This paper examines the future evolution of the Asian currency arrangements from broader perspectives, including the optimal currency area theory and the experience with the European Currency Unit (ECU). Most academic literature on this topic concurs that the optimal currency area conditions...

This dissertation empirically investigates macroeconomic fluctuations.In the first chapter, I study nontechnology shocks. It is popular to identify technology shocks as shocks permanently affecting labor productivity in SVAR. However it potentially misidentifies nontechnology shocks permanently...

The empirical study of technology shocks is intensively conducted to evaluate plausibility of the technology-driven real business cycle hypothesis. A popular method is to identify technology shocks by the long-run restriction that those solely have permanent effects on labor productivity in the...