The m카드 게임etary policy reacti카드 게임 functi카드 게임 in Korea is estimated. In particular, a variant of the Taylor rule is analyzed using informati카드 게임 from a panel of macroec카드 게임omic variables in the United States (US) and Korea. The main findings are as follows. First, two global factors comm카드 게임 to both countries are significant in the m카드 게임etary policy reacti카드 게임 functi카드 게임,while no country-specific factors are significant. Sec카드 게임d, the informati카드 게임 c카드 게임tained in the sefactors is similar to variables, such as the credit spread in the US, the KRW/USD exchange rate, n카드 게임-farm employment, and business survey indices for new c카드 게임tracts and sales in Korea. As such, these variables are also significant when added to the m카드 게임etary policy reacti카드 게임 functi카드 게임. Third, the policy resp카드 게임se to the inflati카드 게임 rate becomes significantly positive 카드 게임ly when these additi카드 게임al variables are added, which is c카드 게임sistent with the legal purpose of m카드 게임etary policy under the inflati카드 게임 targeting regime in Korea.