Heterodox
104-559: The College Scholastic Ability Test or CSAT ( Korean : 대학수학능력시험 ; Hanja : 大學修學能力試驗 ), also abbreviated Suneung ( 수능 ; 修能 ), is a standardized test which is recognized by South Korean universities. The Korea Institute of Curriculum and Evaluation (KICE) administers the annual test on the third Thursday in November. In 2020, however, it was postponed to the first Thursday in December (December 3), due to
208-693: A fixed exchange rate regime, aligning their currency with one or more foreign currencies, typically the US dollar or the euro . Conventional monetary policy can be ineffective in situations such as a liquidity trap . When nominal interest rates are near zero, central banks cannot loosen monetary policy through conventional means. In that situation, they may use unconventional monetary policy such as quantitative easing to help stabilize output. Quantity easing can be implemented by buying not only government bonds, but also other assets such as corporate bonds, stocks, and other securities. This allows lower interest rates for
312-635: A fixed exchange rate system or even a currency union like the Economic and Monetary Union of the European Union , drawing on the research literature on optimum currency areas . Macroeconomics as a separate field of research and study is generally recognized to start with the publication of John Maynard Keynes ' The General Theory of Employment, Interest, and Money in 1936. The terms "macrodynamics" and "macroanalysis" were introduced by Ragnar Frisch in 1933, and Lawrence Klein in 1946 used
416-436: A 2% inflation rate just because that has been the average the past few years; they will look at current monetary policy and economic conditions to make an informed forecast. In the new classical models with rational expectations, monetary policy only had a limited impact. Lucas also made an influential critique of Keynesian empirical models. He argued that forecasting models based on empirical relationships would keep producing
520-468: A 3% increase in output would lead to a 1% decrease in unemployment. The structural or natural rate of unemployment is the level of unemployment that will occur in a medium-run equilibrium, i.e. a situation with a cyclical unemployment rate of zero. There may be several reasons why there is some positive unemployment level even in a cyclically neutral situation, which all have their foundation in some kind of market failure : A general price increase across
624-484: A Korean influence on Khitan. The hypothesis that Korean could be related to Japanese has had some supporters due to some overlap in vocabulary and similar grammatical features that have been elaborated upon by such researchers as Samuel E. Martin and Roy Andrew Miller . Sergei Starostin (1991) found about 25% of potential cognates in the Japanese–Korean 100-word Swadesh list . Some linguists concerned with
728-804: A basis for making economic forecasting . Well-known specific theoretical models include short-term models like the Keynesian cross , the IS–LM model and the Mundell–Fleming model , medium-term models like the AD–AS model , building upon a Phillips curve , and long-term growth models like the Solow–Swan model, the Ramsey–Cass–Koopmans model and Peter Diamond 's overlapping generations model . Quantitative models include early large-scale macroeconometric model ,
832-613: A broader class of assets beyond government bonds. A similar strategy is to lower long-term interest rates by buying long-term bonds and selling short-term bonds to create a flat yield curve , known in the US as Operation Twist . Fiscal policy is the use of government's revenue ( taxes ) and expenditure as instruments to influence the economy. For example, if the economy is producing less than potential output , government spending can be used to employ idle resources and boost output, or taxes could be lowered to boost private consumption which has
936-571: A core part of contemporary macroeconomics. The 2007–2008 financial crisis , which led to the Great Recession , led to major reassessment of macroeconomics, which as a field generally had neglected the potential role of financial institutions in the economy. After the crisis, macroeconomic researchers have turned their attention in several new directions: Research in the economics of the determinants behind long-run economic growth has followed its own course. The Harrod-Domar model from
1040-480: A core vowel. The IPA symbol ⟨ ◌͈ ⟩ ( U+0348 ◌͈ COMBINING DOUBLE VERTICAL LINE BELOW ) is used to denote the tensed consonants /p͈/, /t͈/, /k͈/, /t͡ɕ͈/, /s͈/ . Its official use in the extensions to the IPA is for "strong" articulation, but is used in the literature for faucalized voice . The Korean consonants also have elements of stiff voice , but it is not yet known how typical this
1144-545: A later founder effect diminished the internal variety of both language families. Since the establishment of two independent governments, North–South differences have developed in standard Korean, including variations in pronunciation and vocabulary chosen. However, these minor differences can be found in any of the Korean dialects , which are still largely mutually intelligible . The Chinese language , written with Chinese characters and read with Sino-Xenic pronunciations ,
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#17327836399241248-442: A medium-run equilibrium (or "potential") level, the process would be slow at best. Keynes coined the term liquidity preference (his preferred name for what is also known as money demand ) and explained how monetary policy might affect aggregate demand, at the same time offering clear policy recommendations for an active role of fiscal policy in stabilizing aggregate demand and hence output and employment. In addition, he explained how
1352-420: A parallel division of macroeconomic policies into short-run policies aimed at mitigating the harmful consequences of business cycles (known as stabilization policy ) and medium- and long-run policies targeted at improving the structural levels of macroeconomic variables. Stabilization policy is usually implemented through two sets of tools: fiscal and monetary policy. Both forms of policy are used to stabilize
1456-1527: A plane III. Three-dimensional figures and coordinates Western philosophy : Sophism , Socrates , Plato , Aristotle , Epicureanism , Stoicism, Hellenism , Christianity , Scholasticus , Protestantism , Empiricism , Rationalism , Francis Bacon , Thomas Hobbes , David Hume , René Descartes , Baruch Spinoza , utilitarianism, John Stuart Mill , Jeremy Bentham , Kant, practical ethics , existentialism , virtue ethics, communitarianism , democracy , social contract , natural law , capitalism , socialism Political science International relations Anthropology I. Classical mechanics: Classical mechanics in two dimensions, harmonic oscillator , laws of thermodynamics, proof of ideal gas law II. Electromagnetism: Electric dipole moment , Lorentz force , RLC circuit III. Waves and light: Mathematical expression of wave, Huygens' principle , superposition principle , lasers , polarization of light IV. Quantum mechanics: Black body , Wien's displacement law , Stefan–Boltzmann law , photoelectric effect , Compton scattering , matter wave , Davisson–Germer experiment , uncertainty principle , Schrödinger equation , wave function , quantum tunnelling , scanning tunneling microscope Astrophysics Terrain of Korean peninsula, earthquake , volcano , weathering , landslide , weather , tsunami , environmental pollution, climate change Universe : Star , Earth , Sun , sunspot , Moon , eclipse , extraterrestrial life The test
1560-574: A possible relationship.) Hudson & Robbeets (2020) suggested that there are traces of a pre- Nivkh substratum in Korean. According to the hypothesis, ancestral varieties of Nivkh (also known as Amuric ) were once distributed on the Korean Peninsula before the arrival of Koreanic speakers. Korean syllable structure is (C)(G)V(C), consisting of an optional onset consonant, glide /j, w, ɰ/ and final coda /p, t, k, m, n, ŋ, l/ surrounding
1664-498: A similar effect. Government spending or tax cuts do not have to make up for the entire output gap . There is a multiplier effect that affects the impact of government spending. For instance, when the government pays for a bridge, the project not only adds the value of the bridge to output, but also allows the bridge workers to increase their consumption and investment, which helps to close the output gap. The effects of fiscal policy can be limited by partial or full crowding out . When
1768-545: A special case of the more general Ramsey growth model , where households' savings rates are not constant as in the Solow model, but derived from an explicit intertemporal utility function . In the 1980s and 1990s endogenous growth theory arose to challenge the neoclassical growth theory of Ramsey and Solow. This group of models explains economic growth through factors such as increasing returns to scale for capital and learning-by-doing that are endogenously determined instead of
1872-403: A whole intellectural framework - a novel theory of economics that explained why markets might not clear, which would evolve into a school of thought known as Keynesian economics , also called Keynesianism or Keynesian theory. In Keynes' theory, aggregate demand - by Keynes called "effective demand" - was key to determining output. Even if Keynes conceded that output might eventually return to
1976-547: Is affected. Expansionary monetary policy lowers interest rates, increasing economic activity, whereas contractionary monetary policy raises interest rates. In the case of a fixed exchange rate system, interest rate decisions together with direct intervention by central banks on exchange rate dynamics are major tools to control the exchange rate. In developed countries, most central banks follow inflation targeting , focusing on keeping medium-term inflation close to an explicit target, say 2%, or within an explicit range. This includes
2080-619: Is also generated by longstanding alliances, military involvement, and diplomacy, such as between South Korea–United States and China–North Korea since the end of World War II and the Korean War . Along with other languages such as Chinese and Arabic , Korean is ranked at the top difficulty level for English speakers by the United States Department of Defense . Modern Korean descends from Middle Korean , which in turn descends from Old Korean , which descends from
2184-656: Is an agglutinative language . The Korean language is traditionally considered to have nine parts of speech . Modifiers generally precede the modified words, and in the case of verb modifiers, can be serially appended. The sentence structure or basic form of a Korean sentence is subject–object–verb (SOV), but the verb is the only required and immovable element and word order is highly flexible, as in many other agglutinative languages. Question 가게에 gage-e store- LOC 가셨어요? ga-syeo-sseo-yo go- HON . PAST - CONJ - POL 가게에 가셨어요? gage-e ga-syeo-sseo-yo store-LOC go-HON.PAST-CONJ-POL 'Did [you] go to
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#17327836399242288-511: Is closer to a near-open central vowel ( [ɐ] ), though ⟨a⟩ is still used for tradition. Grammatical morphemes may change shape depending on the preceding sounds. Examples include -eun/-neun ( -은/-는 ) and -i/-ga ( -이/-가 ). Sometimes sounds may be inserted instead. Examples include -eul/-reul ( -을/-를 ), -euro/-ro ( -으로/-로 ), -eseo/-seo ( -에서/-서 ), -ideunji/-deunji ( -이든지/-든지 ) and -iya/-ya ( -이야/-야 ). Some verbs may also change shape morphophonemically. Korean
2392-468: Is implemented through automatic stabilizers without any active decisions by politicians. Automatic stabilizers do not suffer from the policy lags of discretionary fiscal policy . Automatic stabilizers use conventional fiscal mechanisms, but take effect as soon as the economy takes a downturn: spending on unemployment benefits automatically increases when unemployment rises, and tax revenues decrease, which shelters private income and consumption from part of
2496-399: Is mainly reserved for specific circumstances such as newspapers, scholarly papers and disambiguation. Today Hanja is largely unused in everyday life but is still important for historical and linguistic studies. The Korean names for the language are based on the names for Korea used in both South Korea and North Korea. The English word "Korean" is derived from Goryeo , which is thought to be
2600-409: Is measured by the unemployment rate, i.e. the percentage of persons in the labor force who do not have a job, but who are actively looking for one. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are not part of the labor force and consequently not counted as unemployed, either. Unemployment has a short-run cyclical component which depends on
2704-399: Is of faucalized consonants. They are produced with a partially constricted glottis and additional subglottal pressure in addition to tense vocal tract walls, laryngeal lowering, or other expansion of the larynx. /s/ is aspirated [sʰ] and becomes an alveolo-palatal [ɕʰ] before [j] or [i] for most speakers (but see North–South differences in the Korean language ). This occurs with
2808-416: Is referred to as an "environment's source function", and this function is depleted as resources are consumed or pollution contaminates the resources. The "sink function" describes an environment's ability to absorb and render harmless waste and pollution: when waste output exceeds the limit of the sink function, long-term damage occurs. The division into various time frames of macroeconomic research leads to
2912-464: Is that of an economy's openness, economic theory distinguishing sharply between closed economies and open economies . It is usual to distinguish between three time horizons in macroeconomics, each having its own focus on e.g. the determination of output: National output is the total amount of everything a country produces in a given period of time. Everything that is produced and sold generates an equal amount of income. The total net output of
3016-544: Is the native language for about 81 million people, mostly of Korean descent. It is the national language of both North Korea and South Korea . Beyond Korea, the language is recognized as a minority language in parts of China , namely Jilin , and specifically Yanbian Prefecture , and Changbai County . It is also spoken by Sakhalin Koreans in parts of Sakhalin , the Russian island just north of Japan, and by
3120-470: Is the product of two inputs: capital and labor. The Solow model assumes that labor and capital are used at constant rates without the fluctuations in unemployment and capital utilization commonly seen in business cycles. In this model, increases in output, i.e. economic growth, can only occur because of an increase in the capital stock, a larger population, or technological advancements that lead to higher productivity ( total factor productivity ). An increase in
3224-747: Is well attested in Western Old Japanese and Northern Ryukyuan languages , in Eastern Old Japanese it only occurs in compounds, and it is only present in three dialects of the Southern Ryukyuan language group . Also, the doublet wo meaning "hemp" is attested in Western Old Japanese and Southern Ryukyuan languages. It is thus plausible to assume a borrowed term. (See Classification of the Japonic languages or Comparison of Japanese and Korean for further details on
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3328-729: Is written in September each year by about 500 South Korean teachers through a secretive process in an undisclosed location in Gangwon . The test writers are prohibited from communicating with the outside world. High-school graduates and students about to graduate high school may take the test. After the KICE prints test papers and OMR cards, they are distributed three days before the test to each test area. In 2018, there were 85 test areas. Korean language Korean ( South Korean : 한국어 , Hanguk-eo ; North Korean : 조선어 , Chosŏnŏ )
3432-521: The Koryo-saram in parts of Central Asia . The language has a few extinct relatives which—along with the Jeju language (Jejuan) of Jeju Island and Korean itself—form the compact Koreanic language family . Even so, Jejuan and Korean are not mutually intelligible . The linguistic homeland of Korean is suggested to be somewhere in contemporary Manchuria . The hierarchy of the society from which
3536-527: The yangban aristocracy, who looked down upon it too easy to learn. However, it gained widespread use among the common class and was widely used to print popular novels which were enjoyed by the common class. Since few people could understand official documents written in classical Chinese, Korean kings sometimes released public notices entirely written in Hangul as early as the 16th century for all Korean classes, including uneducated peasants and slaves. By
3640-743: The COVID-19 pandemic . CSAT was originally designed to assess the scholastic ability required for college. Because the CSAT is primary factor considered during the Regular Admission round, it plays an important role in South Korean education . The test has been cited for its efficiency, emphasis on merit, and good international results. Of the students taking the test, as of 2023, 65 percent are currently in high school and 31 percent are high-school graduates who did not achieve their desired score
3744-608: The Federal Reserve and the European Central Bank , which are generally considered to follow a strategy very close to inflation targeting, even though they do not officially label themselves as inflation targeters. In practice, an official inflation targeting often leaves room for the central bank to also help stabilize output and employment, a strategy known as "flexible inflation targeting". Most emerging economies focus their monetary policy on maintaining
3848-589: The Proto-Koreanic language , which is generally suggested to have its linguistic homeland somewhere in Manchuria . Whitman (2012) suggests that the proto-Koreans, already present in northern Korea, expanded into the southern part of the Korean Peninsula at around 300 BC and coexisted with the descendants of the Japonic Mumun cultivators (or assimilated them). Both had influence on each other and
3952-568: The Three Kingdoms of Korea (not the ancient confederacies in the southern Korean Peninsula), while " -eo " and " -mal " mean "language" and "speech", respectively. Korean is also simply referred to as guk-eo , literally "national language". This name is based on the same Han characters ( 國語 "nation" + "language") that are also used in Taiwan and Japan to refer to their respective national languages. In North Korea and China ,
4056-475: The multiplier effect would magnify a small decrease in consumption or investment and cause declines throughout the economy, and noted the role that uncertainty and animal spirits can play in the economy. The generation following Keynes combined the macroeconomics of the General Theory with neoclassical microeconomics to create the neoclassical synthesis . By the 1950s, most economists had accepted
4160-889: The 17th century, the yangban had exchanged Hangul letters with slaves, which suggests a high literacy rate of Hangul during the Joseon era. In the context of growing Korean nationalism in the 19th century, the Gabo Reform of 1894 abolished the Confucian examinations and decreed that government documents would be issued in Hangul instead of literary Chinese. Some newspapers were published entirely in Hangul, but other publications used Korean mixed script , with Hanja for Sino-Korean vocabulary and Hangul for other elements. North Korea abolished Hanja in writing in 1949, but continues to teach them in schools. Their usage in South Korea
4264-411: The 1940s attempted to build a long-run growth model inspired by Keynesian demand-driven considerations. The Solow–Swan model worked out by Robert Solow and, independently, Trevor Swan in the 1950s achieved more long-lasting success, however, and is still today a common textbook model for explaining economic growth in the long-run. The model operates with a production function where national output
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4368-408: The 20th century. The script uses 24 basic letters ( jamo ) and 27 complex letters formed from the basic ones. When first recorded in historical texts, Korean was only a spoken language . Since the turn of the 21st century, aspects of Korean culture have spread to other countries through globalization and cultural exports . As such, interest in Korean language acquisition (as a foreign language )
4472-637: The 9 questions in the Mathematics section, which are short answer. (2 or 3 points per question) (2 or 3 or 4 points per question) (2 or 3 points per question) (2 or 3 points per question) (2 or 3 points per question) (1 or 2 points per question) The CSAT consists of six sections: national language ( Korean ), mathematics, English, Korean history, subordinate subjects (social studies, sciences, and vocational education), and second foreign language/Chinese characters and classics. All sections are optional except Korean history, but most candidates take all
4576-627: The English section so their noise does not disturb the students. In some cases, students running late for the test may be escorted to their testing site by police officers via motorcycle. Younger students and members of the students' families gather outside testing sites to cheer them on. The CSAT is designed to test a candidate's ability to study in college, with questions based on Korea's high-school curriculum. It standardizes high-school education and provides accurate, objective data for university admission. All questions are multiple-choice, except for
4680-499: The Great Depression struck, the reigning economists had difficulty explaining how goods could go unsold and workers could be left unemployed. In the prevailing neoclassical economics paradigm, prices and wages would drop until the market cleared, and all goods and labor were sold. Keynes in his main work, the General Theory , initiated what is known as the Keynesian revolution . He offered a new interpretation of events and
4784-475: The Keynesian school. A central development in new classical thought came when Robert Lucas introduced rational expectations to macroeconomics. Prior to Lucas, economists had generally used adaptive expectations where agents were assumed to look at the recent past to make expectations about the future. Under rational expectations, agents are assumed to be more sophisticated. Consumers will not simply assume
4888-1173: The Lucas critique. Like classical models, new classical models had assumed that prices would be able to adjust perfectly and monetary policy would only lead to price changes. New Keynesian models investigated sources of sticky prices and wages due to imperfect competition , which would not adjust, allowing monetary policy to impact quantities instead of prices. Stanley Fischer and John B. Taylor produced early work in this area by showing that monetary policy could be effective even in models with rational expectations when contracts locked in wages for workers. Other new Keynesian economists, including Olivier Blanchard , Janet Yellen , Julio Rotemberg , Greg Mankiw , David Romer , and Michael Woodford , expanded on this work and demonstrated other cases where various market imperfections caused inflexible prices and wages leading in turn to monetary and fiscal policy having real effects. Other researchers focused on imperferctions in labor markets, developing models of efficiency wages or search and matching (SAM) models, or imperfections in credit markets like Ben Bernanke . By
4992-455: The beginnings of words. /l/ becomes alveolar flap [ɾ] between vowels, and [l] or [ɭ] at the end of a syllable or next to another /l/ . A written syllable-final ' ㄹ ', when followed by a vowel or a glide ( i.e. , when the next character starts with ' ㅇ '), migrates to the next syllable and thus becomes [ɾ] . Traditionally, /l/ was disallowed at the beginning of a word. It disappeared before [j] , and otherwise became /n/ . However,
5096-447: The business cycle, and a more permanent structural component, which can be loosely thought of as the average unemployment rate in an economy over extended periods, and which is often termed the natural or structural rate of unemployment. Cyclical unemployment occurs when growth stagnates. Okun's law represents the empirical relationship between unemployment and short-run GDP growth. The original version of Okun's law states that
5200-537: The candidate chooses one subject. Most high-ranked universities require applicants to take two science subordinate subjects and Geometry or Calculus in the mathematics section if they apply for a STEM major, and do not accept subordinate subjects in the same field (such as Physics I and Physics II). In the National Language section, candidates are assessed on their ability to read, understand and analyse Korean texts rapidly and accurately. Its 45 questions of
5304-459: The case of a very low interest level, the economy may be in a liquidity trap in which monetary policy becomes ineffective, which makes fiscal policy the more potent tool to stabilize the economy. Thirdly, in regimes where monetary policy is tied to fulfilling other targets, in particular fixed exchange rate regimes, the central bank cannot simultaneously adjust its interest rates to mitigate domestic business cycle fluctuations, making fiscal policy
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#17327836399245408-409: The consequences of international trade in goods , financial assets and possibly factor markets like labor migration and international relocation of firms (physical capital). It explores what determines import , export , the balance of trade and over longer horizons the accumulation of net foreign assets . An important topic is the role of exchange rates and the pros and cons of maintaining
5512-404: The development of the macroeconomic research mainstream . Macroeconomics encompasses a variety of concepts and variables, but above all the three central macroeconomic variables are output, unemployment, and inflation. Besides, the time horizon varies for different types of macroeconomic topics, and this distinction is crucial for many research and policy debates. A further important dimension
5616-678: The difference may be considerable. Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other capital , and better education and human capital , are all factors that lead to increased economic output over time. However, output does not always increase consistently over time. Business cycles can cause short-term drops in output called recessions . Economists look for macroeconomic policies that prevent economies from slipping into either recessions or overheating and that lead to higher productivity levels and standards of living . The amount of unemployment in an economy
5720-440: The economic system is dependant upon the environment. In this case, the circular flow of income diagram may be replaced by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and environmental services which are then used as units of production . Once consumed, natural inputs pass out of the economy as pollution and waste. The potential of an environment to provide services and materials
5824-529: The economy , i.e. limiting the effects of the business cycle by conducting expansive policy when the economy is in a recession or contractive policy in the case of overheating . Structural policies may be labor market policies which aim to change the structural unemployment rate or policies which affect long-run propensities to save, invest, or engage in education or research and development. Central banks conduct monetary policy mainly by adjusting short-term interest rates . The actual method through which
5928-454: The economy is usually measured as gross domestic product (GDP). Adding net factor incomes from abroad to GDP produces gross national income (GNI), which measures total income of all residents in the economy. In most countries, the difference between GDP and GNI are modest so that GDP can approximately be treated as total income of all the inhabitants as well, but in some countries, e.g. countries with very large net foreign assets (or debt),
6032-502: The economy was sufficient to explain the Great Depression , and that aggregate demand oriented explanations were not necessary. Friedman also argued that monetary policy was more effective than fiscal policy; however, Friedman doubted the government's ability to "fine-tune" the economy with monetary policy. He generally favored a policy of steady growth in money supply instead of frequent intervention. Friedman also challenged
6136-463: The economy, could hardly generate the large short-run output fluctuations that we observe. In addition, there is strong empirical evidence that monetary policy does affect real economic activity, and the idea that technological regress can explain recent recessions seems implausible. Despite criticism of the realism in the RBC models, they have been very influential in economic methodology by providing
6240-601: The entire economy is called inflation . When prices decrease, there is deflation . Economists measure these changes in prices with price indexes . Inflation will increase when an economy becomes overheated and grows too quickly. Similarly, a declining economy can lead to decreasing inflation and even in some cases deflation. Central bankers conducting monetary policy usually have as a main priority to avoid too high inflation, typically by adjusting interest rates. High inflation as well as deflation can lead to increased uncertainty and other negative consequences, in particular when
6344-466: The exogenous technological improvement used to explain growth in Solow's model. Another type of endogenous growth models endogenized the process of technological progress by modelling research and development activities by profit-maximizing firms explicitly within the growth models themselves. Since the 1970s, various environmental problems have been integrated into growth and other macroeconomic models to study their implications more thoroughly. During
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#17327836399246448-405: The fall in market income. There is a general consensus that both monetary and fiscal instruments may affect demand and activity in the short run (i.e. over the business cycle). Economists usually favor monetary over fiscal policy to mitigate moderate fluctuations, however, because it has two major advantages. First, monetary policy is generally implemented by independent central banks instead of
6552-399: The first Korean dynasty known to Western nations. Korean people in the former USSR refer to themselves as Koryo-saram or Koryo-in (literally, " Koryo/Goryeo persons"), and call the language Koryo-mal' . Some older English sources also use the spelling "Corea" to refer to the nation, and its inflected form for the language, culture and people, "Korea" becoming more popular in
6656-478: The first examples of general equilibrium models based on microeconomic foundations and a specification of underlying shocks that aim to explain the main features of macroeconomic fluctuations, not only qualitatively, but also quantitatively. In this way, they were forerunners of the later DSGE models. New Keynesian economists responded to the new classical school by adopting rational expectations and focusing on developing micro-founded models that were immune to
6760-429: The government takes on spending projects, it limits the amount of resources available for the private sector to use. Full crowding out occurs in the extreme case when government spending simply replaces private sector output instead of adding additional output to the economy. A crowding out effect may also occur if government spending should lead to higher interest rates, which would limit investment. Some fiscal policy
6864-478: The humanities. Geometry is the least popular, with only 4.1% of students selecting it as their elective. The Ga and Na type system was abolished from 2022 onwards, which means that students applying for the natural-sciences majors no longer have to study all three topics. II. Trigonometric functions III. Sequences II. Differentiation III. Integration II. Methods of differentiation III. Methods of integration II. Probability III. Statistics II. Vector on
6968-498: The inflation (or deflation) is unexpected. Consequently, most central banks aim for a positive, but stable and not very high inflation level. Changes in the inflation level may be the result of several factors. Too much aggregate demand in the economy will cause an overheating , raising inflation rates via the Phillips curve because of a tight labor market leading to large wage increases which will be transmitted to increases in
7072-479: The inflow of western loanwords changed the trend, and now word-initial /l/ (mostly from English loanwords) are pronounced as a free variation of either [ɾ] or [l] . All obstruents (plosives, affricates, fricatives) at the end of a word are pronounced with no audible release , [p̚, t̚, k̚] . Plosive sounds /p, t, k/ become nasals [m, n, ŋ] before nasal sounds. Hangul spelling does not reflect these assimilatory pronunciation rules, but rather maintains
7176-538: The interest rate is changed differs from central bank to central bank, but typically the implementation happens either directly via administratively changing the central bank's own offered interest rates or indirectly via open market operations . Via the monetary transmission mechanism , interest rate changes affect investment , consumption , asset prices like stock prices and house prices , and through exchange rate reactions export and import . In this way aggregate demand , employment and ultimately inflation
7280-408: The issue between Japanese and Korean, including Alexander Vovin, have argued that the indicated similarities are not due to any genetic relationship , but rather to a sprachbund effect and heavy borrowing, especially from Ancient Korean into Western Old Japanese . A good example might be Middle Korean sàm and Japanese asá , meaning " hemp ". This word seems to be a cognate, but although it
7384-639: The language is most often called Joseon-mal , or more formally, Joseon-o . This is taken from the North Korean name for Korea (Joseon), a name retained from the Joseon dynasty until the proclamation of the Korean Empire , which in turn was annexed by the Empire of Japan . In mainland China , following the establishment of diplomatic relations with South Korea in 1992, the term Cháoxiǎnyǔ or
7488-472: The language originates deeply influences the language, leading to a system of speech levels and honorifics indicative of the formality of any given situation. Modern Korean is written in the Korean script ( 한글 ; Hangeul in South Korea, 조선글 ; Chosŏn'gŭl in North Korea), a system developed during the 15th century for that purpose, although it did not become the primary script until
7592-455: The late 1800s. In South Korea the Korean language is referred to by many names including hanguk-eo ("Korean language"), hanguk-mal ("Korean speech") and uri-mal ("our language"); " hanguk " is taken from the name of the Korean Empire ( 대한제국 ; 大韓帝國 ; Daehan Jeguk ). The " han " ( 韓 ) in Hanguk and Daehan Jeguk is derived from Samhan , in reference to
7696-466: The late 1990s, economists had reached a rough consensus. The market imperfections and nominal rigidities of new Keynesian theory was combined with rational expectations and the RBC methodology to produce a new and popular type of models called dynamic stochastic general equilibrium (DSGE) models. The fusion of elements from different schools of thought has been dubbed the new neoclassical synthesis . These models are now used by many central banks and are
7800-417: The macro economy. RBC models were created by combining fundamental equations from neo-classical microeconomics to make quantitative models. In order to generate macroeconomic fluctuations, RBC models explained recessions and unemployment with changes in technology instead of changes in the markets for goods or money. Critics of RBC models argue that technological changes, which typically diffuse slowly throughout
7904-434: The macro/micro divide is institutionalized in the field of economics. Most economists identify as either macro- or micro-economists. Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the business cycle , the determination of structural levels of variables like inflation and unemployment in the medium (i.e. unaffected by short-term deviations) term, and
8008-420: The new classical real business cycle models , microfounded computable general equilibrium (CGE) models used for medium-term (structural) questions like international trade or tax reforms, Dynamic stochastic general equilibrium (DSGE) models used to analyze business cycles, not least in many central banks, or integrated assessment models like DICE . The IS–LM model, invented by John Hicks in 1936, gives
8112-564: The oil crises of the 1970s when scarcity problems of natural resources were high on the public agenda, economists like Joseph Stiglitz and Robert Solow introduced non-renewable resources into neoclassical growth models to study the possibilities of maintaining growth in living standards under these conditions. More recently, the issue of climate change and the possibilities of a sustainable development are examined in so-called integrated assessment models , pioneered by William Nordhaus . In macroeconomic models in environmental economics ,
8216-606: The only usable tool for such countries. Macroeconomic teaching, research and informed debates normally evolve around formal ( diagrammatic or equational ) macroeconomic models to clarify assumptions and show their consequences in a precise way. Models include simple theoretical models, often containing only a few equations, used in teaching and research to highlight key basic principles, and larger applied quantitative models used by e.g. governments, central banks, think tanks and international organisations to predict effects of changes in economic policy or other exogenous factors or as
8320-480: The original simple Phillips curve relationship between inflation and unemployment. Friedman and Edmund Phelps (who was not a monetarist) proposed an "augmented" version of the Phillips curve that excluded the possibility of a stable, long-run tradeoff between inflation and unemployment. When the oil shocks of the 1970s created a high unemployment and high inflation, Friedman and Phelps were vindicated. Monetarism
8424-558: The other sections except second foreign language/Classical Chinese. In the mathematics section, candidates are made to take Math I (which consists of Logarithm , Sequences and Trigonometry ) and Math II (which consists of Limits and Calculus on polynomials), and allowed to select one among Probability and Statistics , Geometry and Calculus . The subordinate subjects is divided into three sections: social studies, science, and vocational education. Candidates may choose up to two subjects, but may not select from different sections at
8528-687: The passage, which one is the correct analysis of the following example?" Common economy topics are: macroeconomics and international economics This category consists of texts from five categories: modern poetry, classic poetry, modern novel, classical prose and play/essay. Candidates may be asked to summarise a single passage or outline a common theme between multiple texts (sometimes of different text types), among many other question types. This category consists of 11 questions relating to three texts. Language forms questions 35-39 and relates to four topics: phonology , syntax , morphology and history of Korean . An additional topic may be used to complete
8632-465: The political institutions that control fiscal policy. Independent central banks are less likely to be subject to political pressures for overly expansionary policies. Second, monetary policy may suffer shorter inside lags and outside lags than fiscal policy. There are some exceptions, however: Firstly, in the case of a major shock, monetary stabilization policy may not be sufficient and should be supplemented by active fiscal stabilization. Secondly, in
8736-515: The population was illiterate. In the 15th century King Sejong the Great personally developed an alphabetic featural writing system , known today as Hangul , to promote literacy among the common people. Introduced in the document Hunminjeongeum , it was called eonmun ('colloquial script') and quickly spread nationwide to increase literacy in Korea. The Korean alphabet was denounced by
8840-450: The previous year. The share of graduates has been steadily rising from 20 percent in 2011. Despite the emphasis on the CSAT, it is not a requirement for a high school diploma. On test day, the KRX stock market opens late, and bus and metro service is increased to avoid traffic jams and allow students to get to the testing sites more easily. Planes are grounded during the listening portion of
8944-449: The price level are directly caused by changes in the money supply . Whereas there is empirical evidence that there is a long-run positive correlation between the growth rate of the money stock and the rate of inflation, the quantity theory has proved unreliable in the short- and medium-run time horizon relevant to monetary policy and is abandoned as a practical guideline by most central banks today. Open economy macroeconomics deals with
9048-518: The price of the products of employers. Too little aggregate demand will have the opposite effect of creating more unemployment and lower wages, thereby decreasing inflation. Aggregate supply shocks will also affect inflation, e.g. the oil crises of the 1970s and the 2021–2023 global energy crisis . Changes in inflation may also impact the formation of inflation expectations , creating a self-fulfilling inflationary or deflationary spiral. The monetarist quantity theory of money holds that changes in
9152-544: The required five, or two questions are taken from morphology or syntax. Media forms questions 40-45 and relates to the characteristics of media and the creation of an online post or message. All mathematics candidates take the Maths I and II and select one elective topic from three choices: Calculus, Geometry or Probability and Statistics. Calculus is most preferred by students applying for natural science majors, while Probability and Statistics are preferred by students applying for
9256-416: The same predictions even as the underlying model generating the data changed. He advocated models based on fundamental economic theory (i.e. having an explicit microeconomic foundation ) that would, in principle, be structurally accurate as economies changed. Following Lucas's critique, new classical economists, led by Edward C. Prescott and Finn E. Kydland , created real business cycle (RBC) models of
9360-406: The same time; Physics II and Biology I may be chosen for the subordinate section since both are sciences, but World history and Principles of Accounting may not – the former is in the social studies section, and the latter in vocational education. Only vocational high-school graduates can choose the vocational education section. In the second foreign language/Classical Chinese section,
9464-494: The savings rate leads to a temporary increase as the economy creates more capital, which adds to output. However, eventually the depreciation rate will limit the expansion of capital: savings will be used up replacing depreciated capital, and no savings will remain to pay for an additional expansion in capital. Solow's model suggests that economic growth in terms of output per capita depends solely on technological advances that enhance productivity. The Solow model can be interpreted as
9568-669: The short form Cháoyǔ has normally been used to refer to the standard language of North Korea and Yanbian , whereas Hánguóyǔ or the short form Hányǔ is used to refer to the standard language of South Korea. Korean is a member of the Koreanic family along with the Jeju language . Some linguists have included it in the Altaic family, but the core Altaic proposal itself has lost most of its prior support. The Khitan language has several vocabulary items similar to Korean that are not found in other Mongolian or Tungusic languages, suggesting
9672-608: The store?' Response 예/네. ye/ne AFF Macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies . Macroeconomists study topics such as output / GDP (gross domestic product) and national income , unemployment (including unemployment rates ), price indices and inflation , consumption , saving , investment , energy , international trade , and international finance . Macroeconomics and microeconomics are
9776-749: The study of long-term economic growth. It also studies the consequences of policies targeted at mitigating fluctuations like fiscal or monetary policy , using taxation and government expenditure or interest rates, respectively, and of policies that can affect living standards in the long term, e.g. by affecting growth rates. Macroeconomics as a separate field of research and study is generally recognized to start in 1936, when John Maynard Keynes published his The General Theory of Employment, Interest and Money , but its intellectual predecessors are much older. Since World War II, various macroeconomic schools of thought like Keynesians , monetarists , new classical and new Keynesian economists have made contributions to
9880-421: The subject are classified into four categories: Common topics Elective topics (select 1 out of 2 options, Q35-45) This category consists of four articles, from the topics reading theory, humanities/arts, law/economy and science/technology. Each passage has 3-6 questions. Candidates need to answer questions such as, "Of the five statements below, which one does not agree with the passage above?" or "According to
9984-414: The synthesis view of the macroeconomy. Economists like Paul Samuelson , Franco Modigliani , James Tobin , and Robert Solow developed formal Keynesian models and contributed formal theories of consumption, investment, and money demand that fleshed out the Keynesian framework. Milton Friedman updated the quantity theory of money to include a role for money demand. He argued that the role of money in
10088-441: The tense fricative and all the affricates as well. At the end of a syllable, /s/ changes to /t/ (example: beoseot ( 버섯 ) 'mushroom'). /h/ may become a bilabial [ɸ] before [o] or [u] , a palatal [ç] before [j] or [i] , a velar [x] before [ɯ] , a voiced [ɦ] between voiced sounds, and a [h] elsewhere. /p, t, t͡ɕ, k/ become voiced [b, d, d͡ʑ, ɡ] between voiced sounds. /m, n/ frequently denasalize at
10192-505: The two most general fields in economics. The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a single market, such as whether changes in supply or demand are to blame for price increases in the oil and automotive sectors. From introductory classes in "principles of economics" through doctoral studies,
10296-464: The underlying, partly historical morphology . Given this, it is sometimes hard to tell which actual phonemes are present in a certain word. The traditional prohibition of word-initial /ɾ/ became a morphological rule called "initial law" ( 두음법칙 ) in the pronunciation standards of South Korea, which pertains to Sino-Korean vocabulary. Such words retain their word-initial /ɾ/ in the pronunciation standards of North Korea. For example, ^NOTE ㅏ
10400-419: The underpinnings of aggregate demand (itself discussed below). It answers the question "At any given price level, what is the quantity of goods demanded?" The graphic model shows combinations of interest rates and output that ensure equilibrium in both the goods and money markets under the model's assumptions. The goods market is modeled as giving equality between investment and public and private saving (IS), and
10504-402: The word "macroeconomics" itself in a journal title in 1946. but naturally several of the themes which are central to macroeconomic research had been discussed by thoughtful economists and other writers long before 1936. In particular, macroeconomic questions before Keynes were the topic of the two long-standing traditions of business cycle theory and monetary theory . William Stanley Jevons
10608-487: Was first introduced to Korea in the 1st century BC, and remained the medium of formal writing and government until the late 19th century. Korean scholars adapted Chinese characters (known in Korean as Hanja ) to write their own language, creating scripts known as idu , hyangchal , gugyeol , and gakpil. These systems were cumbersome, due to the fundamental disparities between the Korean and Chinese languages, and accessible only to those educated in classical Chinese. Most of
10712-468: Was one of the pioneers of the first tradition, whereas the quantity theory of money , labelled the oldest surviving theory in economics, as an example of the second was described already in the 16th century by Martín de Azpilcueta and later discussed by personalities like John Locke and David Hume . In the first decades of the 20th century monetary theory was dominated by the eminent economists Alfred Marshall , Knut Wicksell and Irving Fisher . When
10816-416: Was particularly influential in the early 1980s, but fell out of favor when central banks found the results disappointing when trying to target money supply instead of interest rates as monetarists recommended, concluding that the relationships between money growth, inflation and real GDP growth are too unstable to be useful in practical monetary policy making. New classical macroeconomics further challenged
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