Pub Date : 2013-06-01DOI: 10.22812/JETEM.2013.24.2.005
Hyoungjong Kim, Yitaek Park, Hun-chang Lee
This paper deals with the changes of aged dependency ratio across the 211 administrative districtions of South Korea between 1995 to 2011. The results show the dynamics of empirical distribution and Theil-L inequality indices for aged dependency ratio. The paper also analyzes the cause of aging inequality among regions. We find that the increase of aging inequality in regional level was mainly due to population mobility before 2005. However, the regional aging inequality is decreasing recently.
{"title":"Empirical Dynamics of Regional Aged Dependency Ratio in South Korea","authors":"Hyoungjong Kim, Yitaek Park, Hun-chang Lee","doi":"10.22812/JETEM.2013.24.2.005","DOIUrl":"https://doi.org/10.22812/JETEM.2013.24.2.005","url":null,"abstract":"This paper deals with the changes of aged dependency ratio across the 211 administrative districtions of South Korea between 1995 to 2011. The results show the dynamics of empirical distribution and Theil-L inequality indices for aged dependency ratio. The paper also analyzes the cause of aging inequality among regions. We find that the increase of aging inequality in regional level was mainly due to population mobility before 2005. However, the regional aging inequality is decreasing recently.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"24 1","pages":"163-192"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68341809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-01-01DOI: 10.22812/JETEM.2013.24.3.002
Won jun Nah
This paper studies quantitative properties of the models of Kiyotaki and Moore (2001, 2008, 2012) which investigate propagation mechanism through which asset market liquidity affects real economy. The distinct analytical focus in this paper is on the effects of redistribution of wealth between agents due to investment opportunities. Under binding liquidity constraints faced by investors, the impacts of liquidity crunch are propagated to real economy via investment shrinkage. Numerical analyses reveal that the effects of liquidity shocks are amplified when the redistribution of wealth are more prominent. However, liquidity shocks in the secondary market, i.e., in the resaleability of assets, do not seem to be quantitatively significant driving forces of business cycles, at least compared to the ones in the primary market. This study confirmed the negatively correlated responses to liquidity shocks between investment and asset prices, and between investment and consumption, which are already pointed out in the literature. More importantly, this study newly found that liquidity premium in the model positively responded not only to liquidity crunch but also to positive productivity shocks. This pro-cyclicality of liquidity premium needs careful considerations since it can be another arguable defect of the model.
{"title":"Liquidity Constraints and Business Cycles","authors":"Won jun Nah","doi":"10.22812/JETEM.2013.24.3.002","DOIUrl":"https://doi.org/10.22812/JETEM.2013.24.3.002","url":null,"abstract":"This paper studies quantitative properties of the models of Kiyotaki and Moore (2001, 2008, 2012) which investigate propagation mechanism through which asset market liquidity affects real economy. The distinct analytical focus in this paper is on the effects of redistribution of wealth between agents due to investment opportunities. Under binding liquidity constraints faced by investors, the impacts of liquidity crunch are propagated to real economy via investment shrinkage. Numerical analyses reveal that the effects of liquidity shocks are amplified when the redistribution of wealth are more prominent. However, liquidity shocks in the secondary market, i.e., in the resaleability of assets, do not seem to be quantitatively significant driving forces of business cycles, at least compared to the ones in the primary market. This study confirmed the negatively correlated responses to liquidity shocks between investment and asset prices, and between investment and consumption, which are already pointed out in the literature. More importantly, this study newly found that liquidity premium in the model positively responded not only to liquidity crunch but also to positive productivity shocks. This pro-cyclicality of liquidity premium needs careful considerations since it can be another arguable defect of the model.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"24 1","pages":"206-255"},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68341852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-01-01DOI: 10.22812/JETEM.2013.24.4.003
Sunghyun Kim, Soyoung Kim
This paper uses a dynamic general equilibrium model with government sector and analyzes short-run and long-run macroeconomic effects of government debt caused by either increases in government spending or decreases in various tax rates. The simulation results suggest several channels that government debt can negatively affect the economy: First, liquidity premium caused by an increase in government debt increases interest rate and decreases investment, and therefore lowers output and welfare in the long run. This is the most significant negative channel in this model. Second, when government spending builds up public capital, an increase in government debt temporarily crowds out private sector capital, which reduces output and welfare in the short run. Third, when government spending affects neither public sector capital nor household utility, an increase in government debt reduces consumption and increases labor input, thereby reducing social welfare. In addition, if the increase in government debt is caused by a decrease in tax rates, positive effects can dominate.
{"title":"Analyzing Macroeconomic Effects of Government Debt Using Dynamic General Equilibrium Model","authors":"Sunghyun Kim, Soyoung Kim","doi":"10.22812/JETEM.2013.24.4.003","DOIUrl":"https://doi.org/10.22812/JETEM.2013.24.4.003","url":null,"abstract":"This paper uses a dynamic general equilibrium model with government sector and analyzes short-run and long-run macroeconomic effects of government debt caused by either increases in government spending or decreases in various tax rates. The simulation results suggest several channels that government debt can negatively affect the economy: First, liquidity premium caused by an increase in government debt increases interest rate and decreases investment, and therefore lowers output and welfare in the long run. This is the most significant negative channel in this model. Second, when government spending builds up public capital, an increase in government debt temporarily crowds out private sector capital, which reduces output and welfare in the short run. Third, when government spending affects neither public sector capital nor household utility, an increase in government debt reduces consumption and increases labor input, thereby reducing social welfare. In addition, if the increase in government debt is caused by a decrease in tax rates, positive effects can dominate.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"24 1","pages":"366-392"},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68341862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-12-31DOI: 10.22812/JETEM.2012.23.4.003
남재량, 이철인
청년실업의 경기변동시 특징에 대한 기초자료를 제공하기 위해 이들의 실직구직활동의 경기변동상 특성을 분석·보고한다. 기존의 경기변동문헌에서와 달리 구직확률뿐만 아니라 실직확률의 경기변동시 움직임이 청년실업률을 결정하고 있음을 우리나라의 월별 실업자료를 이용하여 확인하였다. 전반적으로 외환위기 이후 실직확률 증가로 직업의 안정성이 저하된 것은 청년노동력에도...
{"title":"경기변동과청년실업:실직구직의 경기변동상 특성분석","authors":"남재량, 이철인","doi":"10.22812/JETEM.2012.23.4.003","DOIUrl":"https://doi.org/10.22812/JETEM.2012.23.4.003","url":null,"abstract":"청년실업의 경기변동시 특징에 대한 기초자료를 제공하기 위해 이들의 실직구직활동의 경기변동상 특성을 분석·보고한다. 기존의 경기변동문헌에서와 달리 구직확률뿐만 아니라 실직확률의 경기변동시 움직임이 청년실업률을 결정하고 있음을 우리나라의 월별 실업자료를 이용하여 확인하였다. 전반적으로 외환위기 이후 실직확률 증가로 직업의 안정성이 저하된 것은 청년노동력에도...","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"23 1","pages":"312-338"},"PeriodicalIF":0.0,"publicationDate":"2012-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68341682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
For the purpose of explaining both business cycles and asset returns, we examine a real business cycle (RBC) model with habit-augmented preferences and endogenous costs of adjusting the capital stock. Following the agencycost model of Carlstrom and Fuerst (1997), capital adjustment costs are affected by the level of entrepreneur’s net worth such that an increase in net worth (following a positive productivity shock) lowers agency costs associated with external …nancing, and hence makes it easier to expand the capital stock. Along with the restricted labor supply, the model resolves the asset pricing puzzles of the consumption-based model in the sense that the implied stochastic discount factor (or pricing kernel) reaches the Hansen-Jagannathan (1991)
{"title":"Business Cycle and Asset Prices: A Computable General Equilibrium Analysis with Agency Costs and Habit Formation","authors":"Kunhong Kim, Young-Sik Kim","doi":"10.2139/ssrn.1009508","DOIUrl":"https://doi.org/10.2139/ssrn.1009508","url":null,"abstract":"For the purpose of explaining both business cycles and asset returns, we examine a real business cycle (RBC) model with habit-augmented preferences and endogenous costs of adjusting the capital stock. Following the agencycost model of Carlstrom and Fuerst (1997), capital adjustment costs are affected by the level of entrepreneur’s net worth such that an increase in net worth (following a positive productivity shock) lowers agency costs associated with external …nancing, and hence makes it easier to expand the capital stock. Along with the restricted labor supply, the model resolves the asset pricing puzzles of the consumption-based model in the sense that the implied stochastic discount factor (or pricing kernel) reaches the Hansen-Jagannathan (1991)","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"21 1","pages":"1-29"},"PeriodicalIF":0.0,"publicationDate":"2010-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68123459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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