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    题名: Cost Channel of Monetary Policy: Financial Frictions and External Shocks
    作者: Chang, Jui-Chuan Della;Huang, Chen-Jui;Chien, I-Che
    贡献者: 財政系
    关键词: cost channel, external shock, financial friction, monetary policy
    日期: 2014
    上传时间: 2015-12-14 17:33:38 (UTC+8)
    摘要: This paper deepens our understanding of the importance of the cost channel of monetary policy, where inflation adjusts with a firm's marginal cost of working capital. A model extended for a small, open economy with financial frictions is proposed and examined with data from Taiwan. The cost channel effect on inflation adjustment is substantiated by simultaneous generalized method of moments estimations and appears to be strengthened by financial frictions but mitigated by external shocks. Greater caution is hence required in the conduct of monetary policy for a bank-dependent emerging economy such as Taiwan because of the relative complexity in its supply-side interest rate pass-through.
    關聯: Emerging Markets Finance and Trade, Volume 50, Issue 2, pages 138-152
    数据类型: article
    DOI 連結: http://dx.doi.org/10.2753/REE1540-496X500208
    DOI: 10.2753/REE1540-496X500208
    显示于类别:[財政學系] 期刊論文

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