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題 名 | 雙元浮動匯率、預期的油價上漲、物價緩慢調整與匯率的錯向調整=Dual Floating Exchange Rates, Anticipated Oil Shock, Sluggish Price Adjustments, and Exchange Rate Misadjustment |
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作 者 | 廖培賢; | 書刊名 | 經濟研究. 臺北大學經濟學系 |
卷 期 | 37:1 2001.01[民90.01] |
頁 次 | 頁93-127 |
分類號 | 563.2 |
關鍵詞 | 錯向調整; 調整不及; 過度調整; 馬鞍動態安定性; 貨幣需求的利率彈性; Misadjustment; Undershooting; Overshooting; Saddle-point dynamic stability; Interest rate elasticity of money demand; |
語 文 | 中文(Chinese) |
中文摘要 | 本文以Chang,Lai and Tsia (1999)修正的Aoki (1985)模型為基礎,延伸至雙元浮動匯率體制,以探討本國民眾面對預期的油價上漲外生干擾時,在經濟體系具有馬鞍動態安定(saddle-point dynamic stability)的特質下,相關經濟變數的可能調整路徑。結果發現:(1)若貨幣需求的利率彈性小於1,匯率除了會出現調整不及與調整過度的現象外,也會出錯向調整的型態;和(2)若貨幣需求得利率彈性大於1,匯率只會出現調整不及的反應。 |
英文摘要 | This paper extends Chang et al.'s (1999) model to a dual floating exchange rate system. For a country adopting a dual floating exchange rate system and facing external disturbances such as an anticipated oil shock, if the global economy is characterized by saddle-point dynamic stability, it is wondered how these disturbances will affect the possible adjustment paths of exchange rates. Thus, it is discussed in this study. The major findings are as fallows. If the interest rate elasticity of money demand is less than unity, there may be exchange rate misadjustment, characterized by either undershooting or overshooting. On the other hand, if the interest rate elasticity of money demand is greater than unity, then exchange rates will be characterized by undershooting only. |
本系統中英文摘要資訊取自各篇刊載內容。