유혜미 교수

Abstract Over the past few decades, the skilled–unskilled hours differential for U.S. men increased when the skill premium rose sharply, in contrast with dominant income effects. Based on PSID data, we show that over the 1967–2000 period, skilled men experienced a three times larger increase in wage volatility than unskilled men. With the rise in wage volatility, our general equilibrium incomplete markets model generates a 2.7 hours increase in the hours differential whereas it increased by 1.4

This paper explores the long-term effect of recent housing policies in Korea. Using a twosector general equilibrium model with heterogeneous agents, we conduct three policy experiments: i) a reduction in the loan-to-value (LTV) ratio; ii) an increase in the house acquisition tax rate; iii) an increase in the property tax rate. We find that all three policies increase the relative price of housing structures in the long run, yet their quantitative effect is small, and that the reduced LTV ratio i

This paper explores the effect of the progressivity of income taxes on the distribution of income and consumption across households as well as the aggregate output in Korea. Using Korean administrative data on income and tax by income percentile,we find that the post-2012 progressivity of Korean income taxes is double the pre-2012 progressivity. By building a dynamic general equilibrium model with heterogeneous agents, we quantify the long-run effect of the increased progressivity of income taxe

Over the past few decades, both the relative price of housing structures and housing services consumption relative to nondurables increased significantly in the United States. This paper explores demand-side factors such as an increase in idiosyncratic earnings risks and changes in housing institutions as potential explanations for the phenomenon. We build a general equilibrium incomplete markets model of housing and compare two steady states that correspond to the 1967 and 2000 U.S. economies.

본 연구는 간헐적으로 유효한 차입제약이 존재하는 2가계 새 케인지안 동태확률일반균형 모형을 이용하여 한국 통화정책의 상태의존적 효과를 분석하였다. 이 모형을 한국 자료를 이용해 베이지안 방법으로 추정한 뒤 추정된 모수를 바탕으로 정량분석을 시행한 결과 차입제약은 균제상태뿐만 아니라 통화정책 충격 발생시에도 항상 유효한 것으로 나타났다. 본 모형에서 1 표준편차의 금리 인상 충격은 단기적으로 인플레이션과 주택가격을 0.17%p와 0.45% 하락시키는 한편 GDP는 0.51% 감소시켰다. 통화정책 충격의 효과는 가계부채 수준에 따라 큰 차이는 없었다. 하지만 금리 인상 충격 발생시 LTV 규제가 강할수록 주택가격 하락폭은 컸고, 대출한도 조정속도가 빠를수록 차입가계의 디레버리징이 더 급격히 진행되었다.

본 연구는 재정패널 4차부터 12차까지의 자료를 바탕으로 우리나라 조세재정정책의 누진도를 분석한다. 이를 위해 가구단위의 소득에서 세부 담을차감하고복지수혜를더한값으로가처분소득을정의하고이가처분소득 의 로그값을 로그 가구소득에 회귀시켜 순조세함수를 추정하였다. 추정결과 2010년부터 2018년까지 우리나라의 조세재정정책 누진도는 0.214로 추정되 었는데 동 기간 중 이 누진도는 약 30% 상승하였다. 이런 순부담 누진도 상승 은노령층에대한재정지출확대에크게기인하였다.하지만 65세 미만의 경우 수혜보단 세부담 체계의 변화가 순부담 누진도 증가에 더 영향을 미친 것으로 나타났다.

This paper examines whether the recent increase in male wage volatility varies by marital status and spousal work status. Using the Panel Study of Income Dynamics (PSID), we estimate separately a standard residual wage process for all men, married men, and married men with a working spouse over the 1967-2010 period. We find that all three groups of men shared similar trends in the variances of both persistent and transitory wage shocks. Married men, including those with a working wife, experienc

Thesis (Ph. D.)--University of Rochester. Dept. of Economics, 2009.

This paper examines whether the recent increase in male wage volatility varies by marital status and spousal work status. Using the Panel Study of Income Dynamics (PSID), we estimate separately a standard residual wage process for all men, married men, and married men with a working spouse over the 1967-2010 period. We find that all three groups of men shared similar trends in the variances of both persistent and transitory wage shocks. Married men, including those with a working wife, experienc

본 연구는 2007년 이후 한국의 인구구조 변화가 수혜-부담 체계에 미친 영향을분석하였다. 본 연구는 한국의 수혜-부담 체계를 간단한 순조세함수로 나타내고, 가구주 연령구조의 변화를 통제할 경우 이 순조세함수의 누진도가 어떻게 변화하는지 재정패널 자료를 이용하여 추정하였다. 추정 결과 2007년부터 2019년까지순조세함수의 누진도 총 증가분의 약 30%는 가구주 연령구조의 변화에 기인한것으로 나타났다. 이렇게 가구주 연령구조의 변화가 순조세함수의 누진도를 증가시키는 효과는 주로 복지수혜의 누진도 증가를 통해 나타나는 것으로 확인되었다. 또한 동 기간 중 가구주 연령구조의 변화는 수혜-부담 체계의 소득재분배 효과 증가분의 약 40%를 설명하였다.

For the past few decades, labor composition has changed drastically in the U.S. This paper examines how these changes help to explain the recent decline in aggregate hours fluctuations. I disaggregate workers by gender, education, marital status, and spousal characteristics among married workers, and quantify the impact of their changing shares on cyclical volatility of hours at both the extensive and intensive margins. The main result is that these labor composition changes explain little of

Abstract This study examines the macroeconomic effects of a recent income tax revision in Korea using a dynamic stochastic general equilibrium (DSGE) model with heterogeneous households. The study utilizes a simple net tax function that reflects the current tax-benefit structure and estimates the function parameters using National Survey of Tax and Benefits data. We propose a novel approach to identify how the income tax revision affects the net tax function, solving for a partial equilibrium mo