, such as, domestic economic growth and inflation. In particular, the asymmetric response of macroeconomic variables to the … oil price increase shocks, it reduces economic growth and increases the inflation rate, but oil price decrease shocks do … is -0.05%, while that against the inflation rate is 0.081%. But oil production shortfall shocks do not have an asymmetric …

English Abstract: The global financial crisis has exerted enormous impacts on the attainment of inflation target in … Korea. The annual average CPI inflation was 3.3% during the targeting period of 2007-2009 and the target was 3.0±0.5%. Thus … Korea has succeeded in keeping annual average CPI inflation just below the upper limit of the 2007-2009 target under the …

. Fourth, firms are found to keep their product prices unchanged unless there are large changes in costs, demand or inflation … reduced impacts on inflation. When the frequency of price adjustments increases, the effects of monetary policy are analyzed …

(ii) is redistributive in favor of the (borrowing-constrained) poor, by targeting an inflation measure that overweighs the …

mean duration of unemployment could decrease if an implicit income of unemployment declines or a rate of job offer rises … because a policy to lower an implicit income of unemployment may not secure policy target efficiency …

, but not in unemployment rates. We attribute such inconsistency to persons marginally attached to the labor force and … persons employed part time for economic reasons. Therefore, we construct extended measures for unemployment from 2003 to 2013 … that the alternative measures of unemployment rates support the existence of hysteresis in the Korean labor market, which …