Discretion versus Inflation Targeting in Economies with Relative Habit Persistence

( Yongseung Jung ) 한국경제학회 2016 The Korean Economic Review Vol.32 No.1

This paper sets up a canonical new Keynesian model with habit persistence in consumption. The paper estimates key parameters using maximum likelihood and shows that the habit persistence improves the explanatory power of the model over the business cycle, irrespective of habit formation way. If the distortions associated with external habit are not completely eliminated by the fiscal policy, then the remaining external habit entails a gap between the private marginal rate of substitution between consumption and labor and the social marginal rate of substitution, generating an endogenous trade-off between the stabilization of welfare-relevant output gap and inflation. Under this circumstance, discretion, partially taking into account the trade-off between output gap and inflation, can be better than a strict inflation targeting rule in welfare dimension if the fiscal authority does not implement any tax policy to eliminate the distortions associated with external habit. The monetary policy to deal with distortions associated with external habit is less effective in the ratio external habit model than in the difference habit model, resulting in a higher the inflation rate in the ratio external habit model than the inflation rate in the difference habit model.

Terms of Trade and Domestic Economic Variables in Korea

Yongseung Han 한국무역학회 2019 한국무역학회 국제학술대회 Vol.2019 No.08

The Term Structure of Interest Rates and The Real Activity in a Sticky Price Model

Yongseung Jung 서울대학교 경제연구소 2001 Seoul journal of economics Vol.14 No.1

This paper sets up a sticky price model in which money is used to reduce the transaction costs. It shows that the contemporaneous correlations between interest rates and output of the sticky price model match well the data. It also shows that a flexible price model fails to generate interest rates as inverted leading predictors of real economic activity, while a sticky price model partly has a limited success. This paper also shows that the term spread of a sticky price model partly matches the data when there is a modest nominal rigidity.

Operation characteristics of 1 ton/day-scale coal gasifier with additional stage

Yongseung Yun,Seung Jong Lee,Jin-Pyo Hong 한국화학공학회 2011 Korean Journal of Chemical Engineering Vol.28 No.5

A one-stage coal gasifier was modified to accommodate the two stages of coal feeding. Operating characteristics were compared between the one-stage and two-stage gasification in terms of syngas composition, carbon conversion,shape and inner structure of produced slags, characteristics of particle size distribution in entrained fines, and effects on particulate removal facilities. Temperature at the second stage of the gasifier resulted in lower values, which confirms the performance of the second stage as a reduction area by endothermic reactions. The results suggest that the 10-20% increase in coal feeding to the second stage might not cause much loss in carbon conversion. Produced slag and the performance of metal filters and water scrubber were similar with the earlier results from one-stage gasification tests. The two-stage gasification appears to help in increasing the cold gas efficiency for the certain operating range. Two-stage gasification had an impact on the 0.1-1 μm size of entrained fines, which appear to be cenospheres that occur during the rapid quenching in temperature.

Estimation of environmental release of heavy metals from CCA-treated wood facilities

Yongseung Shin,Jeong-gue Park,Dongjin Kim,Hekap Kim 환경독성보건학회 2004 한국독성학회 심포지움 및 학술발표회 Vol.- No.-

Role of CCT/IGCC in CO₂ Mitigation Strategy

Yongseung Yun(윤용승) 한국신재생에너지학회 2015 한국신재생에너지학회 학술대회논문집 Vol.2015 No.6

Gasification of an Indonesian subbituminous coal in a pilot-scale coal gasification system

Yongseung Yun,Seok Woo Chung 한국화학공학회 2007 Korean Journal of Chemical Engineering Vol.24 No.4

and the produced syngas was purified with hot gas filtering and by low temperature desulfurization to the quality thatcan be utilized as a feedstock for chemical conversion. Roto midle coal produced syngas that has a typical com-position of 36-38% CO, 14-16% H2, and 5-8% CO2. Particulates in syngas were 99.8% removed by metal filters atthe operating temperature condition of 200-250oC. Sulfur containing compounds of H2S and COS in syngas were alsodesulfurized in the Fe chelate system to yield less than 0.5 ppm level. The full stream gasification and syngas purifyingto chemicals like DME and on the future IGFC using fuel cells.

Emergency Brushless Synchronous Generator Having Rotating Exciter Status Monitoring and Protection Functions

Yongseung Oh,Wonseok Oh,Kyumin Cho 한국정보기술학회 2020 JOURNAL OF ADVANCED INFORMATION TECHNOLOGY AND CON Vol.10 No.2

A Fully Digital Controlled Fly-back Single Stage Power Supply Unit for the Wireless Dimming System of LED Lightings

Yongseung Oh,Chigak In,조규민 한국정보기술학회 2019 JOURNAL OF ADVANCED INFORMATION TECHNOLOGY AND CON Vol.9 No.2

This paper presents a fully digital controlled power supply unit for the wireless controlled dimmable LED lighting system. The proposed power supply designed using a fly-back converter, which is directly controlled by a microprocessor. Although the proposed circuit does not sense the AC input current and has not AC input voltage feed-forward, it can achieve a high power factor. The proposed power supply directly regulates the output power for LED loads using the PWM and PFM control of the fly-back converter without additional regulator. For a wireless remote control function, the Zigbee modem is equipped in the proposed power supply. A prototype set-up has been built and tested. Through the experiment with a prototype set-up, the usefulness of the proposed power supply is verified.

Are Asian Business Cycles Different?

Yongseung Jung,Soyoung Kim,Doo Yong Yang,Tack Yun 대외경제정책연구원(KIEP) 2011 Working Papers Vol.2011 No.1

본 논문은 아시아의 비즈니스 사이클을 분석하고자 한다. 일반적으로 소규모 개발도상국의 비즈니스 사이클은 소규모 선진국과는 다른 것으로 알려져 왔다. 가장 흥미로운 것은 개도국 비즈니스 사이클에서 나타나는 지나친 소비 변동성과 두드러진 순수출의 반순환적 특성이다. 아시아와 라틴 국가들에서 이러한 특성이 어느 정도 공통적으로 나타난다. 그러나 아시아의 비즈니스 사이클 특성은 라틴 아메리카 국가들과는 다르다. 아시아의 경우 소비 변동성이 라틴 개도국과는 다르게 상대적으로 작게 나타난다. 그러나 순수출의 반순환적 특성은 라틴 국가에 비해 강하다. 한편 내구재 변동성은 상대적으로 개도국에서 높게 나타나는데 라틴 국가와 아시아 개도국에서 이러한 높은 내구재 변동성을 발견하였다. 흥미로운 것은 내구재 소비와 순수출의 상관관계가 아시아(한국)에서는 부의 관계를 보이는 반면, 라틴에서는 정의 관계를 보인다는 것이다. 수출과 수입을 따로 나누어 상관관계를 살펴보아도 아시아와 라틴의 경우가 서로 다르게 나타난다. 결론적으로 아시아와 라틴 개도국은 소비, 순수출 그리고 수출입을 연결하는 전송 메커니즘이 다르다고 할 수 있다. 이를 기초로 교역조건이 주요 거시경제에 미치는 영향을 Vector Auto-regression (VAR)을 통해 분석하였는데, 라틴 개도국의 경우에는 긍정적인 교역조건 충격이 실질 총생산에 긍정적인 영향을 미치는 반면, 아시아 개도국의 경우에는 실질 총생산에 별 영향이 없었다. 그러나 아시아의 경우 교역조건 충격은 라틴 개도국에 비해 상대적으로 순수출에 단기적으로 지속적이고 강한 영향을 미치는 것으로 나타났다. 본 논문은 이러한 분석을 바탕으로 아시아(한국)의 내구재 비즈니스 사이클 모형을 제시하고 있다. 이 모형은 내구재 소비를 통해 아시아 경기 변동을 보다 잘 설명할 수 있음을 보여준다. This paper investigates business cycles in Asia. Business cycles in developing small, open countries are different from those in developed small countries. Most interesting characteristics in developing countries are excessive consumption volatilities and strong countercyclical net export. Asia and Latin American developing countries share these characteristics. However, there are also differences in business cycles in both regions. We find that Asia shows less excessive consumption expenditure volatility to output than Latin American countries, and strong countercyclical net exports. More interestingly, the durable consumption is negatively related with net export in Asia (Korea), while Latin America (Chile) shows positive correlation. Moreover durable consumption shows a negative relationship with export and import while durable consumption in Latin America has positive relationship with export and import. We believe that there exist different transmission mechanisms in Latin America and Asia that connect consumption, net exports and export or import. We find that positive terms of trade shock increase the real GDP significantly in the short run for Latin America, but have no significant effects for East Asia. However, response of net exports to the terms of trade shocks is stronger and more persistent in Asia than in Latin America. This paper also present an analytic model that could explain the durable goods business cycles in Asia. The model can explain durable business cycles in Asia (Korea) which generate strong procyclical durable consumption by the export-income channel with market laddering.