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

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  • Sungyup Chung

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.

Suggested Citation

  • Sungyup Chung, 2017. "Age and Gender Group Differences in Employment Responses to Monetary Policy Shock in a Small Open Economy: The Case of Korea," Asia and the Pacific Policy Studies 201715, Crawford School of Public Policy, The Australian National University.
    • Handle: RePEc:een:appswp:201715
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    File URL: http://onlinelibrary.wiley.com/wol1/doi/10.1002/app5.169/full
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    Keywords

    employment; monetory policy; FAVAR; small open economy; IRF;
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