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수록정보
수록범위 : 1권0호(1985)~35권2호(2019) |수록논문 수 : 614
The Korean Economic Review
35권2호(2019년 07월) 수록논문
최근 권호 논문
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KCI등재 SSCI SCOPUS

1Within-District School Lotteries, District Selection, and the Average Partial Effects of School Inputs

저자 : Eleanor Jawon Choi , Hyungsik Roger Moon , Geert Ridder

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 2호 발행 연도 : 2019 페이지 : pp. 275-306 (32 pages)

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This study proposes an econometric framework to consistently estimate the average partial effects (APE) of school inputs on academic achievement when students are randomly assigned to schools within each school district but endogenously sort across school districts. We illustrate our method by estimating the APE of single-sex schooling and class size on standardized test scores using data from Seoul, Korea in the period of 2008-2009. Our APE estimates are smaller than the estimates from conventional linear regressions with school district fixed effects, which do not fully correct for endogenous district choice and thus suffer from selection bias.

KCI등재 SSCI SCOPUS

2Endogenous Growth and Equilibrium Cycles under Altruistic and Envious Preferences

저자 : Hyun Park

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 2호 발행 연도 : 2019 페이지 : pp. 307-344 (38 pages)

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This study examines how habit persistence in preferences affects short- and long-run economic growth in a dynamic competitive economy and addresses the possibility of equilibrium cycles in the presence of habit persistence in preferences. The study shows a continuum of transitional competitive equilibrium paths, each of which converges to a unique balanced growth path when external habits influence a household's preferences and when a firm's productivities increase in public capital services financed by consumption taxes. The self-fulfilling sunspot equilibrium path exhibits equilibrium cycles under altruistic or envious preferences in a growing competitive economy with exogenous fiscal policies. The study also demonstrates that a distortionary fiscal policy, including consumption tax, acts as a stabilizer for sunspot-driven fluctuations among rational expectation agents, selects a unique transitional path around the unique balance growth path, and eradicates equilibrium cycles in the social optimum.

KCI등재 SSCI SCOPUS

3Endogenous Timing with a Socially Responsible Firm

저자 : Arturo Garcia , Mariel Leal , Sang-ho Lee

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 2호 발행 연도 : 2019 페이지 : pp. 345-370 (26 pages)

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This study considers a duopoly model in which a socially responsible (SR) firm competes with a private firm by incorporating environmental externality and clean technology. We analyze the endogenous market structure where both firms strategically, sequentially, or simultaneously decide quantities, which also affect abatement activities. We reveal that depending on the relative concerns on environment and consumer surplus, the SR firm can be less or more aggressive in production and abatement, and it may earn high profits. Thus, not only the significance of externality but also the instrumental conflict of social concerns are crucial factors in determining the equilibrium of endogenous timing game. Finally, we indicate that unless the concern for externality is high, the simultaneous and sequential move game with SR firm leadership are socially desirable.

KCI등재 SSCI SCOPUS

4Efficiency and Revenue in Asymmetric Auctions

저자 : Kyungmin Kim , Youngwoo Koh

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 2호 발행 연도 : 2019 페이지 : pp. 371-391 (21 pages)

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We study the efficiency and revenue properties of first- and second-price auctions in an environment where bidders' values are drawn from different binary distributions. We identify a necessary and sufficient condition for a first-price auction to induce an efficient allocation. The condition reveals the source of allocative inefficiencies in asymmetric firstprice auctions. We further show that the seller's revenue is higher in a second-price auction than it is in a first-price auction whenever allocations in the two auction formats are efficient. We highlight how the difference in different bidder types' beliefs induces the results.

KCI등재 SSCI SCOPUS

5Retirement and Cognitive Ability in Korea

저자 : Hyejin Kim

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 2호 발행 연도 : 2019 페이지 : pp. 393-415 (23 pages)

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This study examines the effect of retirement on the cognitive ability of aging Koreans. Using six (2006-2016) waves of the Korean Longitudinal Study of Aging (KLoSA), we find the significant negative effect of retirement on cognitive ability. After retirement, individuals experience a decline in their cognitive ability scores by approximately 1% when compared with the average score. We also investigate the heterogeneity across age, gender, education, and job characteristics. The negative influence of retirement is pronounced and significant for those who are aged 68-80, are females, have lowers levels of education, are non-wage-and-salary workers, and are blue-collar workers.

KCI등재 SSCI SCOPUS

6Vertical Integration and Market Foreclosure: Empirical Evidence from the Korean Movie Industry

저자 : Yun Jeong Choi , Jong-hee Hahn , Hojung Kim

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 2호 발행 연도 : 2019 페이지 : pp. 417-438 (22 pages)

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We examine how the foreclosure incentive of firms is affected by the degree of vertical integration in related markets, which is measured by the number of vertically integrated firms. We specifically investigate how the exhibition behavior of the vertically integrated and separated theaters in the Korean movie industry responds to a change in the degree of vertical integration by using daily screening data over a 7-year period. The vertical separation of a previously integrated firm serves as a structural break. Our results show that the foreclosure incentive of the vertically integrated firms generally weakens as the degree of vertical integration decreases. However, the existing integrated firms strengthen their intensity of foreclosure toward the newly separated firm after the breakup, perhaps to weaken the market position of the previously integrated rival. Moreover, we find that the newly separated firm behaves similarly to other independent firms, with no sign of foreclosure behavior.

KCI등재 SSCI SCOPUS

7Investor's Information Sharing with Firms in Oligopoly

저자 : Myeonghwan Cho

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 2호 발행 연도 : 2019 페이지 : pp. 439-469 (31 pages)

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We study the incentives for an investor to transmit information to its invested firms in an oligopoly. The investor has more information on market conditions than the firms and reveals it publicly or privately before the firms produce the goods. When the investor uses a public channel to transmit information, the investor does not reveal any of its information to the firms. When the investor uses a private channel to transmit information, it partially reveals such a private information to the firm. Indeed, this is possible only when the investor invests relatively more in one firm than in another firm.

KCI등재 SSCI SCOPUS

8Deciphering Monetary Policy Board Minutes with Text Mining: The Case of South Korea

저자 : Young Joon Lee , Soohyon Kim , Ki Young Park

발행기관 : 한국경제학회 간행물 : The Korean Economic Review 35권 2호 발행 연도 : 2019 페이지 : pp. 471-511 (41 pages)

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We quantify the Monetary Policy Board minutes of the Bank of Korea (BOK) by using text mining. We propose a novel approach that uses a field-specific Korean dictionary and contiguous sequences of words (n-grams) to capture the subtlety of central bank communications. Our text-based indicator helps explain the current and future BOK monetary policy decisions when considering an augmented Taylor rule, suggesting that it contains additional information beyond the currently available macroeconomic variables. In explaining the current and future monetary policy decisions, our indicator remarkably outperforms English-based textual classifications, a media-based measure of economic policy uncertainty, and a data-based measure of macroeconomic uncertainty. Our empirical results also emphasize the importance of using a field-specific dictionary and the original Korean text.

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