and the non-rentier sectors in Korea after 1994 from a purely Keynesian perspective rooted in General Theory. Our analyses …

on data and/or estimation methods. In this paper, an empirical examination is made of the link between output volatility …

economic contraction to an exogenous country spread shock. To analyze the effect of alternative monetary policy on the economy … small economy with financial frictions is more vulnerable to the exogenous shocks such as the foreign exchange rate shock …

alternative models shows that the usual practice of estimation of DSGE model using filtered data leads to biased results. Finally …

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 …