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GOVERNMENT SIZE, TRADE AND GROWTH
LIM, GIEYOUNG 한국경제학회 2003 The Korean Economic Review Vol.19 No.1
We examine the effect of public sector size in an overlapping generations model in which human capital formation is endogenous and economic growth depends crucially on the stock of human capital in the economy. First, we investigate how factor composition and growth rate are affected by the different levels of fiscal policy in autarky. Second, we show that the trade pattern and growth rate can be determined by the extent of fiscal policy in an open economy.
What Implications Can the Korean Economy Obtain from EU Expansion into the CEECs?
Gieyoung Lim,Dong-Gy Jeon 한국무역연구원 2007 무역연구 Vol.3 No.3
This paper examines the importance of a newly enlarged EU market and economic implications for the Korean economy. First, we show the profitability of this market by analyzing trade effects, factor movements, and GDP convergence. Second, the outlook of the major three markets – Poland, Czech Republic, and Hungary - amongst new member states is closely investigated in terms of investment opportunity, the relation of trade and investment between Korea and each of three new member states, and their economic situation. We provide the research of intra-industry structure and changes in term of trade between Korea and all of the aforementioned countries. JEL Classification: F14, F40
Solving Dynamic Rational Expectation Models: an Accuracy Comparison
김장렬,Gieyoung Lim 한국응용경제학회 2006 응용경제 Vol.8 No.1
This paper compares the first and second order approximate solution methods for dynamic general equilibrium models. Applying two solution methods of different approximation orders to a medium scale DSGE model, we show that the second order approximate solution is more accurate than the first order one in the spirit of den Haan and Marcet (1994). Also, the inaccuracy of the first order approximate solution method turns out to be large enough to yield incorrect welfare ranking of alternative monetary policy rules. 이 논문은 동태일반균형모형에 대한 일차 및 이차 근사해법을 비교분석한다. 우리는 이차 근사해가 일차 근사해보다 정확함을 보인다. 또한 일차근사해법의 부정확성에 의해 각 통화정책 규칙하 후생의 순위가 바뀔 수도 있음을 보인다.
Tying the Hands of the Central Bank : Welfare Comparison of Alternative Nominal Anchors
Jangryoul Kim,Gieyoung Lim 한국응용경제학회 2004 응용경제 Vol.6 No.3
본 논문은 화폐가 도입된 경기변동모형을 이용, 중앙은행이 세 가지 명목기준지표(가격인플레이션, 명목임금증가율, 통화증가율)를 일정하게 유지할 경우 결과되는 후생수준을 비교한다. 대표적인 가계의 평생효용을 후생의 척도로 이용하며, 모형내 비선형 동학의 후생효과를 고려하기 위해 2차근사해법을 이용하여 모형의 해를 구한다. 고정된 인플레이션 타게팅은 장기 인플레이션율이 높은 경우에만 운용가능하며, 영에 가까운 장기 인플레이션율 하에서는 다른 두 명목지표들을 타게팅하는 것이 운용가능한 인플레이션 타게팅에 비해 더 높은 후생수준을 가져온다. 이는 낮은 장기 인플레이션으로부터 오는 효율성증대 효과가 단기적인 인플레이션 안정화의 후생증대효과보다 크기 때문이다. The performances of three alternative nominal anchors, i.e., price inflation, nominal income growth, and money growth are compared in monetary business cycle model. The representative household's lifetime utility is used as a natural welfare metric, and a quadratic approximate solution method is used to capture the welfare effects of the non-linear dynamics. Strict inflation targeting is a feasible and desirable policy only when the economy has to run high rates of long-run inflation. With the long-run inflation rate close to zero, strict targeting of the other two anchors yields comparably higher welfare level than a feasible inflation targeting, since the efficiency gains from lower long-run inflation outweigh the welfare gains from short-run inflation stabilization.
Identifying the Erratic Phase in the Behavior of the US Housing Prices
Jangryoul Kim(김장열),Gieyoung Lim(임기영) 한국외국어대학교 영미연구소 2008 영미연구 Vol.19 No.-
In this paper, we have provided empirical evidence on the presence of two distinct regimes for the evolution of the US housing price inflation. We apply a twostate Markov switching model to estimate the regimespecific behavior of the housing price inflation and the probabilities that the US economy is in respective regime. One of the two regimes appears ‘typical’, in that the rate of housing price inflation negatively responds to higher real interest rate and that the effect of a shock to the housing inflation dies out in a reasonable period of time. The other regime, however, is ‘atypical’, in that the housing price inflation is positively related with real interest rate and that any disturbance to the housing price inflation lingers for almost two years. Data features of the atypical regime suggest that such a regime is a mixture of the formation and collapsing of housing price bubbles. It is also shown that, depending on which state the economy is in, the appropriate policy responses of the central bank are qualitatively different.
김장열(Jangryoul Kim),임기영(Gieyoung Lim) 한국외국어대학교 영미연구소 2007 영미연구 Vol.17 No.-
This paper employs the Kalman filter technique to estimate stochastic bubbles for exchange rates between the U.S. dollar and the Euro and the Canadian dollar. We obtain a significant evidence supporting that the U.S. dollar has recently been undervalued below its fundamental values. The results are qualitatively the same when the model is extended to incorporate conditional heteroskedasticity in errors.