Housing and business cycles in Korea: A multi-sector Bayesian DSGE approach

Title
Housing and business cycles in Korea: A multi-sector Bayesian DSGE approach
Author(s)
이준희송준혁[송준혁]
Issue Date
201502
Publisher
ELSEVIER SCIENCE BV
Citation
ECONOMIC MODELLING, v.45, pp.99 - 108
Abstract
The Korean housing market showed booms in the early 2000s and sharp fluctuations after the U.S. financial crisis. The recent increase in volatility in the housing market has motivated greater attention to the relationship between the housing market and the Korean economy. This paper develops a dynamic stochastic general equilibrium (DSGE) model with the housing construction sector and analyzes the role of housing in the Korean business cycles. The results indicate that the model incorporating the collateral role of houses in conjunction with predetermined pricing in the housing construction sector provides a reasonably good fit to the data. In addition, the paper conducts policy simulations of a changing loan-to-value (LTV) ratio ceiling and finds its significant effects on financially constrained households' consumption. (C) 2014 Elsevier B.V. All rights reserved.
URI
http://hdl.handle.net/YU.REPOSITORY/33453http://dx.doi.org/10.1016/j.econmod.2014.11.009
ISSN
0264-9993
Appears in Collections:
상경대학 > 국제통상학부 > Articles
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