1. About the IWH
  2. Team
  3. Economists

Professor Boreum Kwak, PhD

Professor Boreum Kwak, PhD
Current Position

since 10/16

Head of the Research Group Macroeconomic Stabilisation Policies and Natural Environment

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

since 12/16

Assistant Professor of Macroeconometrics

Martin Luther University Halle-Wittenberg

since 10/16

Member of the Department Macroeconomics

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

download CV
Research Interests
  • monetary policy
  • policy interaction
  • endogenous regime switching model
  • mixed-frequency model

Boreum Kwak is Assistant Professor of Macroeconometrics at Martin Luther University Halle-Wittenberg since December 2016 and a member of the Department of Macroeconomics at IWH since October 2016. Her research focuses on macroeconomics and monetary economics. Her recent research explores the forecasting of macro variables from the high-frequency financial market data.

Boreum Kwak received her bachelor's and master's degree from Sungkyunkwan University in South Korea and earned her PhD from Indiana University.

Your contact

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

Publications

Browse all refereed publications

Working Papers

cover_DP_2021-12.jpg

U.S. Monetary and Fiscal Policy Regime Changes and Their Interactions

Yoosoon Chang Boreum Kwak Shi Qiu

in: IWH Discussion Papers, No. 12, 2021

Abstract

We investigate U.S. monetary and fiscal policy interactions in a regime-switching model of monetary and fiscal policy rules where policy mixes are determined by a latent bivariate autoregressive process consisting of monetary and fiscal policy regime factors, each determining a respective policy regime. Both policy regime factors receive feedback from past policy disturbances, and interact contemporaneously and dynamically to determine policy regimes. We find strong feedback and dynamic interaction between monetary and fiscal authorities. The most salient features of these interactions are that past monetary policy disturbance strongly influences both monetary and fiscal policy regimes, and that monetary authority responds to past fiscal policy regime. We also find substantial evidence that the U.S. monetary and fiscal authorities have been interacting: central bank responds less aggressively to inflation when fiscal authority puts less attention on debt stabilisation, and vice versa.

read publication
cover_DP_2020-26.jpg

Financial Technologies and the Effectiveness of Monetary Policy Transmission

Iftekhar Hasan Boreum Kwak Xiang Li

in: IWH Discussion Papers, No. 26, 2020

Abstract

This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results indicate that FinTech adoption generally mitigates monetary policy transmission to real GDP, consumer prices, bank loans, and housing prices, with the weakened transmission to bank loan growth being the most pronounced. The regulatory arbitrage and competition between FinTech and banks are the possible mechanisms underlying the mitigated transmission.

read publication
Cover_IWH-Discussion-Papers_2016.jpg

Exchange Rates and the Information Channel of Monetary Policy

Oliver Holtemöller Alexander Kriwoluzky Boreum Kwak

in: IWH Discussion Papers, No. 17, 2020

Abstract

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock component and a central bank information shock component. We identify both components using changes in interest rate futures and in exchange rates around monetary policy announcements. While the volatility of interest rate surprises declines around the Great Recession, the volatility of exchange rate changes increases. Making use of this heteroskedasticity, we estimate that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline in prices and output, while a positive information shock appreciates the dollar, decreases prices and the excess bond premium, and increases output.

read publication
Search all Working Papers

Keywords

Monetary Policy
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoWeltoffen Logo