• 대한안전경영과학회:학술대회논문집
• /
• 대한안전경영과학회 2005년도 추계학술대회
• /
• pp.537-557
• /
• 2005

The estimate on volatility of stock price is related with optimum of portfolio and Important for allocation of capital asset. If the volatility of stock price is varied according to macroeconomic variables on monetary policy and industrial production, it will assist capital asset to allocate. This paper is related with stock market volatilities on macroeconomic variables in U.S. and Europe, Korea. And, it Is pertain to vary in time of this variables. Thus, this paper is related with volatilities of monetary and physical macroeconomic variables on basis of statistics. And, it is ranged front capital investment to portfolio allocation. Also, this paper takes out of sample forecast and study more after this. In case Germany, France, Italy and the Netherlands, the relative importance of monetary policy and Industrial production Is different from these countries. In case Italy and the Netherlands, monetary policy is primary factor at stabilizing for volatility of stock price. In case Korea, increasing monetary policy and industrial production is positively affected stock market. It is that the positive effect of stock price is caused by mollifying monetary policy and economic growth. Specially, this conclusion is similar to US. In Korea, gradual increase in monetary and industrial production is necessary to stability of stock market. It is different to previous results on basis of increasing stock price of money in long period.

• KDI Journal of Economic Policy
• /
• 제43권2호
• /
• pp.81-101
• /
• 2021

This paper estimates the expectation-augmented Phillips curve, which explains inflation dynamics, in Korea. The phenomenon of low inflation in Korea has been going on for quite some time, in particular since 2012. During the Covid-19 crisis, due to low inflation expectations the operation of monetary policy was limited as the base rate approached the zero lower bound. The main objective of this paper is to estimate where and how tightly inflation expectations are anchored. It was found that long-term inflation expectations fell to around 1%, falling short of the inflation target, and that inflation expectations are strongly anchored to long-term expectations, which implies that the low inflation phenomenon is likely to extend into the future. The results also imply that even if inflation fluctuates due to temporary disturbances, it may converge to a level below the inflation target. The slight rebound of long-term expectations during the Covid-19 crisis suggests that the aggressive monetary policy may have contributed to improving economic agents' beliefs about the commitment of monetary authorities to inflation stability. This may also help long-term expectations gradually to approach the inflation target.

• Asia pacific journal of information systems
• /
• 제15권4호
• /
• pp.165-192
• /
• 2005

This study introduces how to estimate the monetary value of intellectual capital of a public research institute by incorporating a non-market valuation technique, the choice experiments(CE). CE is a survey-based environmental valuation technique that has increasingly been popular over the last decade. The members of institute E, a typical type of public research institutes in Korea, were surveyed, before the data were fit to the conditional logit and mixed logit models. The total value of the institute's intellectual capital was estimated at approximately W3,377 billion for the year 2003. The institute's human, structural and relational capitals that comprise the intellectual capital were estimated at W18.7 billion, W10.7 billion and W4.4 billion respectively, for each of the components' index values improving by 1%. The human capital was placed a higher value than the other two. The study also shows that CE is a flexible technique that enables the researcher to estimate the monetary value of the intellectual capital whatever the index values of the component capitals and to interpret model estimation results more in depth by incorporating the mixed logit, a state-of-the-art discrete choice model, than the conventional conditional logic.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권11호
• /
• pp.23-31
• /
• 2020

This paper investigates the impact of monetary policy independence shock on bond yield by allowing for heterogeneous coefficients in the model based on panel data for 19 developing countries using quarterly data from 1991 to 2016. First, we estimate the model using conventional panel VAR estimation with the assumption of homogeneous coefficients across countries. Second, by performing Chow and Roy-Zellner tests to check the homogeneity assumption, we find that the assumption does not hold in the model. Third, we apply a mean-group estimation for panel VAR as a solution for heterogeneity panel model. The results reveal that central bank independence is effective in reducing bond yield with the maximum at period 6 after the shock. Shock one standard deviation bond yield has a negative effect on consumption and investment. We determine that central bank independence has a contradictory effect on real activity; a negative effect on consumption but a positive influence on investment for the first two years after the shock. Additionally, we split our sample into three groups to make the subgroups pool. Our empirical result shows that monetary policy independence shock reduces bond yield. Meanwhile, the response of economic activity to bond yield varies for all three groups.

• 대한원격탐사학회:학술대회논문집
• /
• 대한원격탐사학회 2004년도 Proceedings of ISRS 2004
• /
• pp.3-6
• /
• 2004

This study aims to estimate, in monetary figures, the environmental value of recreational theme park- Huis Ten Bosch (HTB), located in Nagasaki Prefecture, Japan, through the integration of both contingent valuation method (CVM) and remote sensing. In the analysis, we have estimated the environmental value of HTB through CVM. Then, we have compared this amount with the valuation made by using remote sensing. The results of the study would provide the interest groups some monetary base, to value the worth of environmental restoration activities undertaken by HTB.

• 가정과삶의질연구
• /
• 제17권2호
• /
• pp.19-30
• /
• 1999

The measurement of women's unpaid work is one of the important issues for the improvement of women's status and establishment of a women policy. The purpose of this study is to measure of household production of housewife and to estimate the ratio to GDP. And to emphasize the political meaning of housework The results are as follow; 1) The monetary value of housework of one housewife in 1995 was 783,050won by opportunity cost method . 2) The ratio of household production to GDP 1995 was approximately 16.5%.

• 한국도로학회논문집
• /
• 제9권3호
• /
• pp.63-74
• /
• 2007

교통정보를 이용자에게 제공하는 것은 도로의 효율성을 높이는데 있어 매우 중요한 역할을 수행한다. 이중 VMS는 불특정 다수에게 실시간으로 교통정보를 제공하는 대표적인 교통정보제공수단으로 널리 보급되어 있으나, 이러한 정보가 이용자에게 제공하는 금전적 가치를 계량화하지 못하고 있다. 특히 기존 VMS와 관련된 연구는 대부분 정보제공후의 경로변경 또는 출발시간 변경 등의 운전자 행태 분석에만 국한되어 있다. 본 연구에서는 선호의식조사를 통하여 수집된 자료를 바탕으로 개별선택이론의 하나인 로짓(Logit)모형을 적용하여 VMS 교통정보에 대한 화폐적 가치를 계량화 하고자 한다. 특히 이러한 개별선택이론을 이용한 분석방법은 장래 VMS외에도 인터넷, 네비게이션, 휴대폰등 다른 매체에서 제공되는 정보에 대한 가치측정을 위한 접근방법으로 활용될 수 있을 것이다.

• 국제지역연구
• /
• 제12권3호
• /
• pp.49-67
• /
• 2008

본 연구에서는 경제 내 갑작스런 구조적 변화가 있을 경우의 최적 통화정책 준칙을 살펴본다. 연구의 첫 단계에서는 Markov 상태전환모형을 이용하여 미국 주택가격 상승률의 추이에 두 개의 상이한 상태가 존재함을 보인다. 식별된 두 개의 상태 중 하나는 실질 이자율이 상승시 주택 가격 상승률이 하락한다는 면에서 '통상적'인 상태로 보인다. 반면, 다른 상태 하에서는 주택가격 상승률과 실질 이자율이 양의 상관관계를 갖는다는 면에서 '이례적'인 상태라 할 수 있다. 연구의 두 번째 단계에서는 주택시장에 이와 같은 두 개의 상태가 존재할 경우 중앙은행의 최적통화준칙을 살펴본다. '통상적' 상태 하에서는 인플레이션 압력에 반대로 대응해야 하는 반면, '이례적' 상태에서는 인플레이션 압력을 수용(accommodate)해야 한다는 면에서 중앙은행의 최적통화정책은 비대칭적이다. 또한, 미래 상태에 대한 불확실성이 있을 경우 더욱 보수적으로 통화정책을 운용해야 한다는 결과가 도출된다.

• 국제지역연구
• /
• 제21권4호
• /
• pp.141-158
• /
• 2017

본 연구의 목적은 첫째, 북한의 물가 상승률을 상대적 구매력평가를 이용하여 처음으로 추정을 시도하였다. 기존 연구의 경우 북한 쌀 가격을 대리변수로 이용하여 북한 물가 변화를 설명하는 것이 대부분이다. 본 연구에서는 과거 사회주의 국가의 물가를 추정하기 위해 사용된 방식인 구매력평가이론을 북한에 적용하여 북한 물가를 추정하였다. 둘째, 화폐개혁이라는 제도 변화 이후 북한의 물가에 미친 영향을 분석하는 것이다. 화폐개혁이라는 제도 변화 이후 북한 물가의 움직임을 살펴보고 여타 사회주의 국가의 화폐개혁 이후와 비교해 보았다. 경제적으로 화폐개혁이 북한에 어떠한 영향을 끼쳤는지 물가를 중심으로 알아본다. 분석결과 화폐개혁 이후인 2009년 이후 북한은 초인플레이션을 경험하였다. 모형에서 나타난 북한 물가상승률은 2010년 3,010.0%, 2011년 195.0%, 2012년 68.0%, 2013년 48.3% 였다. 북한의 화폐개혁 이후 물가 상승률은 이전에 화폐개혁을 경험한 중국, 베트남 등 사회주의 국가보다 매우 높은 수준이다. 북한의 화폐개혁은 경제적 측면만 고려 시 초인플레이션이라는 부작용을 가져오며 실패한 것으로 평가된다.

• 한국태양에너지학회:학술대회논문집
• /
• 한국태양에너지학회 2008년도 춘계학술발표대회 논문집
• /
• pp.318-323
• /
• 2008

First aim of this study is to investigate consumer's actual value for environment related performance of house by using three different method, Ranking, Analytical Hierarchy Process (AHP) and Conjoint Analysis method. Second aim is to estimate consumers' monetary value about environment related factor through Marginal Willing to Pay(MWTP), and third aim is to find out the difference of values between the groups classified according to respondents' characteristics. A questionnaire survey was carried out in Seoul in order to clarify the preference and monetary value of four selected attributes. They are environmental performance, residents' health, home automation and increase of floor area. As a result, people showed high values in the order of health, environmental consideration, increase of floor area and home automation. Moreover, it was found out that MWTP for environmental performance and health are higher than market price. In addition, the group of high age and group of female showed high values for the reduction of $CO_2$ emission