The Role of Broadest Money: Tracking Economic Signal (with Sohee Park, forthcoming)
"Nonseparability of Credit Card Services within Divisia Monetary Aggregates" (with William A. Barnett) Macroeconomic Dynamics, 2024, pp. 1-28, published open access. Special issue edited by Apostolos Serletis on Divisia Monetary Aggregates and the Macroeconomy, https://doi.org/10.1017/S1365100524000245
"Have Credit Card Services Become Important to Monetary Aggregation? An Application of Sign Restricted Bayesian VAR" (with William A. Barnett) Journal of Applied Economics, 2024, Vol. 27, Issue 1. http://dx.doi.org/10.1080/15140326.2024.2321422
"The Barnett Critique" (with William A. Barnett, and Sohee Park) Encyclopedia, 2021, 1(3), 964-973. https://doi.org/10.3390/encyclopedia1030073. In "Encyclopedia of Social Science", edited by Chia-Lin Chang, Michael McAleer, and Philip Hans Franses.
Internalizing New Monetary Aggregates to Overlapping Generations Model (with Sohee Park)
This paper introduces the Divisia monetary aggregates into the Overlapping Generations (OLG) model to examine its macroeconomic implications. Compared to the traditional monetary aggregates published by the Federal Reserve, the superiority and theoretical soundness of Divisia monetary aggregates are well established in both empirical and theoretical research; however, their practical applicability remains underappreciated and often underestimated. Building on Belongia and Ireland (2006, 2014), who demonstrate the advantages of Divisia monetary aggregates within Real Business Cycle (RBC) and New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) frameworks, this study extends the analysis to the OLG environment. By incorporating Divisia monetary aggregates into an inter-generational framework, our results show that Divisia tracks true monetary aggregate with near-zero error under all shocks, while simple sum exhibits systematic deviation under monetary disturbances.
Study of Divisia Monetary Aggregates in South Korea (with Sohee Park)
Blockwise Weak Separability Test with the New Monetary Measurements (with William A. Barnett, and Sohee Park)