Cycles in Korean unemployment explained ‘mostly’ by domestic shocks, paper finds
Working paper estimates a new Keynesian model with labour market frictions
Cyclical fluctuations in Korean unemployment are "mostly explained" by domestic productivity and preference shocks, according to a working paper published by the Bank of Korea on October 20.
In Macroeconomic shocks and dynamics of labor markets in Korea, Tae Bong Kim and Hangyu Lee estimate a new Keynesian model with labour market frictions, using Korean macroeconomic data. The model is extended by specifying a small, open economy with tradable and non-tradable goods sectors.
The authors also
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