주택가격채널: 거시경제에 미치는 영향을 중심으로

송인호,Song, Inho 한국개발연구원 2014 韓國 開發 硏究 Vol.36 No.4

본 논문은 주택가격이 주택가격채널을 통해 거시경제변수에 어떻게 영향을 미치는지를 분석하였다. 분석의 방법으로는 Iacoviello(2005)의 경제구조와 동태적 확률적 일반균형(DSGE) 모형을 한국 데이터에 적용하였다. 본 논문의 분석 결과에 따르면, 주택과 소비 간 보완성이 강할수록 주택가격 상승에 대한 소비의 반응은 더 커지면서 주택과 소비 간 동조 현상이 나타난다. 보완성이 0.42이고 LTV(주택담보대출)가 50%일 때 주택가격의 1% 상승은 소비를 0.057%p 상승시키고, 보완성이 0.52인 경우 1%의 주택가격 상승은 소비를 0.047% 상승시킨다. 한편, 주택가격이 거시경제변수와 연계성을 가지는 주요 통로는 소비의 변화이다. 주택가격이 상승하면 소비가 늘어나고, 이는 다시 거시경제 전반에 걸쳐 영향을 미치게 된다. 한편, 주택과 소비 간 기간내대체탄력성은 0.42로 추정되어 주택과 소비 간 보완성이 존재함을 확인하였다. 이 보완성은 주택가격이 소비에 미치는 영향을 증폭시키는 중요한 역할을 한다. This paper investigates the manner in which house prices affect macroeconomic variables through a house price channel by applying the method of Iacoviello (2005) to Korean data, and establishing a DSGE model with complementarity. This paper found that higher LTV ratio coupled with stronger complementarity results in the co-movement in both consumption and housing. For instance, the results show that when the LTV ratio and complementarity stands respectively at 50% and 0.42, an 1% rise in house prices increases consumption by 0.057%, and when the complementarity parameter increases to 0.52 with LTV remains unchanged at 50%, consumption rises by 0.047% per 1% increase in house prices. An increase in house prices leads credit constraints for borrowers to become more loose as value of a house rises as a collateral. The increase in household credit enables more consumer spending, eventually leading to increased consumption. A key link in which house prices are connected to macroeconomic variables is change in consumption. To put it simply, a rise in house prices leads to an increase in consumption, which consequently impacts the overall macro-economy. At this point, complementarity is found, in that the elasticity of intra-temporal substitution between housing and consumption is estimated at 0.42, which plays an important role in the house price channel by amplifying the effects of house prices on consumption.

서울 가회동11번지 도시한옥주거지의 필지형성과정 연구

송인호,정기황,Song, Inho,Jung, Kee Hwang 한국건축역사학회 2014 건축역사연구 Vol.23 No.5

Urban-Hanok emerged as a result of urbanization of Hanok in the modern period. In particular, Urban-Hanok has been mass-produced from the early 1920s, when the population is concentrated in cities, until the middle. Large-scale development by the professional developer has been developed in large-scale land rather than individual client because housing shortage was serious problem. 11 Gahoe-dong was made in 1935-36 is representative Urban-hanok area of Bukchon. It was formed through division of large-scale Land in 1930's. In the 1930's, the large-scale development projects of Urban-Hanok was triggered by the two events. One is Land Investigation Project performed by the Japanese government to capitalization of property, another is the pro-japanese bought the large scale-land in Gahoe-dong at bargain price from The Japanese government. Each lot has still a topographical characteristics such as land-dividing quality, the way of development, characteristic quality of urban-tissue. 11 Gahoe-dong, Urban-hanok area was developed two ways. First, development have been adapted to the topography. The lots have reflected topographical conditions such as land cutting area, a retaining wall, land-diving was maintaining the original topography almost. Second, it was street oriented development. The lots have developed sequentially along the street. So, the lots's shape and size is different each. For this reason, this area distribute various type of Hanok.

이터 초전도자석 전원공급장치 현장 설치현황 및 시운전 계획

송인호,오종석,Song, Inho,Oh, Jong-Seok 전력전자학회 2022 전력전자학회 논문지 Vol.27 No.5

The construction of the ITER tokamak machine is ongoing at a 77% process rate to achieve the first plasma in 2025. The 18 sets of power supply systems comprising 400 MVA thyristor AC/DC converters for the superconducting magnets supplied by Korea (KO) are being installed with other systems, such as PF converters (China), DC busbars (Russia), and cooling water systems (India), in two buildings (Europe). The system interfaces have been defined during the design stage, and the systems have been manufactured. However, during the on-site installation work, several installation and integration issues emerged due to the manufacturing tolerance and design mistakes. To continue the installation and testing, the engineers of each system resolved the interface issues, planned the commissioning, and integrated the test plan. This paper describes the on-site installation status and issues and the commissioning plan of KO AC/DC converters.

연결기 회전각도에 따른 타고오름 경향에 관한 연구

송인호(Inho Song),김준우(Junwoo Kim),구정서(Jeoungseo Koo) 한국철도학회 2021 한국철도학회논문집 Vol.24 No.12

Housing Finance: Comparison between South Korea and the US

송인호(Inho Song),Peter Chinloy 서울대학교 경제연구소 2022 Seoul journal of economics Vol.35 No.1

This study compares housing finance in South Korea(hereinafter referred to as “Korea) and the US. South Korea’s unique system allows housing finance for homeowners and tenants. The US, similar to most countries, confines housing finance to owners. Derived are incidences from shocks in house prices and interest rates between zero and one. When incidences are zero, relative rents do not respond to shocks in interest rates and prices. When incidences are one, there are complete markets, including for tenants. Tenants are able to lay off 100% of interest rates and price shocks through the capital market. Estimation is for the US with a mortgage-only market, alongside the Korean housing finance for 1960-2017. The Korean housing finance system satisfies market completion, with incidence of 97%. As confirmation of complete markets, rent-price ratio adjusts within a year. By contrast, the mortgage-only US has a price incidence below 20%, and adjustment takes 10 years. Interest rate incidence in Korea is between 42% and 53%. In the US, the mortgage-only market is sluggish, with interest rate incidence between 15% and 20%.

ITER AC/DC 컨버터 현장 설치현황 및 시운전 계획

송인호(Inho Song),최정완(Jungwan Choi),오종석(Jong-Seok Oh) 전력전자학회 2021 전력전자학술대회 논문집 Vol.2021 No.11

2025년 첫 플라즈마 운전을 목표로 이터(ITER) 핵융합 장치가 프랑스에 건설되고 있다. 초전도자석에 전원을 공급하기 위한 총 18대, 400MVA 용량의 AC/DC 컨버터가 이터 참여국들이 공급하는 다른 여러 시스템과 함께 유럽이 건설한 130m(길이)*27m(폭)*13m(높이) 두 개의 건물에 설치되고 있다. 시스템 간 인터페이스는 사전 협의를 통하여 정의되었으며, 이를 바탕으로 각 시스템은 설계 및 제작되었다. 현장 설치단계에서 건물의 설계오류와 건설공차, 시스템의 제작오류로 인하여 여러 이슈가 발생하였으며, 시스템 엔지니어들이 협의를 통해 문제를 해결하며 설치를 진행하고 있다. 설치완료 후 진행될 시운전 및 현장시험을 위하여 각 시스템의 설치인수검사 일정 및시운전 일정을 조율하고, 시험절차서 및 시스템 통합시험 계획을 준비하고 있다. 본 논문에서는 이터 AC/DC 컨버터의 현장 설치현황 및 이슈, 시운전 및 시험계획에 대해서 발표하고자 한다.

A new gas jet type Z-pinch extreme ultraviolet light source for next generation lithography

송인호(Inho song),최창호(Changho Choi),고광철(Kwangcheol Ko),Eiki Hotta 대한전기학회 2006 대한전기학회 학술대회 논문집 Vol.2006 No.7

A new gas jet Z-pinch EUV light source having double gas jet electrodes has been developed. It has two nozzles and two diffusers. The EUV beam is collected from the side of pinch plasma, generated in between the inner nozzle and corresponding diffuser. A cylindrical shell of He gas curtain produced by the outer nozzle is specially designed for shielding the debris and suppressing the inner gas expansion. We have succeeded in generating EUV energy of 1.22 mJ/sr/2%BW/pulse at 13.5 ㎚. The estimated dimension of EUV source is to be FWHM diameter of 0.07 ㎜ and length of 0.34 ㎜, and FW l/e2 diameter of 0.15 ㎜ and length of 1.2 ㎜.

ZNS SSD 의 Zone Reclaiming Overhead 분석

송인호(Inho Song),최건희(Gunhee Choi),김 브라이언 석준(Bryan S. Kim),이원진(Wonjin Lee),유시환(Seehwan Yoo),이재동(Jaedong Lee),최종무(Jongmoo Choi) 한국정보과학회 2023 한국정보과학회 학술발표논문집 Vol.2023 No.6

한옥창신(韓屋創新)을 위한 실천과 전망

송인호(Song Inho) 대한건축학회 2009 建築 Vol.53 No.9

Gestation

Inho Song(송인호) 한국디자인학회 2015 한국디자인학회 국제초대전도록 Vol.2015 No.5