English  |  正體中文  |  简体中文  |  Items with full text/Total items : 87924/117065 (75%)
Visitors : 23340448      Online Users : 83
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/60979


    Title: 名目所得目標區政策的穩定效果:以名目利率作為貨幣政策的操作目標
    Other Titles: The Stabilizing Performance of Nominal Income Target Zones: Monetary Policy under the Taylor Rule
    Authors: 方中柔;陳孟甫
    Fang,Chung-Rou;Chen,Meng-Fu
    Contributors: 政大經濟系
    Keywords: 泰勒法則;釘住名目所得;目標區政策;隨機過程
    Taylor rule;Nominal income targeting;Target zone policy;Stochastic processes
    Date: 2009-03
    Issue Date: 2013-09-16 17:39:57 (UTC+8)
    Abstract: 現實生活中,泰勒法則已廣泛的被美國、德國等工業化大國所實行,即中央銀行利用名目利率取代傳統的貨幣供給來執行各種干預政策。故本文嘗試在隨機總體模型之架構下,以目標區理論的觀點來探討:釘住名目所得與釘住名目利率,兩種貨幣政策的相對穩定效果。相較於Fang and Lai (2002)的結果,若以名目利率作為貨幣政策的操作目標,則面對不同來源的衝擊,我們發現:總合需求的實質貨幣彈性並非影響釘住名目所得指標之穩定效果的關鍵。我們亦發現:當經濟體系遭受總合供給面的衝擊時,名目所得目標區的實施對於名目所得及物價的波動具有穩定的效果,唯需付出使產出波動加劇之代價。反之,當經濟體系遭受總合需求面的衝擊時,名目所得目標區則具有政策之優越性,不論對於名目所得、產出及物價的波動,均會具有穩定的效果。此一不同的結果或許可作為政府實行目標區政策之參考。
    Since the Taylor rule is widely adopted by the U. S., Germany and some other industrialized nations, this means that the central bank conducts nominal interest rate instead conventional money supply as monetary policy. Based on a simple stochastic macro model, this paper addresses the relative stabilizing performance between targeting nominal income and targeting nominal interest rate from the viewpoint of target zones. Contrast to the conclusion found in Fang and Lai (2002), upon the different shocks but stabilizing through Taylor rule, we find that the elasticity of aggregate demand to real money balances is not the factor for the desirability of targeting nominal income. We also find that a nominal income target zone tends to lower price variability at the expense of higher output variability when output supply shock. However, when the economy experiences a output demand shock, a nominal income target zone will actually lower the variability of both domestic prices and output relative to a floating nominal income policy.
    Relation: 東吳經濟商學學報, 64, 1-22
    Data Type: article
    Appears in Collections:[經濟學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    1-22-a.pdf1294KbAdobe PDF475View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback