• 사회경제평론
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• no.38
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• pp.51-83
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• 2012

Consider an n goods production economy. Assume the equilibrium condition of Sraffa's price system, a balanced growth condition and the goods market clearing conditions. If both equations are given to determine a real wage rate and investment, the economic system is over-determined. It suggests that there exists no long-period equilibrium to satisfy both labor market and goods market conditions. This paper interprets this situation of over-determinacy as a disequilibrium state, and attempts to solve it through disequilibrium dynamics. It constructs a model of accumulation and real wage rates consistent with Lotka-Volterra system, and shows that the overall growth path fluctuates endogenously around a resting point of long-period disequilibrium.

• Environmental and Resource Economics Review
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• v.18 no.4
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• pp.587-635
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• 2009

The purpose of this study is to develop the Global Dynamic Computable General Equilibrium Model (Global CGE Model) in order to produce an economic impact analysis, including prospective obligations for the Post-2012 regime. This model explores the impact of an international emissions trading market and macroeconomic variables such as GNP, consumption, investment, imports and exports, in accordance with potential increased obligations on the Republic of Korea. Distinguishing it from existing studies, this Global CGE Model divides the global community into major economic groups, and in the capacity of the analyzed global model, reflecting the principle nations' macroeconomic indicators through the theoretical approach of endogenous growth theory. Policies such as an emissions trading scheme and carbon tax are reflected in the model. Also, in particular, the model reflects exogenous technological advances. According to this analysis, the stronger the greenhouse gas reductions, the greater the adverse effects on the economy; among macroeconomic indicators that appear, a significant decline is realized in the balance of trade, along with a significant decrease in investment and consumption. Energy dependence, in particular, plays a large role-varying in degree by industry type-, as greenhouse gas reductions would have a greater impact on energy-intensive industries. Furthermore, if Korea, currently recognized as a developing country, is given the obligation to reduce greenhouse gas emissions, competing countries such as China and other developing countries will be given an advantage.

• Journal of Technology Innovation
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• v.25 no.3
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• pp.51-82
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• 2017

In terms of both economic growth and social welfare, this paper discusses the optimal proportion and size of basic research budget by adding knowledge stock to an endogenous growth model. On the basis of the modified endogenous growth model, this paper derived an equation that consists of kinds of parameters and suggested this equation as a criterion for determining whether allocated basic research budget has been appropriate. This paper also found that the theoretical optimal ratio between government investment spending and investment in basic research is equal to the ratio between the partial elasticity of output with respect of public capital stock and the partial elasticity of output with respect of knowledge stock. In addition, after the required parameters were specified based on precedent literatures, this paper estimated an optimum size of the basic research budget using the theoretical optimal ratio with official statistical records and compared the estimated size to its actual size. This paper therefore is expected to contribute to budget planning and allocation regarding establishing basic research policy, because the results of this paper presents a useful criterion for optimum level and an approximate size of investment in basic research. However, it should be noted that although the optimal solution is optimal in a economic sense, it may not be the best solution from a practical perspective.

• Environmental and Resource Economics Review
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• v.5 no.1
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• pp.1-39
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• 1995

본 연구는 에너지정책을 종합적 차원에서 일반경제정책과 병행하여 정량적으로 분석할 수 있는 수리모형 (numerical multi-sector general equilibrium model)을 개발하기 위하여 시도되었다. 모형은 크게 (i) 가격/기술변화 반응적인 투입-산출계수를 내생화한 "산업간 거래모형 (inter-industry production model)", (ii) 민간에 의한 최종부문 수요를 나다내는 "소비자 선택모형 (consumer choices model)", 그리고 (iii) 생산물시장과 본원적 투입요소시장, 수출입시장 등에서 민간기업 정부 및 해외라는 개별 경제주체간의 행태를 반영하는 "거시경제 (성장) 모형 (macro-econometric growth model)"으로 구성되어 있다. 이러한 방법은 분석경제를 충분히 세분하고 제(諸)경제변수들의 동시결정적 과정을 중시한 일반균형적 /부문적 접근방법 (general equilibrium/sectoral approaches)을 취함으로써 지금까지 단순한 거시경제모형(aggregate macroeconomic models)이나 전통적 산업연관모형 (static input-output models)에만 의존해 오던 경제예측이나 경제 및 에너지관련 정책의 효과분석이 한층 더 강화될 수 있을 것으로 기대된다.

• The Journal of the Korea Contents Association
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• v.17 no.5
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• pp.285-304
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• 2017

This paper introduces household's decision for schooling and firm's decision for technology-specific training together into the second generation model of endogenous innovation, and analyses how schooling and technology-specific training interact each other, how they respectively affect innovation and economic growth, and also how the portfolio mix of schooling and technology-specific training changes as economy becomes more innovative. Main results are as follows: First, schooling and technology-specific training both have "inverted-U"shape growth effects. Second, schooling investment per labor required for growth maximization is always greater than that for firm profit maximization. Third, the optimal schooling for growth maximization decreases with technology-specific training. Fourth, the schooling effect on technology-specific training is "U"shaped, so that for firm's profit maximization schooling is substitutable for technology-specific training at the relatively lower level of schooling but complementary at its relatively higher level. Fifth, as economy becomes more innovative, the portfolio mix of education changes in favor of schooling.

• Environmental and Resource Economics Review
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• v.12 no.3
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• pp.397-425
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• 2003

This paper develops a simple theoretical model that is consistent with the empirical evidence of an inverted U-shpated relationship between pollution and per capita income, which is so-called environmental Kuznets curve in this literature. Also, by incorporating the issue of environmental externality into an endogenous growth model, I investigate the circumstances under which growth can be sustained with the optimal control of pollution, and hence the sustainable development can be achieved. In order to study the problem of implementing the social optimum in a market economy, I examine the optimality of three different kinds of environmental policy instruments; pollution tax, pollution-permit trading system (pollution voucher), and direct regulation. This paper shows that the optimum can be implemented with a pollution tax or with a voucher system. Also, it is shown that the socially optimal rate of pollution tax should increase proportionally to the growth rate of consumption.

• KDI Journal of Economic Policy
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• v.15 no.1
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• pp.3-86
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• 1993

본(本) 거시경제모형(巨視經濟模型)은 "케인즈"적인 소득지출모형(所得支出模型)으로서, 최근 개방화 및 자율화추세에 따라 크게 변모한 경제구조하에서 예측의 정확도를 높이고 대내외여건(對內外與件) 변화(變化)에 기인한 제반 영향을 보다 명확하게 분석하기 위해서 작성되었다. 모형(模型)의 구조(構造)는 6개 부문, 162개의 방정식으로 구성되어 있으며, 70년대와 80년대의 구조변화(構造變化)를 고려하여 1982년부터 1991년까지를 추정대상 기간으로 삼았다. 기존의 KDI 분기모형과 비교할 때 본(本) 개정모형(改定模型)의 가장 두드러진 특징은 총량변수를 항목별로 세분하여 대내외여건 변화시 경제에 마치는 영향을 기존의 총량수준보다 한 단계 더 세분화된 수준에서 파악하고자 한 점이다. 또한 각종 가격변수들의 시장조절기능(市場調節機能)을 반영하기 위해서 금리(金利), 임금(賃金), 환율(換率) 등을 내생화(內生化)하였고, 총통화(總通貨)와 장기자본수지(長期資本收支) 등도 모형내에서 결정되도록 하였다. 역사적(歷史的) 시뮬레이션의 결과, 주요 내생변수의 평균자승근퍼센트오차가 5% 내외의 양호한 수준을 나타냄으로써 본(本) 모형(模型)이 80년대의 구조변화(構造變化)를 적절히 반영하고 있다고 볼 수 있다. 정책(政策)시뮬레이션은 원유 및 원자재수입가격과 같은 해외여건(海外與件) 변화(變化)와, 기타건설(其他建設), 정부소비지출(政府消費支出), 국내민간신용(國內民間信用)의 확대와 같은 정책변화(政策變化)의 두 부문으로 나누어 시행하였다. 원유 및 원자재가격의 상승은 우리 경제에 부(負)의 공급충격(供給衝擊)으로 작용함으로써 성장을 둔화시키고 물가를 상승시켰으며, SOC 투자를 포함한 기타건설(其他建設)의 증가(增加), 정부소비지출(政府消費支出),의 확대(擴大), 민간신용(民間信用)의 증가(增加)는 모두 단기적으로 경기부양의 효과는 있으나 장기적으로 물가를 더욱 상승시키는 것으로 나타나 물가(物價)와 성장(成長)이 서로 상충관계에 있는 것으로 파악되었다.

• Environmental and Resource Economics Review
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• v.21 no.3
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• pp.627-681
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• 2012

This paper starts with a model of monopolistic competition and endogenous growth, and it adds pollution as an input to production. Then I adopt environmental quality as a renewable resource used in production. I show that increasing returns due to specialization of clean activities as inputs can help lead to sustainable growth with no harm to environmental quality. I also compare and evaluate alternative policy combinations (i.e. taxes +subsidies) that correct two distortions from pollution and monopolistic competition. Finally, I find that, if the productivity of environment in final good production is not sufficiently enough, the number of clean goods tends to increase with more environmental concerns.

• Environmental and Resource Economics Review
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• v.18 no.3
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• pp.523-544
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• 2009

The purpose of this paper is to estimate the impact of foreign direct investment on environmental performance for 27 OECD countries using endogenous environmental policy model. The empirical test shows that with 1% increase in the ratio of inflow stock of foreign direct investment over domestic capital stock, emission on NOx and $CO_2$ will increase by 0.0071%(NOx) and 0.0165%($CO_2$) and 1% increase in the ratio of foreign capital stock induces 0.044%(fixed effect) and 0.047%(random effect) of economic growth. 1% increase of per labor total output increases 2.038%(fixed effect) or 1.890%(random effect) in reinforcement of environmental regulation. However, we could not confirm the Porter's hypothesis that the more strong environmental regulation leads technical innovation. The scale effects (0.0119, 0.0172) are estimated higher than the technical effects (-0.0048, -0.0007) in two pollutants (NOx, $CO_2$). It implies that each country needs to increase pollution abatement and control expenditure more aggressively to protect environment.

• Environmental and Resource Economics Review
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• v.21 no.2
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• pp.371-416
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• 2012

This study has developed Computable General Equilibrium (CGE) model reflecting endogenous growth economic theory, with the aim of analyzing double dividend hypothesis. This study analyzes possibility of economic growth and environmental improvement at the same time when government recycles the revenue of carbon tax to reduce existed taxes such as consumption tax, labor income tax, corporate tax. It also assesses the case of subsidy on R&D investment of renewable energy. With new and renewable generation technology adopted and disseminated, GDP loss would be lessened to a great degree. Tax recycling would provide economic gain by reducing distortion existed in the existing fiscal structure. The magnitude of economic gains from carbon tax recycling is biggest for recycling into corporate tax, and labor income tax, and then consumption tax in this order. It is also shown that double dividend effects occur in dynamic terms when government uses a carbon tax revenue to subsidize on R&D investment. At the end of the analysis period, emissions reduction would not result in GDP loss but in GDP gain. In particular, recycling into R&D increase would produce the largest and fastest GDP gain. Thus, implementing emissions reduction target would require careful consideration of economic effects by various policy instrument, including carbon tax.