Bopjun Gwak Goethe University Frankfurt   Department of Money and Macroeconomics Theodor-W.- Adorno-Platz 3 Frankfurt am Main, 60629 Germany   bopjun.gwak@gmail.com             JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General C2 : Single Equation Models; Single Variables: General