South Korea's aid to North Korea is deviated from the international trend in development aid. As a stylized fact, we find that South Korea's policy keeping economic relationship with North Korea was inconsistent and ineffective during the last decade. Since South Korea played a major role in...

In this paper, we present a stochastic agent-based model and extend an artificial financial market by considering a stochastic process of market fundamentals. The model predicts that groups of noise traders are busy communicating when market uncertainty is high. In particular, we examine the...

This paper attempts to uncover the empirical relationship between the price-setting/consumer behavior and the sources of persistence in inflation and output. First, a small-scale New-Keynesian model (NKM) is examined using the method of moment and maximum likelihood estimators with US data from...

This paper analyzes the empirical relationship between the price-setting/consumer behavior and the sources of persistence in inflation and output. First, a small-scale New-Keynesian model (NKM) is examined using the method of moment and maximum likelihood estimators with US data from 1960 to...

The paper considers an elementary New-Keynesian three-equations model and contrasts its Bayesian estimation with the results from the method of moments (MM), which seeks to match the model-generated second moments of inflation, output and the interest rate to their empirical counterparts....

The paper considers an elementary New-Keynesian three-equation model and compares its Bayesian estimation based on conventional priors to the results from the method of moments (MM), which seeks to match a finite set of the model-generated second moments of inflation, output and the interest...