ScholarWorks@숙명여자대학교

초록

This study analyzes what causes the GDP deflator to have risen more slowly than the CPI in Korea since the mid-1990s. The gap between the GDP deflator and the CPI was mainly owing to the relative price of export to import which has drastically fallen since the mid-1990s. Also the relative price of capital goods to consumption goods attributes to lower inflation rate of the GDP deflator, while rising house price has pushed up the GDP deflator. In the near future, it is more likely to observe the lower inflation of GDP deflator than the CPI because impending population aging will widen the net export and moderate house price.

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