Growth accounting has been widely used to measure the contributions of various factors to economic growth since Robert Solow in 1957. However, growth accounting fails to explain and implicate each contribution when viewing macroeconomy under general equilibrium. This study utilizes general equilibrium theory to analyze the growth of the Korean economy. The general equilibrium model holds micro- foundation such as optimizing behavior of economic agents; hence it allows studying of channels in which economic agents optimize in the economy.

The outcomes of the study include: First, in general, Korea's per capital GDP growth rate and the growth rate of total factor productivity for the past two decades showed similar trends; Second, the fall in hours worked appears to be partly attributable to the increase in the wage (income) tax, and in addition, labor market efficiency is found to be improving, since the labor market wedge, which is derived from the equilibrium labor condition, has become smaller. The policy authority should realize the impacts of taxation on the growth of production factor and its implication when making decisions on economic policies; and third, the capital-labor ratio is on the rise, which is a sign of capital deepening, and further it indicates that the economic structure of Korea is now in transition to the capital-intensive industry.

발간사
요 약

제1장 서 론

제2장 성장회계
　제1절 자료
　제2절 일반균형이론을 이용한 성장회계

제3장 동태적 일반균형모형
　제1절 기본모형(Baseline Model)
　제2절 경쟁균형의 정의(Definition of Competitive equlibirum)
　제3절 기본모형의 계산(Computation of equlibirum)
　제4절 기본모형의 칼리브레이션과 결과

제4장 조세와 정부지출의 역할
　제1절 조세와 정부지출을 포함한 모형
　제2절 조세와 정부지출을 포함한 경쟁균형의 정의
　제3절 조세와 정부지출을 포함한 모형의 칼리브레이션과 결과

제5장 일반균형이론과 최적조건에서의 이탈
　제1절 OECD 12개국의 근로시간 추세와 노동이탈
　제2절 근로시간의 결정과 노동이탈(Labor wedges)

제6장 결론 및 시사점

참고문헌
부 록
ABSTRACT