소규모 개방경제 하에서 실질환율 동학 분석

• 영문명: An Analysis of Real Exchange Rate Dynamics in a Small Open Economy
• 발행기관: 한국무역연구원
• 저자명: 정경화(Kyong-Hwa Jeong) 최용재(Yong-Jae Choi)
• 간행물 정보: 『무역연구』제17권 제1호, 407~422쪽, 전체 16쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2021.02.28

영문 초록

Purpose - The purpose of this paper is to investigate the Balassa-Samuelson effect of tradable sector technology shocks on the Korean real exchange rate using dynamic stochastic general equilibrium model. Design/Methodology/Approach To do this;the two sectors-tradable and nontradable sector-and small open economy model have been incorporated with the price rigidity. After constructing the model and calibration using the historical data;we analyze the impulse response function and variance decomposition analysis whether there exists the Balassa-Samuelson effect. Findings The main conclusions are as follows. First;when the technology shock happens in tradable sector;the impulse response functions show the dynamics corresponding to the model’ expectation. This means that the Balassa-Samuelson effect exists in Korean economy. Second;the variance decomposition results show that the tradable sector technology shock explains the forecast error variance of nontradable inflation. Furthermore;the model’s performance is stable and robust resulting from robustness analysis. Research Implications Our results imply that the Balassa-Samuelson effect holds in the Korean economy whether or not considering the technology shock’s persistence. However;for the convincing judgement;there need more investigations including capital accumulation;labor mobility and international consumption risk sharing.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 모형

Ⅳ. 모의실험

Ⅴ. 결론

키워드

Balassa-Samuelson Effect DSGE Model Real Exchange Rate