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題名 | 外國經濟干擾、物價膨脹與貨幣政策名目指標的更迭=Foreign Disturbance, Inflation and Nominal Anchor Switch in Monetary Policy |
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作者 | 孫鈺峯; 曹添旺; | 書刊名 | 社會科學論叢 |
卷期 | 4:1 2010.04[民99.04] |
頁次 | 頁76-101 |
專輯 | 金融危機專刊 |
分類號 | 561.18 |
關鍵詞 | 物價膨脹指標; 名目指標; 體制變革; Inflation targeting; Nominal anchor; Regime reform; |
語文 | 中文(Chinese) |
中文摘要 | 本文於小型開放經濟體系的架構下,探討本國遭遇國外干擾所引發的物價膨脹時,貨幣當局透過改變貨幣政策的名目指標,以穩定物價的政策效果。作者以Shaw、Lai and Chang (2005)之內生成長模型架構為基礎,分析貨幣政策目標,由固定貨幣成長率改採固定通貨膨脹率時,抑制物價膨脹的效果。我們發現:本國政府若於目前宣告未來將改變貨幣政策,放棄原先採用的因定貨幣成長率制,而改採固定物價膨脹率制,以因應國外利率上升所導致之高物價膨脹率,這樣可使股價下降的幅度縮小、物價膨脹率上升的程度減緩,減低產出成長率的降幅,而具有穩定經濟的效果。 |
英文摘要 | This paper examines the effect of a preannounced change in the monetary policy in a small open economy. Based on the framework of Shaw, Lai and Chang (2005), using an endogenous growth model, we explore how a monetary policy-switching the money growth rate targeting to the inflation targeting-affects the growth rate and price as facing a disturbance from foreign. The main result is that an anticipated monetary policy leads to a lower fall in stock prices, mitigating the inflation, and declining the economic growth. The anticipated monetary policy hence exhibits an stabilization effect on the economy. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。