Research Highlight
57 results
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System reduction of dynamic stochastic general equilibrium models solved by gensys We propose a simple system reduction method to efficiently evaluate the likelihood of a linear dynamic stochastic general equilibrium (DSGE) model solved by the solution method of Sims (2002) or gensy...
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Utility Curvature and Unemployment Volatility Can we resolve the unemployment volatility puzzle (Shimer 2005) despite the cyclical opportunity cost of employment? Chodorow-Reich and Karabarbounis (2016) found that the opportunity cost of employme...
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Optimal Taxation with Private Insurance We derive a fully non-linear optimal income tax schedule in the presence of private insurance. We fill the gap in the literature by studying the optimal tax formula with a comprehensive structure of t...
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Interdependent value auctions with insider information: Theory and experiment We develop a model of interdependent value auctions in which two types of bidders compete: insiders, who are perfectly informed about their value, and outsiders, who are informed only about the privat...
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Learning rivals' information in interdependent value auctions We study a simple auction model with interdependent values in which there are two bidders each of whom observes a binary signal and can learn rival's information at a cost, whereafter they compete in ...
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Fisher Relation and Financial Crisis: Evidence for East Asian Countries The Fisher relation (FR) is a key theoretical relation that underlies many important results in economics and finance. The theoretical FR implies that the two variables of the nominal interest rate an...
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Determinants of Stock-based Incentives: Evidence from Korean Firm-level Data Firms often use stock-based incentives (SBIs) to attract and motivate talented employees. Thus, the question of how and on what basis to determine SBIs is an important issue for a firm. In this paper,...
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Central Bank Digital Currency, Credit Supply, and Financial Stability We examine the implications of central bank digital currency (CBDC) for credit supply and financial stability using a monetary general equilibrium model. The introduction of deposits in CBDC account d...
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중앙은행 디지털화폐(CBDC) 발행의 의의 및 필요성 디지털 전환 속에서 중앙은행 디지털화폐(central bank digital currency; CBDC)는 다음의 필수적 역할을 통해 통화제도의 안정성과 효율성을 유지, 개선하고 지급결제시스템의 혁신을 촉진할 것으로 보인다. 첫째, 현금 사용 감소와 현금 관련 인프라 축소 하에서 CBDC는 디지털 법정화폐의 인프라 확충을 통해 현금 의존도가 높은 지역 및 ...
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남한·북한이탈주민의 국민정체성: 통독 사례와의 비교 이 연구는 서울대 통일평화연구원이 실시한 통일의식조사 및 북한이탈주민 설문조사와 ISSP(International Social Survey Programme) 자료를 이용하여남한 주민, 북한이탈주민, 동독과 서독 주민의 국민정체성을 비교 분석한다. 그리고 남한 주민과 북한이탈주민의 국민정체성이 통일의 필요성 및 통일 편익에 미치는 영향을 실증 분석한다. 연...