"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.
The Role of Broad Money: Tracking Economic Signal (with Sohee Park, Submitted)
Fed discontinued announcing broader monetary aggregate. For example, M3 was discontinued publishing in 2006 and only the M3 data set borrowed from OECD has been displayed. Moreover, we cannot track the M4 data series in FRED anymore. Although the importance of monetary aggregate is increasing (as a tool for understanding monetary transmission mechanisms), researchers cannot approach a reliable data set. As we see in the data provided by CFS, many economic events can be tracked by the broader money rather than the narrow money. Clearly, there would be an economic implication provided by the broader monetary aggregate.
The purpose of this paper is to examine the availability of Divisia-type monetary aggregates for all ranges by conducting several tests. Following the philosophy of Bernanke and Blinder (1992) and Belongia and Ireland (2015), we will test the causal relationship between real economic variables and monetary aggregates. And we will set up a basic recursive VAR and Leeper-Roush type (2003) non-recursive VAR model, and study the economic implications given by the results.
Study of Divisia Monetary Aggregates in South Korea (with Sohee Park)
Study of Divisia Monetary Aggregates in Overlapping Generations Model (with Sohee Park)
Blockwise Weak Separability Test with the New Monetary Measurements (with William A. Barnett, and Sohee Park)