개방경제하 한국의 재정정책과 통화정책의 동태적 경제효과 분석

The Dynamic Effects of Fiscal and Monetary Policy under Open Economy System in Korea

This paper evaluates theoretically and quantatively the relative importance of monetary versus fiscal shocks in a small open economy. A stochastic dynamic general equilibrium model with a transaction cost is used to perform numerical simulations about Korean economy. The results show that fiscal and monetary shocks play important roles and can reproduce several empirical regularities. and they also show that fiscal shock plays more important role to the economy-aggregate variables such as investment, consumption, output, exchange rate and labor supply-than monetary shock does when embodied productive public capital to the production function in Korea. It also shows that a positive government spending shock causes prices to increase even if the resource is directed to the productive sector.