in an analytic model based on the quantity theory of …