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Differences in the Responses to Monetary Policy Shocks before and after the EU Membership: Evidence from the Czech Republic : 유럽연합 가입 전후의 통화정책 충격에 대한 거시경제변수들의 반응 차이: 체코 사례를 중심으로

DC Field Value Language
dc.contributor.advisor박웅용-
dc.contributor.author박용호-
dc.date.accessioned2017-10-31T08:09:46Z-
dc.date.available2017-10-31T08:09:46Z-
dc.date.issued2017-08-
dc.identifier.other000000145749-
dc.identifier.urihttps://hdl.handle.net/10371/137812-
dc.description학위논문 (석사)-- 서울대학교 대학원 사회과학대학 경제학부, 2017. 8. 박웅용.-
dc.description.abstractThe purpose of this thesis is to investigate differences in the effects before and after joining the European Union(EU) on economy to monetary policy shocks as a small open country. In this paper, the case of the Czech Republic is considered as the representative country. For comparison of the responses of macroeconomic variables for the data before and after the membership of the EU, whole data are divided by two based on the date when the Czech Republic became the member. By employing Structural Vector Autoregression(SVAR) model, this paper is trying to reveal the difference in the responses of major variables to monetary tightening shocks.
As a result, significant exchange rate puzzles are found in the both. While the puzzles are robust in the results for pre-membership sample, those are not robust for the later sample. According to additional tests, the intervention of the central bank of the country in the foreign reserves market may cause the differences in the impacts of foreign reserves before and after the membership. Due to the dissimilarity, co-movement of impulse responses of NEER and FORE is only shown in the results for the earlier sample.
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dc.description.tableofcontents1 Introduction 1

2 Literature Review 3

3 Methodology 7
3.1 Empirical model 7
3.2 Data 8
3.3 Lag selection 9

4 Identification 11

5 Empirical Results 12
5.1 Exchange rate 12
5.2 Foreign reserves 14

6 Robustness Tests 17

7 Conclusion 19
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dc.formatapplication/pdf-
dc.format.extent633340 bytes-
dc.format.mediumapplication/pdf-
dc.language.isoen-
dc.publisher서울대학교 대학원-
dc.subjectSVAR-
dc.subjectSign Restrictions-
dc.subjectSmall Open Economy-
dc.subjectMonetary Policy Shocks-
dc.subjectExchange Rate Puzzle-
dc.subjectUIP Condition-
dc.subjectThe European Union.-
dc.subject.ddc330-
dc.titleDifferences in the Responses to Monetary Policy Shocks before and after the EU Membership: Evidence from the Czech Republic-
dc.title.alternative유럽연합 가입 전후의 통화정책 충격에 대한 거시경제변수들의 반응 차이: 체코 사례를 중심으로-
dc.typeThesis-
dc.description.degreeMaster-
dc.contributor.affiliation사회과학대학 경제학부-
dc.date.awarded2017-08-
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