• KDI Journal of Economic Policy
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• v.36 no.2
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• pp.1-64
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• 2014

This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various cyclical factors and frictions are introduced in the model for an empirical analysis in which historical decompositions of key macro variables are quantitatively assessed after 2000. While the monetary policy during the global financial crisis have reacted systematically in accordance with the estimated Taylor rule relatively, the fiscal policy which was aggressively expansionary is not fully explained by the estimated fiscal rule but more by the large magnitude of non-systematic reaction.

• Environmental and Resource Economics Review
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• v.19 no.2
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• pp.215-242
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• 2010

This study constructs a bayesian neoclassical DSGE model that applies oil usage. The model includes technology shocks, oil price shocks, and shocks to energy policies as exogenous driving forces. First, this study aims to analyze the roles of these exogenous shocks in the Korean business cycle. Second, this study examines the effects of long-term changes in the energy consumption structure, including the reduction in oil use as a share of energy consumption and improvement in oil efficiency. In the case of oil price shocks, results show that these shocks exert recessionary pressure on the economy in line with those obtained in the previous literature. On the other hand, shocks to energy policies, which reduce oil consumption per capital, result in opposite consequences to oil price shocks, decreasing oil consumption. Also, counterfactual exercises show that long-term changes in the energy consumption structure would mitigate the contractionary effects of oil price shocks.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.943-964
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• 2005

This study estimated a wide range of stochastic process models using the frameworks of CKLS (1992) and Nowman and Wang (2001). For empirical analysis, the GMM estimation procedure is adopted for the monthly Brent crude oil prices from January 1996 to January 2005. Using the simulated price series, European call option premiums were calculated and compared each other. The empirical results suggest that the crude oil price has a strong dependency of volatility on the price level. Contrary to the results of previous related studies, it shows a weak tendency of mean reversion. In addition, the models provide different implications for pricing derivatives on crude oil.

• Korean Journal of Social Welfare
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• v.62 no.3
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• pp.5-29
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• 2010

This study examines the welfare dynamics in Korea under the scheme of National Basic Livelihood Protection Program(NBLP). Data are drawn from Korean Welfare Panel study 2005~2007. Main findings are summarized as follows. First, the exit probabilities show a declining tendency with time on welfare increases. If the exit probabilities indeed decline over time, the earlier years on welfare deserve more interest in the policy perspective. Moreover, the vast majority of recipients are long-termers. Further efforts are needed to increase self-sufficiency through providing genuine opportunity and necessary support for recipients. Second, out-of-poverty exit and out-of-system exit are quite different in their properties. The results from the multivariate analysis confirm that the dropouts through out-of-system exit are virtually the same with those who remain on welfare. These results imply that the government should not resort to the negative policy proposals such as time limit and strengthening sanctions. Third, several explanatory variables have anticipated effect on welfare exit probabilities. Age, education, health, marital status, the presence of children, employment status have a certain level of impact on exit, with the only exception of gender. Since the identification of the determinants can facilitate sensible targeting on the potential leavers, these results have some implications on policy proposals.

• Environmental and Resource Economics Review
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• v.31 no.3
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• pp.367-391
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• 2022

We develop an energy-economy Bayesian DSGE model with the two sectors of electricity generations-traditional (fossil, nuclear) and renewable energy. Under imperfect substitutability between the two sectors, a technological shock on renewable energy sectors does not sufficient to facilitate energy conversion and reduce greenhouse gas emissions. Technology innovation on greenhouse gas emission reduction is also required. More importantly, sufficient investment should be derived by a well-functioning electricity market where electricity price plays a signal role in efficient allocation of resources. Indeed, market rigidities cause reduced consumption.

• Korean journal of applied entomology
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• v.50 no.3
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• pp.235-245
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• 2011

Temperature-related parameters of Panonychus citri (McGregor) (Acarina: Tetranychidae) development were estimated and a stage-structured matrix model was developed. The lower threshold temperatures were estimated as $8.4^{\circ}C$ for eggs, $9.9^{\circ}C$ for larvae, $9.2^{\circ}C$ for protonymphs, and $10.9^{\circ}C$ for deutonymphs. Thermal constants were 113.6, 29.1, 29.8, and 33.4 degree days for eggs, larvae, protonymphs, and deutonymphs, respectively. Non-linear development models were established for each stage of P. citri. In addition, temperature-dependent total fecundity, age-specific oviposition rate, and age-specific survival rate models were developed for the construction of an oviposition model. P. citri age was categorized into five stages to construct a matrix model: eggs, larvae, protonymphs, deutonymphs and adults. For the elements in the projection matrix, transition probabilities from an age class to the next age class or the probabilities of remaining in an age class were obtained from development rate function of each stage (age classes). Also, the fecundity coefficients of adult population were expressed as the products of adult longevity completion rate (1/longevity) by temperature-dependent total fecundity. To evaluate the predictability of the matrix model, model outputs were compared with actual field data in a cool early season and hot mid to late season in 2004. The model outputs closely matched the actual field patterns within 30 d after the model was run in both the early and mid to late seasons. Therefore, the developed matrix model can be used to estimate the population density of P. citri for a period of 30 d in citrus orchards.

• Korean Journal of Construction Engineering and Management
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• v.15 no.2
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• pp.87-94
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• 2014

This study aims to analyze the relationship. The study applies EDF (Expected Default Frequency) as a variable that indicates management status of a construction company. To analyze changes in business structure of construction companies, the study refers to the amounts of domestic and overseas project orders as variables. The data was retrieved from TS2000 established by Korea Listed Companies Association (KLCA), Statistics Korea and International Contractors Association of Korea. The analysis period is between first quarter of 2001 and fourth quarter of 2010. The analysis results showed that as more domestic and overseas orders rolled in for domestic companies, their business conditions improved as the hypothesis suggested. However, the level of improvement varied. Further, when construction companies' business slowed down, the proportion of overseas projects tended to rise, while the ratio of domestic business decreased.

• KDI Journal of Economic Policy
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• v.34 no.4
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• pp.69-90
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• 2012

This paper explores the effect of the countercyclical capital buffer using a DSGE (Dynamic Stochastic General Equilibrium) model with a banking sector. The main results are following. First, if the CAR (capital asset ratio) rises by 1%p as the countercyclical capital buffer, output and credit would increase less than otherwise by 0.8%p and 1.2%p, respectively. Second, the countercyclical capital buffer would decrease both credit and debt of banks, or deposit, and, as a result, boost the CAR. However, if we are going to use monetary policy to control credit expansion by allowing the interest rate to respond to credit, bank capital would also diminish, which would cause the CAR to be lower.