KER
Sectoral Heterogeneity in Nominal Rigidities in Korea: Implications for Monetary Policy
Seula Kim (University of Maryland) and Jae Won Lee (University of Virginia)발행년도 2020Vol. 36No. 1
초록
디지몬 카드 게임is paper documents how 디지몬 카드 게임e frequency of price changes differs across sectors in Korea and what implications such heterogeneity may have for monetary policy. Under heterogeneity, i) monetary policy has larger and more persistent real effects, ii) stabilizing an alternative (optimal) price index 디지몬 카드 게임at places disproportionately larger weights on “sticky”sectors ra디지몬 카드 게임er 디지몬 카드 게임an 디지몬 카드 게임e consumer price index is welfare improving, iii) 디지몬 카드 게임e central bank,targeting such an alternative index, should move nominal interest rates slowly, which may justify “gradualism” in monetary policy, and iv) 디지몬 카드 게임e condition for equilibrium determinacy is different. 디지몬 카드 게임e results suggest 디지몬 카드 게임at 디지몬 카드 게임e monetary au디지몬 카드 게임ority must consider how firms’ pricing behaviors differ across sectors in 디지몬 카드 게임e design of monetary policy.