Accesso libero

Does the Effectiveness of Monetary Policy Depend on the Choice of Policy Instrument? Empirical Evidence from South Korea

INFORMAZIONI SU QUESTO ARTICOLO

Cita

1. Aleem, A., and Lahiani, A. (2014) “Monetary Policy Credibility and Exchange Rate Pass-Through: Some evidence from Emerging Countries,” Economic Modelling, Vol. 43, pp. 21-29.Search in Google Scholar

2. Bank of Korea (2017). “Executive Summary of Monetary Policy Report,” Monetary Policy Department publication, July.Search in Google Scholar

3. Bank of Korea (2002). “Monetary Policy in Korea,” Monetary Policy Department publication, December.Search in Google Scholar

4. Bernanke, B., Boivin, J. and Eliasz, P. (2005) “Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach,” The Quarterly journal of economics, Vol.120, No.1, pp. 387-422.Search in Google Scholar

5. Bernanke, B., and Mishkin, F. (1997) “Inflation Targeting: A New Framework for Monetary Policy?,” Journal of Economic Perspectives, Vol. 11, No. 2, pp. 97–116.Search in Google Scholar

6. Clarida, R., Galí, J. and Gertler, M. (1999). “The Science of Monetary Policy: A New Keynesian Perspective,” Journal of Economic Literature, Vol. XXXVII, pp. 1661–1707.Search in Google Scholar

7. Demirbas, E., & Can, N. (2022). Impact of Reserve Option Mechanism on Exchange Rate Volatility During the FED’s Tapering Period. Journal of Central Banking Theory and Practice, 11(3), 155-178.Search in Google Scholar

8. Favero, C., M. Marcellino, and F. Neglia. (2005) “Principal Components at Work: The Empirical Analysis of Monetary Policy with Large Data Sets,” Journal of Applied Econometrics, Vol.20, pp. 603–620.Search in Google Scholar

9. Geweke, J. (1977) “The Dynamic Factor Analysis of Economic Time Series.” in: D. Aigner and A. Goldberger, eds. Latent Variables in Socio-Economic Models. North-Holland, Amsterdam.Search in Google Scholar

10. Güler, A. (2021). Does monetary policy credibility help in anchoring inflation expectations? Evidence from six inflation targeting emerging economies. Journal of Central Banking Theory and Practice, 10(1), 93-111.Search in Google Scholar

11. Han, S., Lee, D. and Yun. D. (2014) “Analysis of Changes in the Transmission of the Policy Rate to Bank Lending Rates following Shifts in Lending Market Conditions,” Bank of Korea Working Paper.Search in Google Scholar

12. Hoffmaister, A. W. (2001) “Inflation Targeting in Korea: An Empirical Exploration,” IMF Staff Papers, Vol. 48, No. 2, pp. 317-343.Search in Google Scholar

13. Killian, L. (1998) “Small Sample Confidence Intervals for Impulse Response Functions,” The Review of Economics and Statistics, Vol. 80, No. 2, pp. 218-230.Search in Google Scholar

14. Kim, H. E. (2007) “The Interest Rate Channel of Monetary Transmission in the Low Inflation era in Korea,” Economic Papers, Vol. 10, No. 1, pp. 1-36.Search in Google Scholar

15. Kim K., Kim, B. and Suh, Y. (2009) “Opening to Capital Flows and Implications from Korea,” Economic Papers, Vol.12, No.1, pp. 74-112.Search in Google Scholar

16. Kim, S. and Park, Y. (2006) “Inflation Targeting in Korea: a Model of Success?,” BIS Papers No. 31, pp. 140-164.Search in Google Scholar

17. Krušković, B. D. (2022). Central bank intervention in the inflation targeting. Journal of Central Banking Theory and Practice, 11(1), 67-85.Search in Google Scholar

18. Lim, H. (2003) “Asset Price Movements and Monetary Policy in South Korea,” BIS Papers No. 19, pp. 313-337.Search in Google Scholar

19. Obstfeld, M. (2014) “Never Say Never: Commentary on a Policymaker’s Reflections,” IMF Economic Review, Vol. 62, No. 4, pp. 656-693.Search in Google Scholar

20. Oh, J. (1999) “Inflation Targeting, Monetary Transmission Mechanism and Policy Rules in Korea,” Economic Papers, Vol.2, No.1, pp. 102-146.Search in Google Scholar

21. Rousseau, P. and Kim, J. (2007). “Credit Markets and the Propagation of Korea’s 1997 Financial Crisis,” Southern Economic Journal, Vol. 74, No. 2, pp. 524–545.Search in Google Scholar

22. Sargent, T. J. and Sims, C. A. (1977) “Business cycle modeling without pretending to have too much a priori economic theory” New methods in business cycle research, Vol.1, pp. 145-168.Search in Google Scholar

23. Senbet, D. (2008) “Measuring the impact and international transmission of monetary policy: a factor-augmented vector autoregressive (FAVAR) approach,” European Journal of Economics, Finance and Administrative Sciences, Vol.13, pp. 121-143.Search in Google Scholar

24. Sims, C. A. (1980) “Macroeconomics and reality,” Econometrica: Journal of the Econometric Society, Vol.48, No.1, pp. 1-48.Search in Google Scholar

25. Sohn, W. and Eom, Y. (2007) “Monetary Policy and the Stock Market: Intraday Transaction Data Analysis,” Economic Analysis, Vol.12, No.3, pp. 37-72.Search in Google Scholar

26. Sohn, W., Sung, B. and Kwon, H. (2006) “The Financial Markets’ Responses to Monetary Policy Announcements,” Economic Papers, Vol.9, No.1, pp. 102-142.Search in Google Scholar

27. Stock, J. and Watson, M. (2005) “Implications of Dynamic Factor Models for VAR Analysis.” NBER Working Paper No. 11467.Search in Google Scholar

28. Yie, M. (2008) “The Cost Channel Effect of Monetary Policy in Korea,” Bank of Korea Working Paper No. 340.Search in Google Scholar

29. Zuniga, M. C. (2011) “International monetary transmission, a Factor- Augmented Vector Autoregressive (FAVAR) approach: the cases of Mexico and Brazil,” Business and Economics Journal, 1-16.Search in Google Scholar

eISSN:
2336-9205
Lingua:
Inglese
Frequenza di pubblicazione:
3 volte all'anno
Argomenti della rivista:
Business and Economics, Business Management, other