• International Journal of Advanced Culture Technology
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• 제7권1호
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• pp.84-88
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• 2019

This paper examines whether the exchange rate respond differently to monetary policy shocks in Korea using regression model. We find an asymmetric response of the monetary policy shocks to the monetary policy shocks in the context of Korea. Over the whole period sample, we do not find the effect of an actual interest rate on exchange rate. But we find that the estimated coefficient on the expected and unexpected change in the policy rate are negative and statistically significant. In the period of monetary policy easing, the estimated coefficient on the expected and unexpected change in the policy rate are negative but not statistically significant. In contrast, the period of monetary policy tightening, the estimated coefficient on the expected and unexpected change in the policy rate are negative and statistically significant.

• East Asian Economic Review
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• 제28권2호
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• pp.221-244
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• 2024

This study examines how the independence of monetary policy changes in situations where the interest rate differential between domestic and foreign rates inverts, utilizing the trilemma indices. For analysis, this paper uses the trilemma indices developed by Kim et al. (2017) to analyze the relationship between the monetary policy independence index and the other two trilemma indices, namely the capital account openness index and the exchange rate stability index, across 45 countries from 2002 to 2018. The analysis reveals that the trilemma's validity is contingent. In particular, no statistically significant negative correlation was found between the monetary policy independence index and exchange rate stability index during periods of interest rate differential inversion. A positive correlation emerges between exchange rate stability and the independence of monetary policy, particularly when the inverted interest rate differential exceeds a certain threshold. This situation, where the exchange rate remains stable despite low domestic interest rates, implies that the central bank is effectively managing monetary policy to appropriately respond to economic conditions, which is reflected in the monetary policy independence index.

• East Asian Economic Review
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• 제18권3호
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• pp.301-335
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• 2014

In this paper, we consider a small open economy under the New Keynesian model with unemployment of Gal$\acute{i}$ (2011a, b) to discuss the design of the monetary policy. Our findings can be summarized in three parts. First, even with the existence of unemployment, the optimal policy is to minimize variance of domestic price inflation, wage inflation, and the output gap when both domestic price and wage are sticky. Second, stabilizing unemployment rate is important in reducing the welfare loss incurred by both technology and labor supply shocks. Therefore, introducing the unemployment rate as an another argument into the Taylor-rule type interest rate rule will be welfare-enhancing. Lastly, controlling CPI inflation is the best option when the policy is not allowed to respond to unemployment rate. Once the unemployment rate is controlled, however, stabilizing power of CPI inflation-based Taylor rule is diminished.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.153-166
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• 2022

The study estimates the Structured VAR and the Dynamic Stochastic General Equilibrium Model for the Vietnamese economy based on the new Keynesian model for small and open economies, with the output gap, inflation, policy interest rate, the Vietnamese exchange rate, and the inflation and interest rate in the United States. The paper aims to clarify the impulse response of the macro variables through their shocks. It offers to model the SVAR and DSGE processes, as well as describe why and how interest rate policy is important in the impulse response of macro variables like the output gap and inflation process. The study supports the central role of monetary policy by giving empirical evidence for the new Keynesian theory, according to which an interest rate shock causes the output gap to widen and inflation to decrease. Finally, the application of the DSGE model is becoming more and more popular in the State Bank of Viet Nam to improve its policy planning, analyzing, and forecasting policy towards sustainable and stable growth.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.103-113
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• 2019

The effectiveness of monetary policy critically depends upon how well the transmission mechanism functions, so that the desired impact on output and inflation is achieved. The purpose of this paper is to study the transmission mechanism of monetary policy by analyzing the impact on inflation and output during multiple indicator regime (1998-99 to 2014) in an emerging economy-India. The Inflation Targeting Regime is also briefly outlined alongwith the impact on output and inflation. Using quarterly data for the period 1997 to 2017, the paper uses weighted average call money market rate as a proxy for the policy rate and evaluates the strength of the interest rate channel. We use a conventional Structural vector auto regression (SVAR) methodology to evaluate the efficacy and show the impluse response functions. Our results find that changes in the policy rate impact output growth steeply with a lag of about two quarters and the impact on inflation is maximized after three quarters. The study concludes that the monetary policy in India has a significant impact on output and inflation in the short-to-medium-run. After the policy shock, the fall in the output growth rate is of greater magnitude than the fall in inflation.

• 산경연구논집
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• 제9권6호
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• pp.15-24
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• 2018

Purpose - The adjustment of one country's monetary policy can cause the macroeconomic change of other countries. Due to this, this paper attempts to analyze the impact of China's monetary policy on South Korea's exchange rate. Research design, data, and methodology - Based on the flexible-price monetary model, sets of annual time series from 1980 to 2017 are employed to perform an empirical estimation. The vector error correction model is also used to exploit the short-run relationship between both of them. Of course, the South Korea's real GDP, the China's real GDP, South Korea's interest rate, the South Korea's interest rate and the South Korea's monetary supply are treated as independent variables in this paper. Result - The long-run findings reveal that the China's money supply has a negative effect on South Korea's exchange rate. Respectively, the short-run findings depicts that the China's money supply has negative a effect on South Korea's exchange rate. Of course, other variables selected in this paper also have an effect on South Korea's exchange rate whatever positive or negative. Conclusions - As the empirical evidence shows, the China's monetary policy has a negative effect on South Korea's exchange rate whenever in the long run or in the short run.

• 한국아동복지학
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• 제36호
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• pp.65-99
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• 2011

본 연구는 OECD 국가를 대상으로 복지국가의 아동 가족복지지출과 아동빈곤율의 관계를 분석한 탐색적 연구이다. 아동 가족복지지출은 복지국가의 아동 가족을 대상으로 한 복지 노력(welfare effort)을 나타내는 지표이며, 본 연구에서는 아동 가족복지지출 총량뿐 아니라 아동 가족을 대상으로 한 다양한 분야의 복지지출을 구분해서 분석함으로써 아동 가족에 대한 구체적인 복지국가의 복지노력과 아동빈곤율의 관계를 분석하였다. 본 연구에서 사용된 아동빈곤율 자료는 LIS와 OECD에서 계산한 데이터를 이용하였고 아동 가족복지지출 자료는 OECD SOCX 자료를 활용하였으며 23개국을 대상으로 상관관계 군집분석 방법을 이용하여 분석하였다. 이 분석을 통해 아동빈곤율에 대한 급여전략(benefit strategy)과 근로전략(work strategy)의 유효성을 파악할 수 있었다. 아동빈곤율이 높은 국가들은 대부분 전체빈곤율보다 아동빈곤율 수치가 더 높은 반면, 스칸디나비아 국가들은 아동빈곤율 수준이 전체빈곤율 수준보다 낮았다. 아동 가족복지총지출과 아동빈곤율의 상관관계는 매우 높았고, 특히 서비스지출, 휴가급여지출과의 상관관계가 높았으나 현금급여지출과 아동빈곤율의 상관관계는 통계적으로 유의미하지 않았다. 이상의 결과를 통해 우리나라 아동빈곤율 완화를 위해서는 무엇보다 아동 가족 분야 사회복지 예산과 지출을 증가시켜야 하며, 아동 가족복지지출 중에서도 서비스지출, 휴가급여지출을 증대시켜야 하며, 아동이 있는 가구 부모의 경제활동을 지원하는 적극적노동시장 정책 등 아동가구 부모에 대한 근로지원정책을 확대시켜야 한다는 정책적 함의를 도출할 수 있었다.

• East Asian mathematical journal
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• 제24권1호
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• pp.45-55
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• 2008

We consider an M/G/1 queue with $P^M_{\lambda}$-service policy, which is a two-stage service policy. The server starts to serve with rate 1 if a job arrives to the sever in idle state. If the workload of the system upcrosses $\lambda$, then the service rate is changed to M and this rate continues until the system is empty. It costs to change the service rate to M and maintaining the rate. When the expectation of the stationary workload is supposed to be less than a given value, we derive the optimal value of M.

• 대한산업공학회지
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• 제21권4호
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• pp.507-517
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• 1995

The failure rate of an item depends on operational environment. When an item has a chance failure period and a wearout failure period in sequel, the severity of operational environment causes the increase in the slop of wearout failure rate or the increase in the magnitude of chance failure rate. For such a change of operational environment, this paper concerns the change of optimal preventive replacement time. Two preventive replacement policies, age replacement policy and periodic replacement policy with minimal repair, are considered. Investigated properties are: (a) in age replacement policy, optimal preventive replacement time increases as the chance failure rate increases and optimal preventive replacement time decreases as the slope of wearout failure rate increases, and (b) in periodic replacement policy with minimal repair, optimal preventive replacement time increases as the slope of wearout failure rate increases; however, the change of chance failure rate does not alter the optimal preventive replacement time.

• 가족자원경영과 정책
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• 제17권4호
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• pp.127-144
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• 2013

The low birth rate in Korea reflects the declining desire to have children in this country due to rising emphasis on personal lifestyle. Since this phenomenon has accelerated, boosting the birth rate has become one of the most important policy tasks in Korea. The purpose of this research was to perform a case study based on women's lived experience to understand how the childbirth encouragement policy promoted by the government in order to boost the birth rate has affected the perception of childbirth among women. The findings are as follows : First, the effect of the childbirth encouragement policy on women's perceptions has been fairly low. Second, the social environment for encouraging childbirth is inadequate. Third, the economic burdens associated with childbirth and child care are still significant. Finally, the impact of the childbirth encouragement policy on changes in the perceptions of childbirth has been minimal. Based on these findings, various motivations for changes in the perceptions of childbirth among women were identified, leading to the following conclusion: Establishing a long-term childbirth encouragement policy is an effective way to boost the childbirth rate.