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통화·물가·명목임금의 장단기 동학에 관한 연구(Study of short- and long-term trends in currency, prices, and nominal wages)

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Title 통화·물가·명목임금의 장단기 동학에 관한 연구(Study of short- and long-term trends in currency, prices, and nominal wages)
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Material Type Article
Author(Korean)

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Publisher

[세종] : 한국개발연구원

Date 1992
Journal Title; Vol./Issue 한국개발연구:14권(1호)
Pages 24
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Economic Conditions
Economy < Economic Administration
Economy < Economic System
Holding 한국개발연구원; KDI 국제정책대학원
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Abstract

This paper estimated Vector Autoregressive (VAR) models using real GNP, total currency in circulation, GNP deflator, and nominal wages in all industrial sectors. Structural factors such as total demand (DEMAND), total currency in circulation (SUPPLY), stabilization policy (STBLZTN), and wage shock (WAGE) were calculated. It was found that each variable of the model has a unit root, and that there exists co-integration between these four variables. After estimation of structural factors, an impulse-response analysis was conducted to analyze each factor’s dynamic effect. Overall, estimation results were in line with a standard Keynes model, but some were determined as unique to the Korean economy.