Nonlinear modeling has become popular in applied macroeconomics. Successful attempts include Beaudry and Koop's CDR (current depth of the recession) model of real GNP, and various STAR (smooth transition autoregression) models of industrial production. However, these models have not been...

The Korean government adopted “green growth” in 2008 as an environmentally friendly growth strategy. The energy efficiency of Korea, however, is still relatively low due to the large portion of energy intensive industry (EII) in its manufacturing sector. To improve energy efficiency in...

This study aims to examine the energy efficiency of the manufacturing industry of Korea by using the extended Divisia index decomposition of Choi and Ang (2012). First, we applied the Sato–Vartia index decomposition to the energy intensity of the manufacturing industry in Korea. Second, we...

I perform the cointegration tests for the trivariate model of real monetary aggregates, real personal income, and short-term interest rate. I find the existence of a long-run relationship among these three variables. To check the stability of a long-run money demand relationship, I implement a...