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Effects of Monetary Policy Shocks on Farm Prices and Exchange Rates in Korea

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  • Jihae Kim
  • Soyoung Kim

Abstract

The effects of monetary policy shocks on farm prices and exchange rates in Korea are empirically investigated by using vector auto-regression models with sign restrictions on impulse responses. The main empirical results are as follows. First, (contractionary) monetary policy shocks have significantly negative effects on real farm prices. Second, the SR effect on farm prices is significant but short-lived. The dynamic response of farm prices is consistent with the predictions of the “overshooting” model. Third, the effects of monetary policy shocks on farm prices are more significant than the effects of monetary policy shocks on exchange rates.

Suggested Citation

  • Jihae Kim & Soyoung Kim, 2017. "Effects of Monetary Policy Shocks on Farm Prices and Exchange Rates in Korea," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(11), pages 2450-2462, November.
  • Handle: RePEc:mes:emfitr:v:53:y:2017:i:11:p:2450-2462
    DOI: 10.1080/1540496X.2017.1329143
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    Cited by:

    1. Dat Thanh Nguyen & Viet Anh Hoang, 2020. "Monetary Consequences of Fiscal Stress in a Game Theoretic Framework," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 9(special i), pages 125-164.

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