조성훈 교수

This article complements the structural New Keynesian macro framework with a no‐arbitrage affine term structure model. Whereas our methodology is general, we focus on an extended macro model with unobservable processes for the inflation target and the natural rate of output that are filtered from macro and term structure data. We find that term structure information helps generate large and significant parameters governing the monetary policy transmission mechanism. Our model also delivers stron

This paper presents a small-sample study of the threeequation-three variable New-Keynesian macro model. While the point estimates imply that the Fed has been stabilizing inflation fluctuations since 1980, our econometric analysis suggests considerable uncertainty regarding the stance of the Fed against inflation. We show that, if we add first order autocorrelation to the error terms of the New-Keynesian model, this is only marginally rejected.

This article complements the structural New-Keynesian macro framework with a no-arbitrage affine term structure model. Whereas our methodology is general, we focus on an extended macro-model with an unobservable time varying inflation target and the natural rate of output which are filtered from macro and term structure data. We obtain large and significant estimates of the Phillips curve and real interest rate response parameters. Our model also delivers strong contemporaneous responses of the

In this paper, motivated and inspired by Samet et al., we introduce the notion of generalized weakly contractive mappings in metric spaces and prove the existence and uniqueness of fixed point for such mappings, and we obtain a coupled fixed point theorem in metric spaces. These theorems generalize many previously obtained fixed point results. An example is given to illustrate the main result. Finally, we give applications of our results to fixed point results in partial metric spaces.

We formulate and solve a Rational Expectations New Keynesian macro model that implies non-linear cross-equation restrictions on the dynamics of inflation, the output gap and the Federal funds rate. Our maximum likelihood estimation procedure fully imposes these restrictions and yields asymptotic and small sample distributions of the structural parameters. We show how the structural parameters shape the responses of the macro variables to the structural shocks. While the point estimates imply tha

This paper evaluates the effectiveness of monetary policy on stabilizing inflation and output for the post-crisis era. The paper examines whether a sizable moderation in inflation, observed in this period, is consistent with the monetary policy of the Bank of Korea through its interest rate channel. Although the inflation rates have been within the inflation target range of the central bank for the post-crisis era, we find that such an empirical fact is not supported by the interest rate feedbac