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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/35741


    Title: 引入信用市場對總體經濟的影響
    Authors: 徐曉晴
    Contributors: 朱美麗
    徐曉晴
    Keywords: 信用市場
    銀行放款
    銀行準備
    放款需求
    貨幣需求
    Date: 2003
    Issue Date: 2009-09-18 15:54:18 (UTC+8)
    Abstract: 典型的IS-LM模型設定中,銀行僅為創造存款貨幣的機構,對於實質經濟活動並無影響力。以銀行資產負債表來看,貨幣為銀行的負債,在模型中有明確的定義,但與銀行負債相對的銀行資產—銀行放款,則被假設與債券為完全替代,併入債券市場中。
    然而目前有愈來愈多的文獻指出,由於金融市場的資訊不完全,因此銀行在借款者與放款者之間扮演的角色相形重要。因此本文乃以Bernanke and Blinder(1988)的模型為基礎,假設銀行放款與債券為不完全替代下,納入信用市場,建構一隨機模型。探討經濟體系內各個市場發生衝擊時,對體系內各變數的影響,及衝擊發生後,為穩定產出所實施的貨幣政策之政策指標。再者,進一步討論浮動匯率制度的小型開放經濟,引入信用市場後,對於各經濟變數的影響。
    經由本文的解析,我們可以得到:封閉經濟體系中,因納入信用市場,使得貨幣政策實施對所得有進一步的效果,但在開放經濟體系中,則看不出貨幣政策實施時,其對所得的影響力。然而發現貨幣市場供需面或外國利率發生衝擊時,因信用市場的存在,導致匯率變動幅度相較於Mundell(1963)模型中匯率變動幅度大。再者,無論是封閉經濟或者是浮動匯率的小型開放經濟,若決策當局以穩定產出為最終目標,當衝擊是來自貨幣需求面時,信用數量為較佳的政策指標;但若衝擊是來自信用市場時,貨幣數量則是較佳的政策指標。
    Reference: 參考文獻
    Bernenke, B. S.(1983), “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression” The American Economic Review, Vol. 73, No. 3., 257-276.
    Bernanke, B. S. and A.S. Blinder(1988), “Credit, Money, and Aggregate Demand,”American Economic Review, 78, 435-439.
    Bernanke, B. S. and A.S. Blinder(1992), “The Federal Funds Rate and the Channels of Monetary Transmission,”American Economic Review, 901-921.
    Bernake, B. S. and M. Gertler(1995), “Inside the Black Box: the Credit Channel of Monetary Policy Transmission,”Journal of Economic Perspectives, 9, no.4, 27-48.
    Christiano, L., M. Eichenbaum, and C. Evans(1994a), “The Effecs of Monetary Policy Shocks: Evidence from the Flow of Funds,”mimeo, Northwestern University.
    Christiano, L., M. Eichenbaum, and C. Evans(1994b), “Identification and the Effects of Monetary Policy Shocks,”Federal Reserve Bank of Chicago Working Paper WP-94-7.
    Friedman, M. and A. J. Schwartz(1963), “A Monetary History of the United States, 1867-1960,”Princeton, N.J.: Princeton University Press.
    Friedman, B.(1983), “The Role of Money and Credit in Macroeconomic Analysis,” in Tobin(ed.), Macroeconomids, prices and quantities, Blackwell, Oxford.
    Gertler, M. and S. Gilchrist (1994), “Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms,”Quarterly Journal of Economics, Vol. 109, 309-340.
    Pill, H.(1997), “Bank Behaviour and Monetary Policy in a Small Open Economy: the Case of Spain,”Graduate School of Business Administration Harvard University.
    Kashyap, A. K., J. C. Stein and W. D. Wilcox(1993), “Monetary Policy and Credit Condition: Evidence from the Composition of External Finance,”The American Economic Review, 78-98.
    Kashyap, A. K. and J. C. Stein (1995), “The impact of Monetary Policy on Bank Balance Sheets,”Carnegie-Rochester Conference Series on Public Policy, Vol. 42, 151-159.
    Mundell, R. A. (1963), “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates,”Canadian Journal of Economics and Political Science 29, 475-485.
    Mishkin, F. S.(1995), “Symposium on the Monetary Transmission Mechanism,”Journal of Economic Perspectives, 9, 3-10.
    Romer, C. and D. Romer(1989), “Does Monetary Policy Matter? Anew Test in the Spirit of Friedmand and Schwartz,”NBER Macroecomics Annual, 4,121-70.
    Wu, Y.(1999), “More on Monetary Policy in a Small Open Economy: A Credit View,”Department of Economics and Finance, Franklin P. Perdue School of Business, Salisbury State University.
    Description: 碩士
    國立政治大學
    經濟研究所
    90258026
    92
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0090258026
    Data Type: thesis
    Appears in Collections:[經濟學系] 學位論文

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