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You searched for +publisher:"Texas A&M University" +contributor:("Seo, Byeongseon"). Showing records 1 – 3 of 3 total matches.

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Texas A&M University

1. Suh, Jeong Eui. Two essays on monetary policy under the Taylor rule.

Degree: PhD, Economics, 2005, Texas A&M University

In this dissertation, two questions concerning monetary policy under the Taylor rule have been addressed. The first question is on, under the Taylor rule, whether a central bank should be responsible for both bank supervision and monetary policy or whether the two tasks should be exercised by separate institutions. This is the main focus of Chapter I. The second question is on whether the Taylor rule plays an important role in explaining modern business cycles in the United States. The second question has been covered by Chapter II. The implications of the first chapter can be summarized as follows: (i) it is inevitable for the central bank to have a systematic error in conducting monetary policy when the central bank does not have a bank supervisory role; (ii) without a bank supervisory role, the effectiveness of monetary policy cannot be guaranteed; (iii) because of the existence of conflict of interests, giving a bank supervisory role to the central bank does not guarantee the effectiveness of monetary policy, either; (iv) the way of setting up another government agency, bank regulator, and making the central bank and the regulator cooperate each other does not guarantee the effectiveness of monetary policy because, in this way, the systematic error in conducting monetary policy cannot be eliminated; (v) in the view of social welfare, not in the view of the effectiveness of monetary policy, it is better for the central bank to keep the whole responsibility or at least a partial responsibility on bank supervision. In the second chapter, we examined the effect of a technology shock and a money shock in the context of an RBC model incorporating the Taylor rule as the Fed??s monetary policy. One thing significantly different from other researches on this topic is the way the Taylor rule is introduced in the model. In this chapter, the Taylor rule is introduced by considering the relationship among the Fisher equation, Euler equation and the Taylor rule explicitly in the dynamic system of the relevant RBC model. With this approach, it has been shown that, even in a flexible-price environment, the two major failures in RBC models with money can be resolved. Under the Taylor rule, the correlation between output and inflation appears to be positive and the response of our model economy to a shock is persistent. Furthermore, the possibility of an existing liquidity effect is found. These results imply that the Taylor rule does play a key role in explaining business cycles in the United States. Advisors/Committee Members: Goldberg, Dror (advisor), Li, Qi (advisor), Seo, Byeongseon (committee member), Gawande, Kishore (committee member).

Subjects/Keywords: Monetary Policy; Bank Supervision; Game-theoretic Approach; Taylor Rule; Business Cycles; Dynamic General Equilibrium Model

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APA (6th Edition):

Suh, J. E. (2005). Two essays on monetary policy under the Taylor rule. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/2748

Chicago Manual of Style (16th Edition):

Suh, Jeong Eui. “Two essays on monetary policy under the Taylor rule.” 2005. Doctoral Dissertation, Texas A&M University. Accessed October 24, 2020. http://hdl.handle.net/1969.1/2748.

MLA Handbook (7th Edition):

Suh, Jeong Eui. “Two essays on monetary policy under the Taylor rule.” 2005. Web. 24 Oct 2020.

Vancouver:

Suh JE. Two essays on monetary policy under the Taylor rule. [Internet] [Doctoral dissertation]. Texas A&M University; 2005. [cited 2020 Oct 24]. Available from: http://hdl.handle.net/1969.1/2748.

Council of Science Editors:

Suh JE. Two essays on monetary policy under the Taylor rule. [Doctoral Dissertation]. Texas A&M University; 2005. Available from: http://hdl.handle.net/1969.1/2748


Texas A&M University

2. Kim, Sok Won. Essays on monetary economics and financial economics.

Degree: PhD, Economics, 2009, Texas A&M University

In this dissertation three different economic issues have been analyzed. The first issue is whether monetary policy rules can improve forecasting accuracy of inflation. The second is whether the preference of a central bank is symmetry or not. The last issue is whether the behavior of aggregate dividends is asymmetry. Each issue is considered in Chapter II, III and IV, respectively. The linkage between monetary policy rules and the prediction of inflation is explored in Chapter II. Our analysis finds that the prediction performance of the term structure model hinges on monetary policy rules, which involve the manipulation of the federal funds rate in response to the change in the price level. As the Fed's reaction to inflation becomes stronger, the predictive information contained in the term structure becomes weaker. Using the long-run Taylor rule, a new assessment of the prediction performance regarding future change in inflation is provided. The empirical results indicate that the long-run Taylor rule improves forecasting accuracy. In chapter III, the asymmetric preferences of the central bank of Korea are examined under New Keynesian sticky prices forward-looking economy framework. To this end, this chapter adopts the central bank's objective functional form as a linear-exponential function instead of the standard quadratic function. The monetary policy reaction function is derived and then asymmetric preference parameters are estimated during the inflation targeting period: 1998:9-2005:12. The empirical evidence supports that while the objective of output stability is symmetry, but the objective of price stability is not symmetry. Specifically, it appears that the central bank of Korea aggressively responds to positive inflation gaps compared to negative inflation gaps. Chapter IV examines the nonlinear dividend behavior of the aggregate stock market. We propose a nonlinear dividend model that assumes managers minimize the regime dependent adjustment costs associated with being away from their target dividend payout. By using the threshold vector error correction model, we find significant evidence of a threshold effect in aggregate dividends of S&P 500 Index in quarterly data when real stock prices are used for the target. We also find that when dividends are relatively higher than target, the adjustment cost of dividends is much smaller than that when they are lower. Advisors/Committee Members: Jansen, Dennis (advisor), Gan, Li (committee member), Gawande, Kishore (committee member), Seo, Byeongseon (committee member).

Subjects/Keywords: Fisher Equation; Monetary Policy Rules; Predictability; Preferences of central bank; Asymmetry; Reaction function; Dividend adjustment; Nonlinearity

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Kim, S. W. (2009). Essays on monetary economics and financial economics. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/ETD-TAMU-1770

Chicago Manual of Style (16th Edition):

Kim, Sok Won. “Essays on monetary economics and financial economics.” 2009. Doctoral Dissertation, Texas A&M University. Accessed October 24, 2020. http://hdl.handle.net/1969.1/ETD-TAMU-1770.

MLA Handbook (7th Edition):

Kim, Sok Won. “Essays on monetary economics and financial economics.” 2009. Web. 24 Oct 2020.

Vancouver:

Kim SW. Essays on monetary economics and financial economics. [Internet] [Doctoral dissertation]. Texas A&M University; 2009. [cited 2020 Oct 24]. Available from: http://hdl.handle.net/1969.1/ETD-TAMU-1770.

Council of Science Editors:

Kim SW. Essays on monetary economics and financial economics. [Doctoral Dissertation]. Texas A&M University; 2009. Available from: http://hdl.handle.net/1969.1/ETD-TAMU-1770


Texas A&M University

3. Tsai, Chun-Li. Why are dividends sticky?.

Degree: PhD, Economics, 2005, Texas A&M University

This dissertation investigates the sluggish adjustment process of dividend payment in the stock market. First, I focus on the individual stocks. A casual investigation of observed dividends for individual stocks shows dividend adjustments are sluggish and discrete; this is not consistent with the Lintner??s stylized fact (1956) in which dividend adjustments are assumed to change continuously. Thus, I examine three possible explanations to account for dividend stickiness and discreteness: menu-costs (i.e. a constant adjustment cost), decision-making delays, and dividend adjustment asymmetry. I reject Dixit??s menu-cost model as an appropriate specification for the sluggish adjustment process of dividends. The empirical results imply that decisionmaking delays and dividend adjustment asymmetry might be possible explanations for sticky and discrete dividends on selected individual stocks. Second, I focus on the aggregate stock market. I use a quadratic adjustment cost model to examine whether adjustment costs can explain the slow adjustment of aggregate dividends. The empirical results suggest that adjustment costs might be a significant factor explaining the slow dividend adjustment for S&P 500. The value of relative weigh cost is related to the specification of target dividend. If target dividendsare related to earnings, then the empirical results suggest that the adjustment costs are about forty-fold more important than the deviation cost between the actual dividend and the target level in determining the dynamic dividend adjustment process. If target dividends are specified as proportion to the stock prices, the adjustment costs are about fourteen-fold more important than the deviation cost between actual dividend and target level when managers determine the dividends. Advisors/Committee Members: Jansen, Dennis W. (advisor), Bessler, David (committee member), Hernandez-Verme, Paula (committee member), Seo, Byeongseon (committee member).

Subjects/Keywords: sticky dividend; menu-cost model

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Tsai, C. (2005). Why are dividends sticky?. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/2698

Chicago Manual of Style (16th Edition):

Tsai, Chun-Li. “Why are dividends sticky?.” 2005. Doctoral Dissertation, Texas A&M University. Accessed October 24, 2020. http://hdl.handle.net/1969.1/2698.

MLA Handbook (7th Edition):

Tsai, Chun-Li. “Why are dividends sticky?.” 2005. Web. 24 Oct 2020.

Vancouver:

Tsai C. Why are dividends sticky?. [Internet] [Doctoral dissertation]. Texas A&M University; 2005. [cited 2020 Oct 24]. Available from: http://hdl.handle.net/1969.1/2698.

Council of Science Editors:

Tsai C. Why are dividends sticky?. [Doctoral Dissertation]. Texas A&M University; 2005. Available from: http://hdl.handle.net/1969.1/2698

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