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Structural change in the trend and cycle in Korea

Title
Structural change in the trend and cycle in Korea
Authors
Lee N.G.Seok B.H.
Ewha Authors
석병훈
Issue Date
2020
Journal Title
Seoul Journal of Economics
ISSN
1225-0279JCR Link
Citation
Seoul Journal of Economics, no. 1, pp. 19 - 42
Keywords
Consumption volatilityStructural changeTrend growth shocks
Publisher
Seoul National University,Institute of Economic Research
Indexed
SCOPUS; KCI scopus
Document Type
Article
Abstract
On the basis of regression of consumption on output, we develop a new approach to identify a structural break in business cycles. Using this approach, we find that a structural change in the trend and cycle in Korea occurred in 1993 and that the business cycles in Korea started to show the regularities of emerging market business cycles beginning in 1993. To explain these, we estimate the parameters of the productivity process in Korea, using data on Solow residuals. Our estimates show that the relative importance of trend growth shocks in the post-break period increased by a factor of 2.56 from that in the pre-break period. © 2020 Seoul National University,Institute of Economic Research.
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사회과학대학 > 경제학전공 > Journal papers
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