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 … and growth in Korea, China and Japan, using monthly data on the index of industrial product from 1990 to 2009 …, whereas there exists very little evidence in Japan. Moreover, unexpected positive shocks have positive impacts on growth in …

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 …