Journal Archive

Home > Journal Archive
Cover Image
  • P-ISSN 1738-656X
Cite

한국개발연구. Vol. 31, No. 1, June 2009, pp. 1-25

https://doi.org/10.23895/kdijep.2009.31.1.1

× KDI Open Access is a program of fully open access journals to facilitate the widest possible dissemination of high-quality research. All research articles published in KDI JEP are immediately, permanently and freely available online for everyone to read, download and share in terms of the Creative Commons Attribution 4.0 International License.

Estimation the Natural Output Korea: A Bayesian DSGE Approach

Young jin Hwang

Author & Article History

Manuscript .

Abstract

This paper attempts to estimate the natural rates of output and interest of Korea in a simple DSGE set-up with a few stylized New Keynesian features using Bayesian methods. The major findings of this paper are as follows. First, the estimates of output gaps are less volatile than the measures from conventional approaches, although they exhibit non-negligible variations depending on the model specification. Another key finding is that the hybrid type Phillips curve with a backward-looking component and/or habit formation in consumption may play an important role in characterizing the macroeconomic dynamics of Korea.

Keywords

Natural output(자연 산출량(GDP)), Natural rate of interest(자연 이자율), DSGE model(동태적확률 일반 균형 모형), Bayesian estimation(베이지안 추정)

JEL Code

D11, H21, H26, H31

상단으로 이동

KDIJEP