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aggregate variables Analysis APEC ASEM Asian and G7 asset Bank of Korea Business Cycle Models business cycle statistics Chan-Hyun Sohn coefficient Comovement consumption current account cycles in Korea decreases domestic DSGE equilibrium exportable and nontraded exportable sector Foreign Direct Investment G7 countries GDP deflator government spending Hyungdo Ahn Impulse responses Inkyo Cheong interest rate shocks International business cycles INTERNATIONAL ECONOMIC POLICY June-Dong Kim KIEP Korea Institute Korea Standard Korean Business Cycles Korean Economy Kose Kydland labor linear macroeconomic variables Market Monetary nontraded sector open economy models order conditions persistence positive productivity shock price of nontraded Pxyx RBC model Real business cycles real exchange rate real interest rate relative volatility second moments Seocho-Gu share small open economy statistics of Korea steady stylized facts Sunghyun H Table terms of trade trade balance trend component variables respond volatile than output world real interest Yunjong Wang