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Redefining Liquidity for Monetary Policy

dc.contributor.authorKyunghun Kim
dc.contributor.authorIl Houng Lee
dc.contributor.authorWon Shim
dc.date.accessioned2018-04-02T21:11:38Z
dc.date.available2018-04-02T21:11:38Z
dc.date.issued2018-01-30
dc.identifier.urihttp://hdl.handle.net/11540/8042
dc.description.abstractThis paper proposes a monetary aggregate “Liquidity” that could serve as a useful indicator for gauging the appropriateness of monetary policy. If liquidity rises above a certain threshold, it is signaling that monetary policy is losing traction due to structural and other impediments even when the inflation gap remains open. This indicator supplements the financial cycle approach but adds value by providing a benchmark that is derived from the national account, and not based on its own trend. Over the last two decades, each time this measure rose above the threshold range, it was followed by a decline in GDP growth. The latter was greater when accompanied by a high physical asset value to GDP, e.g., an elevated property market.
dc.languageEnglish
dc.publisherKorea Institute for International Economic Policy
dc.titleRedefining Liquidity for Monetary Policy
dc.typeReports
dc.subject.expertMacroeconomic
dc.subject.expertMacroeconomic Analysis
dc.subject.expertMacroeconomic Framework
dc.subject.expertMacroeconomic Models
dc.subject.expertMacroeconomic Performance
dc.subject.expertMacroeconomic Planning
dc.subject.expertMacroeconomic Policies
dc.subject.expertMacroeconomic Reform
dc.subject.expertMacroeconomic Stabilization
dc.subject.expertResults-Based Monitoring And Evaluation
dc.subject.expertProject Evaluation & Review Technique
dc.subject.expertProject Evaluation
dc.subject.expertProgram Evaluation
dc.subject.expertPerformance Evaluation
dc.subject.expertOperations Evaluation
dc.subject.expertEvaluation Methods
dc.subject.expertEvaluation
dc.subject.adbSocial condition
dc.subject.adbEconomic dependence
dc.subject.adbEconomic assistance
dc.subject.adbInternational monetary relations
dc.subject.adbInternational monetary relations
dc.subject.adbInternational trade
dc.subject.adbNational accounting
dc.subject.adbMarket
dc.subject.adbProject impact
dc.subject.adbDevelopment projects
dc.subject.adbProgram management
dc.subject.adbPerformance appraisal
dc.subject.adbProject appraisal
dc.subject.adbTechnology assessment
dc.subject.naturalExchange
dc.subject.naturalComparative economics
dc.subject.naturalIndex number
dc.subject.naturalMonetary policy
dc.subject.naturalValue analysis
dc.subject.naturalAdjustment cost
dc.subject.naturalTransaction cost
dc.subject.naturalConditionality
dc.subject.naturalInternational relations
dc.subject.naturalCumulative effects assessment
dc.subject.naturalGrievance procedures
dc.subject.naturalParticipatory monitoring and evaluation
dc.subject.naturalExchange rate
dc.title.seriesKIEP Staff Paper
dc.title.volume18-01
dc.contributor.imprintKorea Institute for International Economic Policy
oar.themeEconomics
oar.themeEvaluation
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-007631
oar.authorKyunghun Kim
oar.authorIl Houng Lee
oar.authorWon Shim
oar.googlescholar.linkpresenttrue


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