Age and Gender Group Differences in Employment Responses to Monetary Policy Shock in a Small Open Economy: The Case of Korea

Sungyup Chung

Asia and the Pacific Policy Studies from Crawford School of Public Policy, The Australian National University

Abstract: A Factor Augmented Vector Autoregressive model is constructed in a way that it resolves the price puzzle problem and separately identifies domestic and foreign monetary policy shocks by imposing a small-open economy structure. An analysis on the employment data grouped by age and gender reveals that only the young male worker group exhibits an inverse relationship between employment and domestic policy rates. In the case of the foreign (the United States) policy rate rise, however, the negative response of employment could be observed for all of the worker groups.

Keywords: employment; monetory policy; FAVAR; small open economy; IRF (search for similar items in EconPapers)
Pages: 18 pages
Date: 2017-03-05
New Economics Papers: this item is included in nep-mac and nep-mon
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Published in Asia & the Pacific Policy Studies, May 2017, pages 207-224

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