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題名 | 從購物時間模型分析實質匯率的波動=Real Exchange Rate Fluctuation in Shopping Time Model |
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作者 | 汪琪玲; Wang, Chi-ling; |
期刊 | 實踐學報 |
出版日期 | 20000600 |
卷期 | 31 2000.06[民89.06] |
頁次 | 頁227-248 |
分類號 | 563.2 |
語文 | chi |
關鍵詞 | 購物時間模型; 實質匯率; |
中文摘要 | 實質匯率的短期波動,在文獻上,各家說法不一,Balassa-Samuelson(1964)的觀點, 認為是兩國貿易及非貿易財部門,勞動生產力差異所致;Mussa(1982)等人的說法,則強調經 濟環境受到衝擊時,價格調整遲緩所致。本文從消費者的個體基礎出發,利用購物時間觀點 的貨幣需求,在模型中引入貨幣因素,得到一個具有價格調整遲緩特性的模型,本模型除具 有個體基礎、分貿易及非貿易部門探討問題外,更重要的是透過購物時間模型的運用,對 Balassa-Samuelson(1964)及Mussa(1982)等人的主張加以融合。 有幾個實質匯率波動的重要因素,可由本文模型得到佐證:首先,在實證上證實各國實 質匯率,在浮動匯率期間比固定匯率期間波動幅度大,本文的價格調整遲緩特性,使價格無 法充份調整以抵銷名目匯率波動,支持名目匯率波動會造成實質匯率波動的說法。其次,在 模型中發現,金融利率及需求面貿易、非貿易財消費的衝擊,於購物時間模型通貨與消費間 可替代的特性下,會顯現出比非購物時間模型更大的波動幅度,不但呼應Mussa(1982)的主 張,也證實不少文獻實證的結果。最後,本文還看到貿易及非貿易財生產部門相對變動,對 實質匯率波動的影響,兩生產部門實質工資率變動時,透過消費者貨幣持有組合與消費組合 的調整,進而影響實質匯率,這又呼應了Balassa-Samuelson(1964)的主張。 所以,購物時間貨幣需求概念的運用及個體基礎模型的建立,是本文的關鍵。 |
英文摘要 | There are different theories about the viabilities of the real exchange rate in the short run. Balassa-Samuelson(1964) consider that the viabilities are caused by the labor productivity differences in traded and non-traded sectors between two countries. Mussa(1982) points out that the viabilities are caused by the sluggish price adjustment in reaction to the economic impacts. Integrating the opinions of Balassa-Samuelson(1964) with that of Mussa(1982), this paper discusses sluggish price adjustment by introducing money demand in consideration of shopping time into a micro-foundation model. We get evidence in some important factors for real exchange rate viabilities from the support in our model. First, the character of sluggish price adjustment makes the change of nominal exchange rate unable to be completely offset by the insufficient adjustment of price. Therefore, the viabilities of exchange rate in floating exchange rate period are more than in fixed exchange rate period. Second, by the character of substitution between consumption and money holding in our shopping time model, the impact of financial interest rate and consumption between traded and non-traded goods has more effects on real exchange rate than in other models, which is accord with Mussa's (1982) opinion. Finally, we find how the relative change of labor productivity between traded and non-traded sectors affects the real exchange rate. When there is relative change of real wage rate between two sectors, as Balassa-Samuelson(1964) point out, through adjustment between currency substitution and consumption goods combination, the real exchange rate changes. Using the shopping time model with micro-foundation is the key point in our paper. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。