한국의 산출-인플레이션 상충관계

다국어 초록 (Multilingual Abstract)

Empirical research of output-inflation tradeoff in Korea by two models concludes that there is a little or no change in the adjustment role of prices and output in case of 1 quarter adjustment, but that there is a significant change in case of 4 quarter adjustment among three sub-periods from 1970;1 to 2008:2. The results of Wald test show that there are statistically relevant differences in some estimated adjustment coefficients of tradeoff parameter. And the results of Chow test show that it is proper to divide the full analysis period into three sub-periods because of structural changes in the adjustment behavior of prices and output.
The results of equality test based on the three groups of average inflation and the variance of inflation, nominal aggregate demand growth, and real aggregate demand growth show that average inflation has little impact on the tradeoff between output and inflation, but that the variability of aggregate nominal demand or inflation has a significant impact. In addition, there exists no relationship, instead of strongly negative relationship, between average inflation and the variability of output. These results provide support for imperfect information model that differences in the output-inflation tradeoff are related to differences in the variability of aggregate demand only, and no support for price adjustment model that the tradeoff is strongly affected by the average rate of inflation.

참고문헌 (Reference)

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