Professor Boreum Kwak, PhD

Professor Boreum Kwak, PhD
Current Position

since 12/16

Assistant Professor for Macroeconometrics

Martin Luther University Halle-Wittenberg

since 10/16

Assistant Professor in the Department of Macroeconomics

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

Research Interests

  • monetary policy
  • policy interaction
  • endogenous regime switching model
  • mixed-frequency model

Boreum Kwak joined the Department of Macroeconomics at IWH in October 2016. Her research interest centers on macroeconomics and monetary economics. Her recent research explores the empirical implication of the monetary and fiscal policy interaction under the endogenous regime switching environments, and another line of her research studies the forecasting of macro variables from the high-frequency financial market data.

Boreum Kwak received her Bachelor’s and Master’s degree in Economics from Sungkyunkwan University in South Korea and earned her PhD degree in Economics from Indiana University with a thesis on ”Three Essays in Monetary-Fiscal Policy Interactions”. She became an Assistant Professor at the Martin Luther University Halle-Wittenberg in December 2016.

Your contact

Professor Boreum Kwak, PhD
Professor Boreum Kwak, PhD
Mitglied - Department Macroeconomics
Send Message +49 345 7753-851

Publications

Working Papers

Endogenous Monetary-Fiscal Regime Change in the United States

Yoosoon Chang Boreum Kwak Eric M. Leeper

2016

Abstract

We estimate U.S. monetary and fiscal policy regime interactions in a regime switching model where regimes are represented by endogenous latent policy factors. Policy regimes interact strongly: shocks that switch one policy from active to passive tend to induce the other policy to switch from passive to active, consistent with existence of a unique equilibrium. In some periods, though, both policies are active and government debt grows rapidly. We also observe relatively strong interactions between monetary and fiscal policy regimes after the recent financial crisis. Latent policy regime factors exhibit patterns of correlation with macroeconomic time series, suggesting that policy regime change is endogenous.

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