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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

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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

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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 examine regional-level FinTech adoption and use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with FinTech adoption. The results indicate that FinTech adoption generally enhances monetary policy transmission to real GDP, bank loans, and housing prices, while the evidence of transmission to consumer prices is mixed. A subcategorical analysis shows that the enhanced effectiveness is the most pronounced in the adoption of FinTech payment, compared to that of insurance and credit.

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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.

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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

Abstract

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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Keywords

Monetary Policy
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