Juniorprofessorin Boreum Kwak, Ph.D.

Juniorprofessorin Boreum Kwak, Ph.D.
Aktuelle Position

seit 10/16

Leiterin der Forschungsgruppe Monetäre Aggregate, Vermögenspreise und realwirtschaftliche Effekte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 12/16

Juniorprofessorin für Makroökonometrie

Martin-Luther-Universität Halle-Wittenberg

seit 10/16

Mitglied der Abteilung Makroökonomik

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)


  • Geldpolitik
  • Policy Interaction
  • endogenes Regime-Switching-Modell
  • Mixed-Frequency-Modell

Boreum Kwak wurde im Dezember 2016 von der Martin-Luther-Universität Halle-Wittenberg zur Juniorprofessorin für Makroökonometrie berufen. Sie ist darüber hinaus seit Oktober 2016 Mitarbeiterin der Abteilung Makroökonomik am IWH. Ihre Forschungsinteressen liegen im Bereich Makroökonomik und Geldpolitik. Aktuell beschäftigt sie sich unter anderem mit der Vorhersage makroökonomischer Variablen mittels Daten des Hochfrequenzhandels an den Finanzmärkten.

Boreum Kwak studierte an der Sungkyunkwan University in Südkorea. Ihre Promotion erfolgte an der Indiana University.

Ihr Kontakt

Juniorprofessorin Boreum Kwak, Ph.D.
Juniorprofessorin Boreum Kwak, Ph.D.
Mitglied - Abteilung Makroökonomik
Nachricht senden +49 345 7753-851




Financial Technologies and the Effectiveness of Monetary Policy Transmission

Iftekhar Hasan Boreum Kwak Xiang Li

in: IWH Discussion Papers, Nr. 26, 2020


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. A subcategorical analysis shows that the muted transmission is the most pronounced in the adoption of FinTech payment and credit, compared to that of insurance. The regulatory arbitrage and competition between FinTech and banks are the possible mechanisms leading a mitigated monetary policy transmission.

Publikation lesen


Exchange Rates and the Information Channel of Monetary Policy

Oliver Holtemöller Alexander Kriwoluzky Boreum Kwak

in: IWH Discussion Papers, Nr. 17, 2020


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, Nr. 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.

Publikation lesen
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