臺灣博碩士論文加值系統

家鄉偏好之謎(consumption home bias puzzle)係指現實社會中，消費者具有偏好本國商品的傾向，但此真實市場出現的現象卻無法被研究者所解釋, Obstfeld and Rogoff(2000b)將之視為國際經濟學中的六大謎思(six puzzles)之一，家鄉偏好的討論可說是近期相當熱門的課題，但是有些文獻並未考慮引起家鄉偏好的因素，因此目前既存的討論仍未臻完整。經由既有文獻的彙整，我們可以發現貿易成本(Obstfeld and Rogoff，2000；Ried, 2009)、經濟體系規模與開放程度(Sutherland,2005；De Paoli,2009)、非貿易財(Stockman and Dellas,1989; Pesenti and Wincoop,2002; Collard et al. 2007)以及中間投入要素貿易(Hillberry and Hummels,2002)等因素，都是學者們廣泛認為造成家鄉偏好原因。

因此在開放經濟體系下，國外貨幣面衝擊究竟透過甚麼管道來影響國內經濟，特別值得去關注。近期，「新開放總體經濟學」(New Open Economy Macroeconomics ;NOEM)相關研究迅速崛起，在不完全競爭市場結構下，融入了明確的個體基礎(micro-foundation)，提供了一套相當完整的分析架構，後續的衍伸也相當踴躍。

本文係以新開放總體經濟學作為分析基礎，延伸 Devereux and Engel(1998)的理論架構，探究本國貨幣供給量的變化對匯率及消費波動程度的影響，並進一步指出家鄉偏好、非貿易財與運輸成本所扮演的角色。本國貨幣供給量的增加將使得國內消費水準下跌，而下跌的幅度與家鄉偏好程度、非貿易財份額、運輸成本以及消費的邊際效用彈性密切相關。結論說明，當貿易財成本 的提高，引起消費下降的幅度越小。隨著家鄉偏好 的提高，引起消費下降的幅度越高。隨著貿易財消費佔總消費份額 的提高，引起消費下降的幅度越小。隨著消費的邊際效用彈性 的提高，引起消費下降的幅度越小。

目 錄
摘要 i
目錄 ii
表目錄 iv
圖目錄 v

第一章 緒論 01
第一節 研究動機與目的 01
第二節 研究方法 02
第二節 本文架構 02
第二章 文獻回顧 05
第一節 新開放總體經濟模型介紹 05
第二節 新開放總體經濟學後續衍伸 12
第三節 家鄉偏好議題之相關文獻 15
第三章 理論模型 18
第一節 代表性個人 18
第二節 資本市場 21
第三節 生產函數 21
第四節 預算限制式 22
第五節 政府部門 22
第四章 模型求導 26
第一節 消費者極大化行為 26
第二節 生產者極大化行為 27
第三節 封閉解 28
第四節 市場結清式 29
第五章 本國貨幣衝擊對消費的影響分析 31
第六章 結論 36
參考文獻 37

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