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研究生:許書維
研究生(外文):Hsu,Shuwei
論文名稱:內生成長與名目利率指標:小型開放經濟之分析
論文名稱(外文):Endogenous Growth and Nominal Interest Rate Targeting in a Small Open Economy
指導教授:賴景昌賴景昌引用關係
指導教授(外文):Lai,Chingchong
口試委員:黃俊傑金志婷
口試委員(外文):Huang,ChunchiehChin,Chiting
口試日期:2011-07-29
學位類別:碩士
校院名稱:輔仁大學
系所名稱:經濟學研究所
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:71
中文關鍵詞:內生成長名目利率指標
外文關鍵詞:Endogenous GrowthNominal Interest Rate Targeting
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  • 下載下載:102
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本文將小型開放經濟之內生成長模型,加入勞動工作時間內生化、生產需考量整體社會平均資本存量、生產具交易成本,政府預料到永久性調升名目利率,對體系相關經濟變數影響,且政府選擇最適名目利率以達社會福利極大。
根據結論可以得知:(1)考量勞動供給內生、生產具交易成本,長期均衡產出成長率等於消費成長率,且政府預料到永久性提升名目利率不會影響長期均衡產出成長率,這與Shaw, Lai and Chang (2005)長期均衡消費成長率收斂至固定值,且貨幣政策採提升名目貨幣供給成長率,會讓長期均衡經濟成長率下降,有所不同。(2)生產雖考量資本具外部性,但根據持有本國資本與外國債券的非套利條件可知,資本外部性不會帶來經濟體系的扭曲(distortion),故滿足社會福利極大,政府應將最適名目利率調整至零,不需矯正,這滿足Friedman rule條件,可求出社會福利極大的最適名目貨幣供給成長率,以降低通貨膨脹讓經濟體系效用提升。

In this paper, within the endogenous growth of small open economy model, we consider endogenous labour supply, capital externality and the transaction cost of production. The monetary policy expressed that an anticipated permanent increase in nominal interest rate how to affect the relevant economic variables and choice optimal nominal interest rate to achieve social welfare maximization. According to the conclusion we know:
(1) Considering endogenous labor supply and production with transaction cost, long run balanced output growth rate equal to consumption growth rate, and the anticipated permanent increase in nominal interest rate not influencing long run balanced output growth rate. This is different from the result of Shaw, Lai and Chang (2005) indicated that long run balanced consumption growth rate converges to fixed value, and monetary policy expressed that an increase of anticipated money supply growth rate let long run balanced economic growth rate decline.
(2) Although we consider capital externality, the non-arbitrage condition between physical capital and foreign bond known that capital externality doesnt bring distortion to an open economy. So the optimal nominal interest rate is maintained to zero and this is conformable to the Friedman rule. We also can seek out optimal money supply growth rate which is satisfied social welfare maximization and reduces inflation to let the utility of economic system upgrade.

第一章 緒論 1
第一節 研究動機 1
第二節 本文架構 5
第二章 理論模型 6
第一節 代表性個人之決策行為 6
第二節 均衡條件及動態分析 12
第三節 長期均衡和經濟成長 18
第四節 體系之動態傳遞 20
第三章 政府之宣示效果 22
第一節 政策之長期均衡影響 22
第二節 政策的動態傳遞過程 24
第四章 社會福利 36
結論 39
圖 一 40
圖 二 40
圖 三 41
圖 四 41
圖 五 42
圖 六 42
圖 七 43
圖 八 43
圖 九 44
圖 十 44
圖 十一 45
圖 十二 45
圖 十三 46
圖 十四 46
圖 十四 47
圖 十五 47
圖 十六 48
圖 十七 48
圖 十八 49
圖 十九 49
圖 二十 50
圖 二十一 50
圖 二十二 51
圖 二十三 51
圖 二十四 52
圖 二十四 52
附錄 54
參考文獻 71

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