두 부문 개방경제모형하에서 인플레이션과 에너지가격상승의 효과 분석 = Inflation, Energy Price Increase in a Two-Sector Small Open Economy

다국어 초록 (Multilingual Abstract)

In a two-sector framework, this study examines the effects of energy prices and domestic inflation in a small open economy. In this economy households consume both tradable and nontradable goods with inelastic labor supply. Firms produce both goods with inputs such as labor, capital and energy. Firms also need cash in advance for purchases of energy. Inputs are mobile across sectors and capital is perfectly mobility internationally. The small economy takes a world interest rate and the unit price of energy as given exogenously. Under this setup, the increase in energy prices or higher domestic inflation lowers capital and energy intensity in both sectors. Labor moves from traded to nontraded sector. The economy experiences a current account surplus along with a fall in capital stock.