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Recent Publications

BOK Working Paper BOK Working Paper No.2025-8, Monetary-Fiscal Policy Mix and Inflation in Korea Author : Sora Chon(Inha University), Wongi Kim(Sungshin Women's University), Seri Shim(Bank of Korea) This paper investigates the monetary-fiscal policy mix in Korea using the fis­cal theory of the price level (FTPL) framework. To this end, we first check fiscal­related regime changes using th... 2025.03.28
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Economic Analysis [Vol.31 No.1] Analysis of Government Spending Multiplier: A Multivariate VAR Model Approach Author: Sehun Kim(Sogang University), Joonyoung Hur(Sogang University) Economic agents base decisions on expectations of future fiscal policy changes. However, VAR models only use past and present data, making it difficult to capture these expectations and accurately identify government spending sh... 2025.03.31
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Korea Economic Outlook In-Depth Analysis [November 2024 In-depth Analysis] The Path to a Carbon Neutral Economy: Current Status and Challenges of Korea's Climate Technologies [November 2024 In-depth Analysis]  The Path to a Carbon Neutral Economy: Current Status and Challenges of Korea's Climate Technologies 2025.01.20
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BOK Working Paper BOK Working Paper No.2025-6, A Properly Ordered Zero Sign Restrictions on VARX for a Small Open Economy Author : Ki-Ho Kim(Bank of Korea) Responses to shocks of endogenous variables and those to shocks of exogenous variables are mixed when rotation matrices are used for the sign restriction in VARX model. The mixing of responses to incompatible shocks may result in erroneous identifications when emp... 2025.03.14
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