콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Economic Conditions
Economy Economic Administration

Print

Unanticipated money growth and GDP: Evidence from Korea

Related Document
Frame of Image
  • Unanticipated money growth and GDP: Evidence from Korea
  • Hlasny, Vladimir
  • Nova Science Publishers


link
Title Unanticipated money growth and GDP: Evidence from Korea
Similar Titles
Material Type Articles
Author(English)

Hlasny, Vladimir

Publisher

[Hauppauge, South Korea]:Nova Science Publishers

Date 2009-09
Journal Title; Vol./Issue Business & Economics:vol. 2(no. 2-3)
Pages 18
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Holding SSRN

Abstract

Nominal and real macroeconomic variables are traditionally linked by the expectational Phillips curve. There is evidence that changes in employment and output result from unanticipated changes in money stock and inflation. Unfortunately, expectations about money stock and prices are not observed. Previous literature estimates them using static models with a limited number of lagged variables. The possibility of omitting important factors or lags is substantial. This study uses a state-space model where expectations about money stock depend on the long history of macroeconomic variables and their distributions. Priors about the growth rate are updated using a Kalman filter method. Quarterly data on the Korean economy is used to infer the one-period-ahead expected money stock, price level and price of oil, and to estimate the relationship between the unanticipated money stock and growth of national output. (The rest omitted)