Author/Editor: Woon Gyu Choi, Michael B Devereux.

Release Date:January, 2005

This paper empirically explores how fiscal policy (represented by increases in government spending) has asymmetric effects on economic activity at different levels of real interest rates. It suggests more...

Author/Editor: Yungsan Kim, Woon Gyu Choi.

Release Date:June, 2003

Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we more...

Author/Editor: Yongseung Jung, Woon Gyu Choi.

Release Date:January, 2003

Introducing habit formation into an open economy macroeconomic model with price stickiness, we examine the characteristics of an optimal monetary policy. We find that, first, the optimal policy rule more...

Author/Editor: David Cook, Woon Gyu Choi.

Release Date:August, 2002

Banks in developing economies often face a mismatch in the currency denomination of their liabilities (foreign currency denominated debt) and assets (domestic currency loans to domestic borrowers). more...

Author/Editor: Woon Gyu Choi, Yungsan Kim.

Release Date:November, 2001

In contrast to conventional money demand literature, this paper proposes that monetary policy affects corporate liquidity demand directly through a separate channel-what we call the loan commitment more...

Author/Editor: Yungsan Kim, Woon Gyu Choi.

Release Date:August, 2001

Based on an analysis of high-frequency panel data for U.S. firms, this paper finds that inventory investment has been liquidity-constrained in most periods during 1975-97, but less so, or not at all, more...