Journal of Economic Theory and Econometrics最新文献

Earned Income Tax Credit and Heterogenous Agent Dynamic Stochastic General Equilibrium Model 劳动所得税抵免与异质主体动态随机一般均衡模型

Journal of Economic Theory and Econometrics Pub Date : 2021-01-01 DOI: 10.22812/JETEM.2021.32.1.004

Jong-suk Han, Sun-Bin Kim, Chang, Yongsung

引用次数: 0

Impacts of Ambient Air Pollution on Health Risk in Korea: A Spatial Panel Model Assessment 韩国环境空气污染对健康风险的影响:空间面板模型评估

Journal of Economic Theory and Econometrics Pub Date : 2021-01-01 DOI: 10.22812/JETEM.2021.32.1.001

Hyung Sun Yim, Seong‐Hoon Cho, Byeongseon Seo

{"title":"Impacts of Ambient Air Pollution on Health Risk in Korea: A Spatial Panel Model Assessment","authors":"Hyung Sun Yim, Seong‐Hoon Cho, Byeongseon Seo","doi":"10.22812/JETEM.2021.32.1.001","DOIUrl":"https://doi.org/10.22812/JETEM.2021.32.1.001","url":null,"abstract":"This paper investigates the impact of air quality pollution on respiratory health risk in Korea. In particular, we consider transboundary effects of particulate matter (PM10) on the health risk of pneumonia by using the spatial panel model. PM10, generated by natural phenomena and anthropogenic activities, migrates to neighboring areas contributing to not only local but also ambient regional health risks. We employ the spatial panel model to explain the spillover effects of air pollution on the respiratory health risk. The panel data covers environmental, demographic and economic variables that are associated with pneumonia of 120 local districts in Korea during the period from 2010 to 2015. Empirical evidence based on non-spatial and spatial models commonly indicates that the impact of air pollution on pneumonia-related risk is significant. The spatial panel model assessment reveals improvement in explanation and evidences more significant effect of ambient air pollution on pneumonia related hospital visits. As such, evidences of spatial dependence and borderless impacts of air pollution on the health risk of pneumonia are found to be strong. We also investigate the spatial dynamics of the potential association between air pollution and respiratory diseases with respect to variations in wind direction by extending the conventional weight matrix specification. Empirical results imply that transboundary effects of PM10 on health risk are stronger for districts located downwind from Northwest districts than from other directions.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"32 1","pages":"1-24"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68342346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Macroeconomic Changes since 2000 and DSGE Models 2000年以来的宏观经济变化与DSGE模型

Journal of Economic Theory and Econometrics Pub Date : 2020-09-30 DOI: 10.22812/JETEM.2020.31.3.004

Tack Yun

引用次数: 0

Natural Interest Rate, Potential GDP Growth Rate and Long-Term Monetary Policy Stance 自然利率、潜在GDP增长率与长期货币政策立场

Journal of Economic Theory and Econometrics Pub Date : 2020-06-01 DOI: 10.22812/JETEM.2020.31.2.003

Seonghoon Cho

{"title":"Natural Interest Rate, Potential GDP Growth Rate and Long-Term Monetary Policy Stance","authors":"Seonghoon Cho","doi":"10.22812/JETEM.2020.31.2.003","DOIUrl":"https://doi.org/10.22812/JETEM.2020.31.2.003","url":null,"abstract":"The natural rate of interest is the real interest rate that would prevail when the macro economy is in its natural, long-term equilibrium at which the actual GDP growth rate equals its potential rate. The natural rate of interest should therefore comove with the long-term trend of the potential GDP growth. In addition, since monetary policy authority has a significant impact on real interest rates, the difference between real and natural interest rates can be the basis for determining the long-term policy stance for the real sector of the economy. This study estimates potential growth rates and natural interest rates in Korea and the United States based on the Holston et al. (2017) model with important adjustments. We use the real market interest rate faced by economic agents, which may be different from the traditional real rate computed using the policy rate. Also, GDP per capita is considered, which is theoretically more suitable when population growth is taken into account. The estimation results using these new measures and the associated adjustment in the model reveal that the estimated natural rate of interest captures the theoretical characteristics of the natural interest rate better than the estimate using standard real interest rate. In addition, since the 2000s, Korea's real rate was much lower than the estimated natural interest rate, suggesting that the long-term monetary policy stance in Korea might have been strongly accommodating.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"31 1","pages":"40-69"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68342493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does Credit Supply Accelerate Business Cycle Changes in Korea?: Some New Evidence by Incorporating Regime Changes 信贷供应是否加速了韩国商业周期的变化？：纳入政权更迭的一些新证据

Journal of Economic Theory and Econometrics Pub Date : 2020-06-01 DOI: 10.22812/JETEM.2020.31.2.002

Sei WanKim, JinillKim, JungsooPark

引用次数: 0

Brexit and Time Dependence and Asymmetry of Dollar-Euro and Pound-Euro Exchange Rates 英国脱欧与美元-欧元和英镑-欧元汇率的时间依赖性和不对称性

Journal of Economic Theory and Econometrics Pub Date : 2020-03-31 DOI: 10.22812/JETEM.2020.31.1.003

이재득

{"title":"Brexit and Time Dependence and Asymmetry of Dollar-Euro and Pound-Euro Exchange Rates","authors":"이재득","doi":"10.22812/JETEM.2020.31.1.003","DOIUrl":"https://doi.org/10.22812/JETEM.2020.31.1.003","url":null,"abstract":"This paper analyzes the recent realized volatility and jump of US Dollar/Euro and UK Pound/Euro returns using the high frequency five minute with the nonparametric estimation during years 2010-2018 including year 2016 of UK's national vote of Brexit. \u0000The empirical results show that before Brexit vote in year 2016 the Bipower volatilities of US Dollar/Euro and UK Pound/Euro returns have the time dependence effects such as daily and monthly effects, but they do not have weekly effects. But, they have asymmetrical properties on real rate of returns. However, after Brexit vote in year 2016 Bipower volatilities of US Dollar/Euro and UK Pound/Euro returns have only daily effects, but they do not have weekly and monthly effects. Furthermore, they do not have asymmetrical properties on real rate of returns. \u0000Before Brexit vote in year 2016, the Bipower jumps of US Dollar/Euro returns were not affected by the previous jumps and they do not have asymmetrical properties. Before Brexit vote in year 2016, Bipower jumps of UK Pound/Euro returns were not affected by the previous rates of returns, but after Brexit vote, jumps of UK Pound/Euro returns were affected by the previous rates of returns. Jumps of UK Pound/Euro returns do not have asymmetrical effects of previous rates of returns and jumps.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"31 1","pages":"66-96"},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48866813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Joint Recruitment of Public Institutions: Who Gains and Who Loses? 事业单位联合招聘：谁赢谁输？

Journal of Economic Theory and Econometrics Pub Date : 2020-03-31 DOI: 10.22812/JETEM.2020.31.1.002

Jin Park, Jaeok Park

{"title":"Joint Recruitment of Public Institutions: Who Gains and Who Loses?","authors":"Jin Park, Jaeok Park","doi":"10.22812/JETEM.2020.31.1.002","DOIUrl":"https://doi.org/10.22812/JETEM.2020.31.1.002","url":null,"abstract":"Recently, the Korean government is promoting the joint recruitment of public institutions, in which public institutions performing a similar task set a common date of written tests for entry-level employment. In this study, we analyze the effects of this policy on job seekers and institutions. Using a game-theoretic model with two institutions and a continuum of job seekers, we obtain the following results. First, when job seekers’ preferences for the two institutions are identical and one institution is much preferred to the other one, the less preferred institution and job seekers suffer from joint recruitment because job opportunities at the less preferred institution are not fully utilized under joint recruitment. On the other hand, when each institution is preferred by a half of job seekers, joint recruitment improves the overall utility of job seekers by increasing the likelihood that job seekers enter their preferred institutions. If joint recruitment lowers the overall difficulty of getting a job, it benefits job seekers with low ability more than those with high ability. Based on these results, we evaluate the policy of joint recruitment and discuss policy alternatives.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"76 6","pages":"14-65"},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41290808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Estimation of Residential Electricity Demand in Korea Allowing for a Structural Break 考虑到结构性断裂的韩国居民用电需求估算

Journal of Economic Theory and Econometrics Pub Date : 2020-01-01 DOI: 10.22812/JETEM.2020.31.4.003

Seong Yeon Chang

引用次数: 0

Recent Development of Closed-form Approximate (Log-)Transition Probability Density Functions of Diffusion Processes 扩散过程的闭型近似(Log-)转移概率密度函数的新进展

Journal of Economic Theory and Econometrics Pub Date : 2020-01-01 DOI: 10.22812/JETEM.2020.31.1.004

S. Choi

{"title":"Recent Development of Closed-form Approximate (Log-)Transition Probability Density Functions of Diffusion Processes","authors":"S. Choi","doi":"10.22812/JETEM.2020.31.1.004","DOIUrl":"https://doi.org/10.22812/JETEM.2020.31.1.004","url":null,"abstract":"Transition probability density function (TPDF) or log-TPDF of a diffusion is quite useful in many ways. For example, it can be employed not only to estimate a diffusion by the maximum likelihood estimation but also to simulate data from a diffusion or to price an asset when the underlying process follows a diffusion. However, unfortunately, the true TPDF of a diffusion is unknown with a few exceptions in general. Starting from Ait-Sahalia (2002)'s pioneering work on approximate but explicit TPDF of a univariate time-homogeneous diffusion to Choi (2019a)'s recent work on closed-form approximate TPDF of a multivariate time-inhomogeneous jump diffusion, several researchers have subsequently established the way to approximate the TPDFs or log-TPDFs of more general diffusion models. This article explains how people have resolved problems to generalize the method from Ait-Sahalia(2002)'s paper to Choi(2013, 2015)'s multivariate time-inhomogeneous diffusions. Due to space constraints, explanations of detailed theories or assumptions for their proof are reduced to the minimum and we show important results, with tacit facts not described in the original papers. In addition, we also introduce papers derived from and related to those key studies.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"31 1","pages":"97-152"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68342456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Equilibrium in Constrained Financial Markets 约束金融市场中的均衡

Journal of Economic Theory and Econometrics Pub Date : 2020-01-01 DOI: 10.22812/JETEM.2020.31.4.001

Won Dong Chul, Hahn Guangsug

引用次数: 0