The purpose of this paper is to present an approach with regard to the dynamic process of the general equilibrium during the business cycle fluctuations following monetary and fiscal interventions, which, I think, could contribute to bridging the differences between the different schools of...

The Business Survey Index (BSI) is published quarterly by the Korea Institute for Industrial Economics and Trade. Visit www.kiet.re.kr for more projections and industrial statistics. The overall composite Business Survey Index for the manufacturing sector in the fourth quarter (Q4) of 2022...

The Korean Economic and Industrial Outlook is published quarterly by the Korea Institute for Industrial Economics and Trade. Visit www.kiet.re.kr for more projections and industrial statistics. In the first half of 2022, the domestic real economy recovered thanks to improved consumption and...

The first quarter (Q1) 2023 manufacturing overall composite index remains below the baseline (100), indicating that conditions remain unfavorable. In addition, indexes for all indicators dropped significantly from the previous quarter. Business conditions (77), sales (75), domestic demand (78),...

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

South Africa’s macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks. Enhancing the credibility of the inflation target would provide the monetary authorities with more space for flexibility in the face of...

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...

The paper extends a standard semi-structural model to account for nonlinear and asymmetric effects of monetary policy credibility. In our setting, central bank credibility is proportional to the deviation of inflation expectations from the announced inflation target, with positive deviations...

For decades, the academic literature has focused on three survey measures of expected inflation: the Livingston Survey, the Survey of Professional Forecasters, and the Michigan Survey. While these measures have been useful in developing models of forecasting inflation, the data are low frequency...

For decades, the academic literature has focused on three survey measures of expected inflation: the Livingston Survey, the Survey of Professional Forecasters, and the Michigan Survey. While these measures have been useful in developing models of forecasting inflation, the data are low frequency...