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題 名 | A Strategic Monetary Analysis of International Macroeconomic Policy Coordination |
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作 者 | Wei,Ching Chun; | 書刊名 | 朝陽學報 |
卷 期 | 6 2001.06[民90.06] |
頁 次 | 頁295-318 |
分類號 | 561.18 |
關鍵詞 | 外部性; 靜態賽局理論; 柏拉圖均衡; Spillover; Cournot-nash; Stackelberg; Cooperative; Monetary policy; |
語 文 | 英文(English) |
中文摘要 | 在開放經濟體制下,一國之總體經濟政策常見有外部性之效果,而本篇文章則結合Canzoneri and Gray(1985)和Frankel and Rockett(1988)之模型,考慮在貨幣政策下之總體變數反應變化,使用靜態賽局理論,效用福利則經由Cournot-Nash, Stackelberg和Cooperation均衡模型導數,並檢驗貨幣供給之變化對總體變數之影響。 本篇研究之結論為在Cooperation下,二國之效用福利水準,可達柏拉圖均衡,而在Cournot-Nash和Stackelberg下,則擴散貨幣政策造成物價上漲,但在Cooperation下則為不確定。最後福利效果之大小及其影響則為Cooperation下較Non-Cooperation為大。 |
英文摘要 | Macroeconomic policies of individual countries with open economoies have the potential to generate significant economic "spillover" effects abroad. For example, the implementation of an expansionary monetary policy by one country may not have the desired effect(s) if simultaneous changes in monetary policies are made by other countries. This paper combines the basic elements of the Canzoneri and Gray (1985) model and the Frankel and Rockett (1988) mode by considering how certain target variables will react to changes in monetary policy between any two countries under monetary policy coordination. Using static game theory, welfare gains are derived using the Cournot-Nash, Stackelberg and Cooperative equilibrium models. In addition, the effects of changes in the money supply on macroeconomic variables will be examined. This paper concluded that the equilibrium Nash solution suggests that if the game is non-cooperative, where each agent is pursuing his own interest. If the game is cooperative, both players will fully exploit the gains and reach the pareto-optimal equilibrium. Next, the effect of an expansionary monetary policy on the price level display a positive impact on the Cournot-Nash and Stackelberg, but its effect is ambiguous under Cooperation. Finally, the magnitude and welfare effect analysis stated that a larger effect under Cooperation than Non-Cooperation. |
本系統中英文摘要資訊取自各篇刊載內容。