Inspecting Driving Forces of Business Cycles in Korea
This paper sets up a new Keynesian model with external habit to explore the role of each shock over business cycles in Korea. The estimated model via maximum likelihood shows that the productivity shock plays a pivotal role in explaining the output variations before and after the financial crisis si...
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| Format: | Article |
| Language: | English |
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Korea Institute for International Economic Policy
2019-12-01
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| Series: | East Asian Economic Review |
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| Online Access: | http://dx.doi.org/10.11644/KIEP.EAER.2019.23.4.369 |