Prologue

References  175

Ⅰ. Business-cycle Statistics in South Korea  9

Ⅱ. A Permanent Income Consumption Model with Learning   25

Ⅲ. A Small Open Economy Real Business Cycle (SOE-RBC) Model  47

Ⅳ. Characterizing Recessions in South Korea  58

Ⅴ. Did South Korean Consumers Forecast Rationally?   82

Part 2. Labor Market Dynamics

Ⅵ. Understanding Business Cycles and Labor Market Dynamics  100

Ⅶ. Labor Market Adjustments thru the Lens of Okun’s Law  123

Ⅷ. Potential Output and Estimating Okun’s Law   160

Ⅸ. Policy Implications  173

References  175​