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Abstract
This paper estimates a small-scale New Keynesian DSGE model using Bayesian methods to address the question of what monetary and fiscal policy regimes characterized the recent Korean data after 2000. We find that a passive monetary policy and an active fiscal policy prevailed. This finding implies that the Fiscal Theory of Price Level (FTPL) is relevant in understanding the dynamics of the key macroeconomic variables in Korea. |
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Keywords FTPL, Monetary Policy, Fiscal Policy, DSGE model |
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JEL classification codes E13, E31, E32 |
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![]() Journal of the Korean Econometric Society |
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