Professor Boreum Kwak, PhD

Professor Boreum Kwak, PhD
Current Position

since 10/16

Head of the Research Group Monetary Aggregates, Asset Prices and Real Outcomes

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

since 12/16

Assistant Professor of Macroeconometrics

Martin Luther University Halle-Wittenberg

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


Working Papers


U.S. Monetary-Fiscal Regime Changes in the Presence of Endogenous Feedback in Policy Rules

Yoosoon Chang Boreum Kwak

in: IWH Discussion Papers, No. 15, 2017


We investigate U.S. monetary and fiscal policy regime interactions in a model, where regimes are determined by latent autoregressive policy factors with endogenous feedback. 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, consistently with existence of a unique equilibrium, though both policies are active and government debt grows rapidly in some periods. We observe relatively strong interactions between monetary and fiscal policy regimes after the recent financial crisis. Finally, latent policy regime factors exhibit patterns of correlation with macroeconomic time series, suggesting that policy regime change is endogenous.

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