通貨供給量의 適正性에 關한 硏究 = A Study on the Optimality of Money Supply

다국어 초록 (Multilingual Abstract)

Under the financial globalization and libralization, the monetary authorities will meet faore and more uncertainties surrounding their policy implementation. Therefore, the price stability, above all, should be the most important goal that the authorities could achieve. The purpose of the paper, in this respect, is to review the attainability of the monetary policy goals and to test the relationship between money supply and price in Korea during the period 1973-1993. The main conclusion of this paper is that without a discretionary monetary policy the moderate price stability could have been achieved when there was a high inflation. Because without price stability, no other macroeconomic policy goals could be attained.