콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Economic Administration

Print

Estimating the Bank of Korea’s monetary policy reaction function : New evidence and implications

Related Document
Frame of Image
  • Estimating the Bank of Korea’s monetary policy reaction function
  • Hsing, Yu; Lee, Sang H.
  • The Association of Korean Economic Studies


link
Title Estimating the Bank of Korea’s monetary policy reaction function
Similar Titles
Sub Title

New evidence and implications

Material Type Articles
Author(English)

Hsing, Yu; Lee, Sang H.

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2004
Journal Title; Vol./Issue The Journal of the Korean Economy:vol. 5(no. 1)
Pages 16
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding AKES

Abstract

Employing the VAR to estimate the Bank of Korea’s reaction function, we find that the call rate reacts positively to a shock to the inflation gap, the output gap, the exchange rate gap, the stock price gap, and the lagged call rate during some of the quarters. In explaining the variance of the call rate, the inflation gap and the exchange rate gap are more influential in the short run whereas the output gap and the stock market gap are more important in the long run.