• Journal of the Chungcheong Mathematical Society
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• v.34 no.2
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• pp.169-180
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• 2021

This paper investigates the time-inconsistent agent's optimal consumption and investment problem under inflation risk. The agents' discount factor is governed by hyperbolic discounting, which has a random time to change. We impose the inflation risk which plays a crucial role in long-term financial planning. We derive the semi-analytic solution to the problem of sophisticated agents when the time horizon is finite.

• Journal of the Chungcheong Mathematical Society
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• v.26 no.2
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• pp.343-349
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• 2013

The optimal portfolio selection problem under inflation risk is considered in this paper. There are three assets the economic agent can invest, which are a risk free bond, an index bond and a risky asset. By applying the martingale method, the optimal consumption rate and the optimal portfolios for each asset are obtained explicitly.

• Economic Analysis
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• v.25 no.2
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• pp.1-53
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• 2019

This paper examines monetary policy quantitatively in a two-agent and small-scale New-Keynesian economy with debt-constrained households that cannot smooth their consumption intertemporally and frictionlessly since highly indebted households are not allowed to borrow above a certain debt ceiling in incomplete financial markets without additional risk premiums due to information asymmetry between savers and borrowers. We find that, in the event of cost shocks, the asymmetric responses of borrowing households without, and saving households with, dividend incomes lead to different labor supplies and consumptions over heterogeneous households, and eventually to an extension of the monetary policy transmission channels. The income effect and low elasticity of the labor supply play key roles in such asymmetric responses over heterogeneous households. We also find that the social welfare in a flexible inflation targeting (FIT) monetary policy, in which both the inflation gap and the output gap are considered in an integrated manner when policy-making, is similar to that of the Ramsey optimal monetary policy (ROP), in which the shares of debt-constrained households, as well as all economic states, including both the inflation gap and output gap, are considered comprehensively for policy-making, and that it is greater than that of simple inflation targeting (SIT) monetary policy, in which only the inflation gap is considered mechanically for policy-making. Such social welfare implies that a FIT policy may still work even in an economy with a sizable number of debt-constrained households. Further, the responses of cost shocks to consumption and labor supply are dying out more slowly under FIT and ROP policies than under an SIT policy.

• Journal of the Korean Geosynthetics Society
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• v.16 no.3
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• pp.21-30
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• 2017

Cement grouting method is generally applied for the purpose of reinforcement of deteriorated reservior. Problems have been raised due to the limit of the injection material. In order to solve these problems, various grout materials have been developed. However, there are many cases in which the grounds are disturbed in actual field. In this study, the physical properties of hybrid grout with high fineness and high viscosity characteristics were analyzed to enable penetration into the ground. Optimum inflation agent was selected and mixed with the grout. The pressure and compaction effect on expansion was examined and its effectiveness was verified. From the result of confirming expansion ratio, uniaxial compressive strength, expansion pressure and compaction effect, the HI-E (2%) sample was analyzed to be excellent in improvement effect by the inflation agent. Hence, hybrid grout can be effectively applied for the impermeable and reinforcement method of deterioration reservoir and tide embankment.

• Journal of fish pathology
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• v.11 no.2
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• pp.97-104
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• 1998

Since 1989, mass mortality has repeatly occurred in cage-cultured sevenband grouper, Epinephelus septemfasciatus along the southern coast of Korea in the summer season and usually reached over 80% within a few months. Diseased fish showed the clinical signs of anorexia, dark coloration, loss of eqilibrium, spinal swimming behaviour, vertebral deformity and inflation of swim bladder. Histopathologically, necrosis and/or vacuolation of the nerve cells in the brain and retina were observed. We previously reported that the causative agent was filtrable. The causative agent was not culturable in various fish cells; RTG-2, CHSE-214, BF-2, EPC and FHM. However, electron microscopic observation revealed unenveloped icosahedral viral particles with about 30 nm in diameter in the cytoplasm of nerve cells of the brain. The characteristics of the virus was tested by an artificial infection with the filtrate of the homogenate of diseased fish. The pathogenicity of the virus was retained after treatment with ether or heat ($50^{\circ}C$, 30 min) but partly lost by pH 3 or 11 treatment. These results suggest that the causative agent are similar to the fish nodavirus. In order to compare the causative agent with a fish nodavirus, Striped Jack Nervous Necrosis Virus (SJNNV), a polymerase chain reaction (PCR) was performed with primers specific to SJNNV. As a result, about 430 by PCR products were detected from the brain and the eye of both naturally and artificially infected sevenband grouper. All these results represent that the mass mortality in the cultured sevenband grouper is caused by the infection of a nodavirus similar to SJNNV and this is the first report of a fish nodavirus from the cultured sevenband grouper in Korea.

• Journal of the Society of Disaster Information
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• v.13 no.1
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• pp.43-50
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• 2017

In this study, to investigate the strength enhancement and stress transfer effect of the inflatable chemicals used in the recovery of soft ground or partial settlement, the dilatant solution was prepared and classified by measuring the density and the earth pressure in the sand ground. The inflation reinforcing agent was prepared by injecting into a separate impervious vacuum sheet by dividing into a relatively high expansion group and a low expansion group, and a cementation experiment was performed in the lower part of the homogeneously formed model ground. As a result, reinforcing effect was shown up to about 15cm above the expansion reinforcement, and the soil pressure showed a compaction tendency similar to the concentrated load of $1.150{\sim}11.298t/m^2$.