Appointment of Bae Byung-ho, Deputy Director of the Investigation Bureau, as the First Director
The Bank of Korea has established the 'Economic Modeling Office' to enhance the consistency of economic forecasts amid high domestic and international economic uncertainties. Bae Byung-ho, Deputy Director of the Bank's Research Department, has been appointed as the new head of the Economic Modeling Office.
On the 23rd, the Bank of Korea stated, "We have integrated modeling experts to create the Economic Modeling Office under the Research Department, aiming to improve policy analysis capabilities and serve as a training ground for modeling specialists."
The Economic Modeling Office consists of two teams: the Model Forecasting Team and the Macro Modeling Team.
The Bank explained, "By enhancing model-based economic forecasting and policy analysis capabilities, we expect to strengthen transparency and predictability, support effective communication, and contribute to more sophisticated monetary policy operations."
The Bank plans to improve the modeling system to reflect recent changes in economic structure and conditions in forecasts and policy analysis, and also to develop various satellite models for timely analysis of diverse domestic and international economic issues.
Additionally, the Bank will expand its function of nurturing modeling experts through internal training and external recruitment of specialists. It also plans to maximize work efficiency by collaborating with and supporting related departments to meet diverse modeling development demands.
Bae Byung-ho, the new head who will lead the Economic Modeling Office, holds a Ph.D. in Economics from Boston University in the United States. He has analyzed domestic and international economic trends during his long tenure at the Research Department. He has been recognized for his outstanding capabilities by playing a key role in building and operating macro models and model-based economic forecasting.
The Bank of Korea explained that while Bae was head of the Macro Modeling Division, he quantitatively analyzed and presented the ripple effects of changes in domestic and international economic conditions caused by the spread of COVID-19 on the Korean economy, contributing to monetary policy decisions.
The Bank stated, "Based on his expertise in macroeconomics and extensive know-how in macro model development and analysis, we expect him to successfully lead the Economic Modeling Office."
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