NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Joonhyuk Song

Korea Development Institute
P.O. Box 113
Cheongnyang, Seoul 130-012
Korea

E-Mail: jhsong@hufs.ac.kr

NBER Working Papers and Publications

February 2011Oil and Macroeconomy: The Case of Korea
with Junhee Lee
in Commodity Prices and Markets, East Asia Seminar on Economics, Volume 20, Takatoshi Ito and Andrew K. Rose, editors
September 2009Nature of Oil Price Shocks and Monetary Policy
with Junhee Lee: w15306
We investigate the nature of oil price shocks to the Korean economy in recent years and find that the recent hike in oil price is induced by the increase in oil demand in contrast to the previous years when oil price run-up is mostly from supply disruptions. We also study how monetary responses to oil price shocks affect economic stability and find that an accommodative policy yields more stable outcomes.
 
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