臺灣博碩士論文加值系統

Following Devereux, Shi, and Xu（2007）, this thesis analyzes the effects of tariffs and derives the optimal tariff under the circumstances that the US dollar acts as an international ‘vehicle’ currency— all traded goods prices between the US and the rest of the world are set in US dollars. We set a tariff policy rule which allows the authority to react to country-specific productivity shocks. The analysis on the equilibrium shows that the current tariff imposed by the US on its output is expansionary. However, for the rest of the world, a current tariff imposed by the US is contractionary. Optimal tariff under flexible and fixed exchange rates are examined. Under flexible exchange rate, optimal tariff policy parameters of the US are dependent only on the monetary policy of its own being indifferent to the exchange rate movement；the exchange rate movement is crucial to the optimal tariff policy of the rest of the world. Nevertheless, the optimal tariff policy of the US under fixed exchange rate is the same as that under the flexible exchange rate, while the policy of the rest of the world is altered owing to the loss of control on its domestic money supply to do the unilateral peg.

1. Introduction
2. The Model
2.1 Goods Markets
2.2 Households
2.3 Timing
2.4 Risk Sharing
2.5 Production Technology
2.6 Optimal Conditions
2.7 Firms, Price Setting, and Tariffs
2.8 Policies
2.9 Equilibrium
3. Flexible-Price Equilibrium
4. Model Solution
5. Equilibrium Analysis
6. Welfare and Optimal Tariff Policy Rules Under Flexible Exchange Rate
7. Welfare and Optimal Tariff Policy Rules Under Fixed Exchange Rate
8. Conclusions
References
Appendix

Bacchetta, P. and van Wincoop, E.（2005）.“A Theory of Currency Denomination of International Trade,” Journal of International Economics, v.67︰295-319

Blanchard, O.（1984）.“Current and Anticipated Deficits, Interest Rates and Economic Activity,” European Economic Review, v.25：7-27

Blanchard, O.（1985）.“Debt, Deficits and Finite Horizons,” Journal of Political Economy, v.93：223-247

Devereux, M. B.（1997）.“Real Exchange Rates and Macroeconomics：Evidence and Theory,” Canadian Journal of Economics, v.30：773-808

Devereux, M. B. and Betts, C.（2001）.“The International Effects of Monetary and Fiscal Policy in a Two-Country Model,” Money, Capital Mobility, and Trade︰Essays in honor of Robert A. Mundell︰9-52

Devereux, M. B. and Engel, C.（2003）.“Monetary Policy in the Open Economy Revisited：Price Setting and Exchange Rate Flexibility,” Review of Economic Studies, v.70：765-783

Devereux, M. B. and Shi, K. and Xu, J.（2007）.“Global Monetary Policy under a Dollar Standard,” Journal of International Economics, v.71, iss.1 ﹕113-132

Eichengreen, B. J.（1981）.“A Dynamic Model of Tariffs, Output, and Employment Under Flexible Exchange Rates,” Journal of International Economics, v.11︰341-359

Eichengreen, B. J. and Mathieson, D. J.（2000）.“The Currency Composition of Foreign Exchange Reserves – Retrospect and Prospect,” IMF Working Papers 00/131

Engel, C. and Kletzer, K.（1990）.“Tariffs and savings in a model with new generations,” Journal of International Economics, v.28︰71-91

Faruqee, H., and Laxton, D., and Muir, D., and Pesenti, P.（2008）.“Would Protectionism Defuse Global Imbalances and Spur Economic Activity？A Scenario Analysis,” Journal of Economic Dynamics and Control, v.32︰2651-2689

Fender, J. and Yip, C. K.（2000）.“Tariffs and Exchange Rate Dynamics Redux,” Journal of International Money and Finance, v.19, iss.5 ﹕633-655

Frensch, R.（2002）.“Tariffs in Monopolistic competition models with leisure-consumption trade-off,” Economics Letters, v.77︰255-263

Goldberg, L. S. and Tille, C.（2005）.“Vehicle Currency Use in International Trade,” FRB of New York Staff Report , no.200

Gross, D.（1987）.“A Note on the Optimal Tariff , Retaliation and the Welfare Loss from Tariff Wars in a Framework with Intra-industry Trade,” Journal of International Economics, v.23︰357-367

Krugman, P.（1982）.“The Macroeconomics of Protection with a Floating Exchange Rate,” in K. Brunner and A. H. Meltzer, eds., Monetary Regimes and Protectionism, Carnegie-Rochester Conference Series on Public Policy, v.16

Mckinnon, R.（2001）.“The International Dollar Standard and the Sustainability of US Current Account Deficits,” mimeo, Stanford University

Mckinnon, R.（2002）.“The Euro versus the Dollar：Resolving a Historical Puzzle,” Journal of Policy Modeling, v.24：355-359

Mundell, R.（1961）.“Flexible Exchange Rates and Employment Policy,” Canadian Journal of Economics and Political Science, v.27：509-517

Obstfeld, M. and Rogoff, K.（1995）.“The Mirage of Fixed Exchange Rates,” Journal of Economic Perspectives, v.9︰73-96

Obstfeld, M. and Rogoff, K.（1995）.“Exchange Rate Dynamics Redux,” Journal of Political Economy, v.103, no.3︰624-660

Obstfeld, M. and Rogoff, K.（1996）.“Foundations of International Macroeconomics,” MIT Press, Cambridge, MA

Obstfeld, M. and Rogoff, K.（2000）.“New Direction for Stochastic Open Economy Models,” Journal of International Economics, v.50：117-153

Obstfeld, M.（2006）.“Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate,” National Bureau of Economic Research, NBER Working Papers, no.12699

Ostry, J. and Rose, A.（1992）.“An Empirical Evaluation of the Macroeconomic Effects of Tariffs,” Journal of International Money and Finance, v.11︰63-79

Sen, P. and Turnovsky, S. J.（1989）.“Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy,” International Economic Review, v.30, no.4：811-831

Tavlas, G. S.（1997）.“The International Use of the US dollar︰An Optimum Currency Area Perspective, ” The World Economy, v.20︰709-747

van Wijnbergen, S.（1987）.“Tariffs, Employment and the Current Account︰Real Wage Resistance and the Macroeconomics of Protectionism,” International Economic Review, v.28, no.3︰691-706

Yaari, M.（1965）.“Uncertain Lifetime, Life Insurance, and the Theory of the Consumer,” Review of Economic Studies, v.32︰137-150