Measuring the Natural Rate of Interest with Financial Gaps: The Cases of Japan and South Korea

Lee Dong Jin; Hahm Joon-Ho; Park Hail; Park Ki Young

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Measuring the Natural Rate of Interest with Financial Gaps: The Cases of Japan and South Korea

机译：衡量金融空白的自然兴趣率：日本和韩国的案件

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摘要

We estimate "finance-adjusted" trend growth and natural rates of Japan and South Korea by extending a semi-structural model of (Laubach and Williams, 2003). Consistent with international evidence of the advanced economies, both trend growth and natural rates of interest of Japan and South Korea have been declining over the past, suggesting the important role of global factors. However, the declining patterns of Japan and South Korea are far steeper during the past 25 years. When considering domestic and global financial factors, trend growth and natural rate of South Korea are more affected by foreign financial factor while the role of domestic financial factor is more pronounced for Japanese economy.

机译：我们通过扩展（Laubach和Williams，2003）的半结构模型来估计“金融调整”趋势日本和韩国的自然率。符合国际发达经济体的国际证据，趋势增长和日本和韩国利益的自然利率在过去一直在下降，这表明全球因素的重要作用。然而，在过去的25年中，日本和韩国的日本和韩国的衰老程度较大。在考虑国内和全球的财务因素，韩国的趋势增长和自然税率受到外国财务因素的影响，而国内金融因素的作用对日本经济更加明显。

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来源
《Japan and the World Economy》 |2020年第6期|101009.1-101009.10|共10页
作者
Lee Dong Jin; Hahm Joon-Ho; Park Hail; Park Ki Young;
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作者单位

Sangmyung Univ Dept Econ Seoul South Korea;

Yonsei Univ Grad Sch Int Studies 50 Yonsei Ro Seoul 120749 South Korea;

Kyung Hee Univ Dept Int Business & Trade 26 Kyungheedae Ro Seoul 02447 South Korea;

Yonsei Univ Sch Econ 50 Yonsei Ro Seoul 120749 South Korea;

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原文格式 PDF
正文语种 eng
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关键词
Natural rate of interest; Trend growth; State-space model; Monetary policy;

机译：利益自然;趋势增长;国家空间模型;货币政策;

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Measuring the Natural Rate of Interest with Financial Gaps: The Cases of Japan and South Korea

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