정책금리에 대한 의견개진의 효과 분석

Policy Signal Effects in Korea

The objective in this paper is to investigate effects of policy signals by central bank, monetary policy committee, and government, respectively, on financial variables in Korea. It is found that policy signals by government officials have relatively stronger effects on variabilities of financial variables than those by central banker. Also, it is shown that monetary policy signals by central banker or government officials may be focused on business cycle rather than inflation although the only objective of monetary policy in Korea is to stabilize inflation. Moreover, monetary policy committee frequently follows policy recommendation suggested by government officials. Thus, it is necessary to consider the change of the current Korean monetary policy framework(inflation targeting system).