Optimal monetary policy in a small open economy: The case of Korea

被引：8

作者：

Chung, Jaesik ^{[1
]}

Jung, Yongseung ^{[2
]}

Yang, Doo Yong ^{[3
]}

机构：

[1] Sogang Univ, Seoul, South Korea

[2] Kyung Hee Univ, Seoul 130701, South Korea

[3] Korea Inst Int Econ Policy, Sejong, South Korea

来源：

JOURNAL OF ASIAN ECONOMICS | 2007年 / 18卷 / 01期

关键词：

Korea; Monetary policy; Small open economy; Taylor rule; Welfare;

D O I：

10.1016/j.asieco.2006.12.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we set up a new Keynesian model with imperfect pass-through effect to explore the effect of monetary policy in Korea. Key parameter values are estimated with Kalman filtering and a maximum likelihood estimation method. In our model, inflation-targeting rule still dominates alternative monetary rules in welfare dimension. (C) 2007 Elsevier Inc. All rights reserved.

引用

页码：125 / 143

页数：19

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