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Dynamics of open economy business cycle models : The case of Korea

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Frame of Image s, as well as serving as the warehouse of information regarding Korean government policy. Further, KIEP carries out research for f o r e i g n institutes and governments on all areas of the Korean and international economy. Making this possible is the most highly knowledgeable economic research staff in Korea. Now numbering over 112, our staff includes 36 research fellows with Ph.D.s in economics from international graduate programs, supported by over 46 researchers. Our staff’s efforts are augmented by KIEP’s Korea Economic Institute of America (KEI) in Washington, D.C. and the KIEP Beijing office, which provide KIEP with crucial and t i m e l y information on the local economies. KIEP has been designated by the government as the Northeast Asia Research and Information Center, the National APEC Study Center and the secretariat for the Korea National Committee for the Pacific Economic Cooperation Council (KOPEC). KIEP also maintains a deep pool of prominent local and international economists and business people who are called on to assist KIEP in meeting the individual demands of our clients. KIEP continually strives to increase its coverage and grasp of world economic events. Allowing for this expansion has been greater cooperative efforts with leading research centers from around the world. In addition to many ongoing joint projects, KIEP is also aiming to be a part of a much expanded and closer network of Asia’s and the world’s research institutes. Considering the rapidly


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Title Dynamics of open economy business cycle models
Similar Titles
Sub Title

The case of Korea

Material Type Reports
Author(English)

Ah, Hyungdo; Kim, Sunghyun H.

Publisher

[Seoul]:Korea Institute for International Economic Policy

Date 2003-06
Series Title; No Working paper / 03-04
Pages 71
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Holding KIEP; KDI School

Abstract

A small open economy such as Korea is vulnerable to outside shocks, in particular, world interest rate shocks, exchange rate shocks (or the terms of trade shocks), and foreign productivity shocks. Many researchers have empirically analyzed the effects of these shocks on macroeconomic variables using various time series estimation methods including the VAR. However, there has been an increasing demand for an analysis based on a simulation method using dynamic stochastic general equilibrium (DSGE) models, because the empirical estimation can only provide ad-hoc economic interpretations of the results. (The rest is omitted)