Journal of Economic Theory and Econometrics: Journal of the Korean Econometric Society
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Journal of Economic Theory and Econometrics
JETEM/계량경제학보/計量經濟學報/JKES
Journal of the Korean Econometric Society

Macroeconomic Changes since 2000 and DSGE Models

Vol.31, No.3, September , 71–118



  •   (Seoul National University)

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Abstract  

The aim of this paper is to discuss implications of important macroeconomic changes observed since 2000 on the further development of DSGE models. The starting point is to ask if the most recent DSGE model is flexible enough to allow for the possibility of the persistent drop in the growth rate of potential GDP observed in the Korean economy. The other topics include the relation between economic crisis and inequalities, the implications of observed jobless recoveries on the specification of labor market in DSGE models, macroeconomic impacts of household debt and government debt.


Keywords
   Potential Growth, Wealth and Consumption Inequalities, Jobless Recoveries, Household Debt, Government Debt

JEL classification codes
   E20, E30, E50, E60, H60, O40
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