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題名:新凱因斯前瞻性模型下釘住名目所得政策的優越性:以利率作為操作目標之探討
書刊名:經濟研究. 臺北大學經濟學系
作者:方中柔 引用關係
作者(外文):Fang, Chung-rou
出版日期:2010
卷期:46:2
頁次:頁217-243
主題關鍵詞:新凱因斯前瞻性模型釘住名目所得目標區政策隨機過程New Keynesian forward-looking modelNominal income targetingTarget zone policyStochastic processes
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:0
  • 點閱點閱:27
本文嘗試在包含產出與通膨兩預期項之新凱因斯前瞻性模型下,以圖解的方式來探討:貨幣當局實施釘住名目所得目標區之貨幣政策,對各總體經濟變數的穩定效果。相較於 Bean (1983) 及West (1986) 的結果,在利率法則之新凱因斯前瞻性模型下,本文發現:面對不同來源的衝擊,總合需求的實質貨幣彈性並非影響釘住名目所得指標之穩定效果的關鍵。此外,本文亦發現:假如從目標區觀點而言,民眾對產出變動之預期將扮演關鍵角色;此產出變動預期之力量,將加大產出之波動,使釘住名目所得貨幣政策之優越性未必成立。此不同之結論,或許可提供政府作為實施貨幣政策之參考。
Based on a New Keynesian forward-looking model embodying both future output and inflation expectations, this paper develops a graphical exposition to explain stabilizing performance of targeting nominal income relative to targeting interest rate from the viewpoint of target zones. Contrast to the outcomes of Bean (1983) and West (1986), with different shocks but stabilization through the non-conventional interest rate rule, we find that the elasticity of aggregate demand to real money balances is not the key factor in targeting nominal income. In addition, we discover that previous wisdom regarding the advantage of targeting nominal income stems from focusing on the level of nominal income. If the target zone of nominal income is considered, output expectations would generate a conflict effect to the realization of the nominal income band. Hence the advantage of targeting nominal income may not appear.
期刊論文
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48.Aizenman, J.、Frenkel, J. A.(1986)。Supply Shocks, Wage Indexation and Monetary Accommodation。Journal of Money, Credit, and Banking,18,304-322。  new window
49.Aizenman, J.、Frenke, lJ. A.(1986)。Targeting Rules for Monetary Policy。Economics Letters,21,183-187。  new window
50.McCallum, B. T.(1987)。The Case for Rules in the Conduct of Monetary Policy。Weltwirtschaftliches Archiv,123,415-429。  new window
51.McCallum, B. T.(1999)。Recent Developments in the Analysis of Monetary Policy Rules。Federal Reserve Bank of St. Louis Review,81(6),3-11。  new window
52.Meade, J. E.(1978)。The Meaning of Internal Balance。The Economic Journal,88,423-435。  new window
53.Poole, W.(1970)。Optimal Choice of Monetary Policy Instrument in a Simple Stochastic Macro Model。Quarterly Journal of Economics,84,197-216。  new window
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56.Bean, C.(1983)。Targeting Nominal Income: An Appraisal。The Economic Journal,93,803-819。  new window
57.Benavie, A.、Froyen, R. T.(1983)。Combination Monetary Policies to Stabilize Price and Output under Rational Expectations。Journal of Money, Credit, and Banking,15,186-198。  new window
58.Bradley, M. D.、Jansen, D. W.(1989)。Understanding Nominal GNP Targeting。Federal Reserve Bank of St. Louis Review,71,31-40。  new window
59.Tobin, J.(1980)。Stabilization Policy Ten Years After。Brookings Papers on Economic Activity,1,19-72。  new window
60.Trehan, B.(1999)。Supply Shocks and the Conduct of Monetary Policy。Federal Reserve Bank of San Francisco Economic Letter,21-99。  new window
61.Turnovsky, S. J.(1975)。Optimal Choice of Monetary Instrument in a Linear Economic Model with Stochastic Coefficients。Journal of Money, Credit, and Banking,7,51-80。  new window
62.Turnovsky, S. J.(1980)。Choice of Monetary Instrument under Alternative Forms of Price Expectations。The Manchester School,48,39-62。  new window
63.West, K. D.(1986)。Targeting Nominal Income: A Note。The Economic Journal,96,1077-1083。  new window
64.European Central Bank(1999)。Euro Area Monetary Aggregates and Their Role in the Euro System’s Monetary Policy Strategy。ECB Monthly Bulletin,29-40。  new window
65.Frankel, J.、Chinn, M.(1995)。The Stabilizing Properties of a Nominal GNP Rule。Journal of Money, Credit, and Banking,27,318-334。  new window
66.Guender, A. V.(2001)。Alternative Monetary Policy Rules and Specification of the Phillips Curve: A Comparison of Nominal Income with Strict Inflation Targeting。Kredit und Kapital,4,526-553。  new window
67.Guender, A. V.(2002)。Optimal and Efficient Monetary Policy Rules in a Forward-Looking Model。Journal of Macroeconomics,24,41-49。  new window
68.Jansen, D. W.、Kim, S. G.(1993)。Targeting Nominal Income: Further Results。Southern Economic Journal,59,385-393。  new window
69.Judd, J. P.、Motley, B.(1993)。Using a Nominal GDP Rule to Guide Discretionary Monetary Policy。Federal Reserve Bank of San Francisco Economic Review,autumn,9-11。  new window
70.Kahn, G. A.(1988)。Nominal GNP: An Anchor for Monetary Policy?。Federal Reserve Bank of Kansas City Economic Review,73,18-35。  new window
71.Kerr, W.、King, R. G.(1996)。Limits on Interest Rate Rules in the IS Model。The Federal Reserve Bank of Richmond Economic Quarterly,83,47-75。  new window
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研究報告
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