{
  "title": "Republic of Korea: Selected Issues",
  "publication": "IMF Staff Country Reports, February 13, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/02/13/republic-of-korea-selected-issues-45626",
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  "summary": "This Selected Issues chapter outlines a strategy to facilitate this and navigate the more challenging monetary environment, involving enhanced communication of policy interest rate intentions and inflation-forecast targeting.",
  "sections": [
    {
      "heading": "Monetary policy framework and credibility",
      "content": "- The chapter outlines a strategy to navigate a more challenging monetary environment through enhanced communication of policy interest rate intentions and inflation-forecast targeting.\n- The reduction in the inflation target by a percentage point to 2 percent in January 2016 weakened the nominal anchor.\n- Recommendation: adopt inflation-forecast targeting to rebuild the credibility of the nominal anchor more rapidly.\n- Strengthening the monetary policy framework requires enhancing communications to make policy intentions and inflation outlooks clearer and more predictable."
    },
    {
      "heading": "Role of monetary policy versus other policies",
      "content": "- An effective, credible monetary policy cannot address all macroeconomic challenges facing Korea.\n- Monetary policy can foster robust growth with low inflation and provide a stable, predictable environment that allows other policies to work more effectively.\n- Fiscal policy can reinforce the effectiveness of monetary policy, as illustrated by model scenarios contained in the chapter.\n- Structural policies can support monetary policy by, for example, boosting potential growth."
    },
    {
      "heading": "Key topics and subject focus",
      "content": "- Subject areas covered: Employment, Labor, Labor markets, Minimum wages, Public debt, Wage adjustments, Wages.\n- Keywords included: chaebol, chaebols firm, CR, debt, Eastern Europe, Employment, firm, GDP ratio, Global, GVC integration, household debt, ISCR, Labor markets, minimum wage hike, Minimum wages, temporary worker, wage, Wage adjustments."
    },
    {
      "heading": "Publication and document identifiers",
      "content": "- Pages: 118\n- Volume: 2018\n- Issue: 041\n- Series: Country Report No. 2018/041\n- Stock No: 1KOREA2018002\n- DOI: https://doi.org/10.5089/9781484341636.002\n- ISBN: 9781484341636\n- ISSN: 1934-7685\n\nRepublic of Korea: Selected Issues (IMF Staff Country Reports 2018, 041).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 13, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484341636.002",
    "The chapter outlines a strategy to navigate a more challenging monetary environment through enhanced communication of policy interest rate intentions and inflation-forecast targeting.",
    "The reduction in the inflation target by a percentage point to 2 percent in January 2016 weakened the nominal anchor.",
    "Recommendation: adopt inflation-forecast targeting to rebuild the credibility of the nominal anchor more rapidly.",
    "Strengthening the monetary policy framework requires enhancing communications to make policy intentions and inflation outlooks clearer and more predictable.",
    "An effective, credible monetary policy cannot address all macroeconomic challenges facing Korea.",
    "Monetary policy can foster robust growth with low inflation and provide a stable, predictable environment that allows other policies to work more effectively.",
    "Fiscal policy can reinforce the effectiveness of monetary policy, as illustrated by model scenarios contained in the chapter.",
    "Structural policies can support monetary policy by, for example, boosting potential growth.",
    "Subject areas covered: Employment, Labor, Labor markets, Minimum wages, Public debt, Wage adjustments, Wages.",
    "Keywords included: chaebol, chaebols firm, CR, debt, Eastern Europe, Employment, firm, GDP ratio, Global, GVC integration, household debt, ISCR, Labor markets, minimum wage hike, Minimum wages, temporary worker, wage, Wage adjustments.",
    "Pages: 118",
    "Volume: 2018",
    "Issue: 041",
    "Series: Country Report No. 2018/041",
    "Stock No: 1KOREA2018002",
    "DOI: https://doi.org/10.5089/9781484341636.002",
    "ISBN: 9781484341636",
    "ISSN: 1934-7685",
    "**Country Report**"
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