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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of economics
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Identifier to cite or link to this item: https://doi.org/10.15057/16518
Identifier to cite or link to this item: https://hdl.handle.net/10086/16518
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Title
Nonlinear Monetary Policy Reaction with Asymmetric Central Bank Preferences : Some Evidence for Korea
Creator
Creator Name
Kim, Sokwon
Kim, Sokwon
Affiliation
Affiliation Name
The Bank of Korea
Creator Name
Seo, Byeongseon
Seo, Byeongseon
Affiliation
Affiliation Name
Korea University
Key Word
Asymmetric Preferences
Inflation Targeting
Monetary Policy
Nonlinear Reaction
JEL
E52
E58
Abstract
The paper considers asymmetric central bank preferences and nonlinear AS curve in the monetary policy reaction function to examine nonlinear property of monetary policy rules. The optimal monetary policy rules are derived in a new Keynesian macroeconomic framework where the central bank has the asymmetric objective function. The derived reaction function explains the nonlinearr eaction to the inflation gap and the output gap. The nonlinearr eaction function is applied to explain the determination of the interest rate in Korea for the sample peroid of inflation targeting September 1998 to December 2005. The empirical evidence supports that the objective of the central bank is asymmetric in inflation management. The evidence of asymmetric reaction to the output gap is relatively weak. The empirical analysis reveals that the central bank responds strongly to the positive inflation gap compared to the negative inflation gap.
Publisher
Hitotsubashi University
Issued Date
2008-12
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/16518
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
49
Issue Number
2
Page Start
91
Page End
108
Appears in Collections
Vol. 49, no. 2 (Dec. 2008)
URL
https://hdl.handle.net/10086/16518
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