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題 名 | 貨幣政策中間目標選擇之探討=Discussion on Selecting the Intermediate Target of the Monetary Policy |
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作 者 | 廖茂榮; | 書刊名 | 德明學報 |
卷 期 | 22 2003.12[民92.12] |
頁 次 | 頁33-55 |
分類號 | 561.18 |
關鍵詞 | 中間目標; 損失函數; 不確定性因素; Intermediate target; Loss function; Uncertain factor; |
語 文 | 中文(Chinese) |
中文摘要 | 央行對於中間目標的選擇並非固定不變的,在各種的經濟環境下、面對不同的干擾下,或是為了達到不同的總體經濟目標下,央行會調整其對中間目標的選擇。 本論文由Poole模型作逐步改寫,利用「損失函數」(loss function)進行推導分析。結果發現:當經濟體系無不確定性因素干擾時,央行無論採控制利率或控制貨幣量,其結果是一致的;但當經濟體系存在不確定性因素干擾時,若干擾來自貨幣市場,不論是貨幣需求面,還是貨幣供給面的干擾,皆應以控制利率作為中間目標,如此必能排除干擾,使損失函數值為零;若干擾來自總合供給面或商品市場時,雖然無法完全排除干擾,但以控制貨幣量或非借入準備作為中間目標結果較佳。此一結論與Poole的結論是完全相符的。 |
英文摘要 | The Central Bank's selection of the intermediate target is versatile, and varies in accordance with different economic systems, different disturbance factors, and different macroeconomic objectives. This thesis has been adapted from the Poole Model and has been analyzed by loss function. The conclusion is as follows: When the uncertain disturbance factors do not exist in the economic system, the results will be the same whether the interest rate or the monetary amount is controlled by the Central Bank. However, if there are uncertain dusturbance factors from the monetary market in the economic system, the target should be to control the interest rate and completely remove the disturbance either from the money demand side or from the money supply side, in order to nullify the loss function. On the other hand, although the disturbance resulting from the aggregate supply or the commodity market cannot be eliminated thoroughly, choosing to control either the monetary amount or the non-borrowed reserve as the intermediate target would give out better results. This conclusion is consistent with that of Poole. |
本系統中英文摘要資訊取自各篇刊載內容。