• East Asian Economic Review
• /
• v.25 no.1
• /
• pp.73-97
• /
• 2021

China has experienced many structural changes in the process of economic development over the past three decades. Using a time-varying parameter VAR model with stochastic volatility and mixture innovations, this study investigates whether such structural changes in, especially tools and operational aims of monetary policy, affect the monetary transmission mechanism. We find that impulse responses of output growth and inflation to monetary shocks have substantially increased and then reversed to decrease around 2005-2006. This time variation is mainly caused by changes in the monetary transmission mechanism, i.e., the manner in which main macroeconomic variables respond to policy shocks, rather than by changes in volatilities of exogenous shocks. The result implies that aggressive monetary policy to facilitate economic growth in the developing economies may be legitimized, unless it causes inflation seriously.

• The Journal of the Acoustical Society of Korea
• /
• v.34 no.1
• /
• pp.20-35
• /
• 2015

Underwater acoustic channel impulse responses (CIR) are influenced by sound speed profile (SSP), and the variation of CIR has significant effects on the performance of underwater acoustic communication systems. A significant change of SSP can occur within a short period, which must be considered during the design of underwater acoustic modems. This paper statistically analyzes the effect of the variation of SSP on the long-range acoustic signal propagation in shallow-water with thermocline using numerical modeling based on the data acquired from JACE13 experiment near Jeju island. The analysis result shows that CIR changes variously according to the SSP and the depth of the transmitter and receiver. We also found that when the transmitter and receiver are deeper, the variation of sound wave propagation pattern is smaller and signal level becomes higher. All CIR obtained in this study show that a series of bottom reflections due to downward refraction and small bottom loss in the shallow water with thermocline can be very important factor for long-range signal transmission and the performance of underwater acoustic communication system in time varying ocean environment can be very sensitive to the variation of SSP even for a short period of time.