臺灣博碩士論文加值系統

本研究利用搜尋模型來探討貨幣注入透過銀行產生的效果，並討論了貨幣注入在銀行完全執法能力下和受限執法能力下的效果。在模型中，我們假設銀行只會借出部分存款，但是會借出所有的貨幣注入。人們持有兩種資產: 貨幣與短期公債。只有貨幣可以做為交易媒介，短期公債則是在銀行受限執法能力之下作為借貸時的抵押品，抵押品的價值會影響借貸額度。結果發現，在銀行的兩種執法能力下，貨幣注入都有流動效果。不過貨幣注入所產生的可貸資金效果要大於費雪效果，才會有流動性效果。

We use a search model to explore the effect of money injections through banks and discuss the effect when banks with full enforcement and limited enforcement. In the model we assume that banks lend out the fraction of the deposits and lend out all the money injections. People have two assets, money and short-term bonds. Only money can be used as the medium of exchange. Short-term bonds are used as collateral when banks with limited enforcement and the loan amount is constrained by the value of the collateral. We found that money injections will have liquidity effects under both enforcement. However, liquidity effects will occur only when loanable funds effect is stronger than Fisher effect.

謝誌 i
摘要 ii
Abstract iii
目次 iv
1 前言 1
2文獻回顧 3
2.1搜尋模型 3
2.2信用限制 3
2.3流動性效果 4
3模型設定 6
4模型 8
4.1第二子期 8
4.2第一子期 9
4.3銀行 11
5均衡 11
5.1完全執法能力 13
5.2受限執法能力 14
6結論 15
參考文獻 17

Berentsen, Aleksander, Gabriele Camera, and Christopher Waller. "Money, credit and banking." Journal of Economic theory135.1 (2007): 171-195.

Berentsen, Aleksander, and Christopher Waller. "Price‐Level Targeting and Stabilization Policy." Journal of money, credit and banking 43 (2011): 559-580.

Chang, Te-Tsun, and Yiting Li. "Banking, Liquidity Effects, And Monetary Policy." Macroeconomic Dynamics 22.5 (2018): 1267-1297.

Fuerst, Timothy S. "Liquidity, loanable funds, and real activity." Journal of monetary economics 29.1 (1992): 3-24.

Fuerst, Timothy S. "Monetary policy and financial intermediation." Journal of Money, Credit and Banking 26.3 (1994): 362-376.

Grossman, Sanford, and Laurence Weiss. "A Transactions-Based Model of the Monetary Transmission Mechanism." The American Economic Review 73.5 (1983): 871-880.

Holmström, Bengt, and Jean Tirole. "Private and public supply of liquidity." Journal of political Economy 106.1 (1998): 1-40.

Kiyotaki, Nobuhiro, and Randall Wright. "On money as a medium of exchange." Journal of political Economy 97.4 (1989): 927-954.

Kiyotaki, Nobuhiro, and Randall Wright. "A contribution to the pure theory of money." Journal of Economic Theory 53.2 (1991): 215-235.

Kiyotaki, Nobuhiro, and Randall Wright. "A search-theoretic approach to monetary economics." The American Economic Review (1993): 63-77.

Kiyotaki, Nobuhiro, and John Moore. "Credit cycles." Journal of political economy 105.2 (1997): 211-248.

Lagos, Ricardo, and Randall Wright. "A unified framework for monetary theory and policy analysis." Journal of political Economy 113.3 (2005): 463-484.

Lester, Benjamin, Andrew Postlewaite, and Randall Wright. "Information and liquidity." Journal of Money, Credit and Banking43 (2011): 355-377.

Li, Ying-Syuan, and Yiting Li. "Liquidity and asset prices: A new monetarist approach." Journal of Monetary Economics 60.4 (2013): 426-438.

Lucas Jr, Robert E. "Liquidity and interest rates." Journal of economic theory 50.2 (1990): 237-264.