Browse

Structural Change in the Trend and Cycle in Korea

Cited 0 time in Web of Science Cited 0 time in Scopus
Authors
Lee, Nam Gang; Seok, Byoung Hoon
Issue Date
2020
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.33 No.1, pp. 19-42
Keywords
Structural changeConsumption volatilityTrend growth shocks
Abstract
On the basis of regression of consumption on output, we develop a new approach to identify a structural break in business cycles. Using this approach, we find that a structural change in the trend and cycle in Korea occurred in 1993 and that the business cycles in Korea started to show the regularities of emerging market business cycles beginning in 1993. To explain these, we estimate the parameters of the productivity process in Korea, using data on Solow residuals. Our estimates show that the relative importance of trend growth shocks in the post-break period increased by a factor of 2.56 from that in the pre-break period.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/164536
Files in This Item:
Appears in Collections:
College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.33 no.1/4 (2020)
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.

Browse