查詢結果分析
相關文獻
- 兩國貨幣政策遊戲與NASH均衡
- 組織內非複記限制連記法最適配票策略之研究
- Stackelberg賽局與Nash賽局之公共財生產均衡--論最弱環法則與最強棒法則
- 臺灣股市波動性的傳遞性研究
- 政府支出與內生化經濟成長--應用於臺灣經濟
- An Optimization Model for Water Quality Management in Harbors and Coastal Waters
- 組織內單票制最適配票策略之研究
- 臺灣中部塔塔加地區氣候因子對臺灣雲杉立木徑向生長輪寬度與最大密度之關係
- 匯率不確定性與臺灣出口導向企業盈餘之動態關係研究
- 臺灣發行量加權股價指數期貨與現貨市場間之價量連動關係
頁籤選單縮合
題 名 | 兩國貨幣政策遊戲與NASH均衡=Two-Country Monetary Policy Games and Nash Equilibria |
---|---|
作 者 | 林正寶; | 書刊名 | 國立中興大學臺中夜間部學報 |
卷 期 | 2 1996.11[民85.11] |
頁 次 | 頁339-367 |
分類號 | 561.1 |
關鍵詞 | 穩定條件; 動態遊戲; 反應函數; Nash均衡; Stability conditions; Dynamic games; Reaction functions; Nash equilibria; |
語 文 | 中文(Chinese) |
中文摘要 | 本文延伸Aoki所發展的兩國總體經濟模型,由此導出模型達成穩定均衡的必 要及充分條件,這些穩定條件暗示著:實質財富對實質貨幣需求的影響效果必須 大於其對實質產出的影響效果,而且,兩國間的相對外部資產是匯率及利差之預 期的合理解釋變數。此外,本文亦藉由結構模型導出的縮減式方程式,以美國及 主要工業國家(OECD)自1973年至1992年的季資料,採用二階段最小平方法估計方 程式的參數,並以Chow (1975,1983)以及Mckibbin(1992)發展出的動態遊戲法進行兩 國貨幣供給反應函數之估計,在不同目標值的設定下,進行Nash均衡解的模擬分 析。當設定的目標值增加(減少)時,兩國央行趨於採行較寬鬆(緊縮)的貨幣政策 ;而當代表時間偏好的折現率愈大(愈小)時,兩國央行則趨於採行較緊縮(寬鬆) 的貨幣政策。 |
英文摘要 | This paper demonstrates the necessary and sufficient conditions for stability by extending the two-country macroeconomic model which has been developed by Aoki. These stability conditions imply that real wealth has a stronger effect on relatively real money demand than on real output, and that the relative outside asset between two countries explains powerfully the public's expectations of exchange rate and the interest differentials. In addition, this paper attempts to test for the parameters of the reduced-form equations derived from the structural model based on the quarterly data for the US and OECD from 1973 to 1992 by exploring the two-stage least squares estimation method. Finally, the simulations of the reaction functions of two-country money supply are conducted for different target value settings by using the dynamic game techique initiated by Chow (1975, 1983) and the algorithem for solving dynamic games developed by Mckibbin (1992), and then the supposed values for Nash equilibrium solutions are obtained. As the target levels of setting increase(decrease), the central banks of two countries tend to execute more expansionary ( Contractionary) monetary policies. On the other hand, as the discount rate which represents the time preference increases (decreases), both of the two central banks manipulate to tighten (expand) their mone supplies. |
本系統中英文摘要資訊取自各篇刊載內容。