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題 名 | 雙元浮動匯率、物價瞬時調整與匯率的錯向調整=Dual Floating Exchange Rates, Instantaneous Price Adjustments, and Exchange Rate Misadjustment |
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作 者 | 廖培賢; | 書刊名 | 經濟論文 |
卷 期 | 26:2 1998.06[民87.06] |
頁 次 | 頁189-217 |
分類號 | 563.2 |
關鍵詞 | 錯向調整; 調整不及; 調整過度; 全面不安定; 貨幣需求的利率彈性; Misadjustment; Undershooting; Overshooting; Global instability; The interest rate elasticity of money demand; |
語 文 | 中文(Chinese) |
中文摘要 | 本文以 Lai and Chu ( 1986 )的理論架構為基礎,予以修改成完全預知模型。 討論的重點與研究主題為:在一個實施雙元浮動匯率制度的國家,本國民眾面對產出供給下 降的外生干擾,於經濟系具有全面不安定的特質時,相關經濟變數的動態調整路徑。結果發 現: 第一:若貨幣需求的利率彈性小於 1 時, 則金融匯率會有錯向調整、調整不及或調整過度 的現象出現。 第二:若貨幣需求的利率彈性大於 1 時,則金融匯率只有調整不及的反應發生。 |
英文摘要 | This paper extends the Lai's and Chu's (1986) model to a perfect foresight model. The main problem discussed is that where, in a country that adopts a dual floating exchange rate system and the local people are faced with external disturbances that lower domestic output supply, if the global economy is characterized by instability, what will be the effect of these disturbances on the possible adjustment paths of financial exchange rates? The major finding is that, 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 the financial 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。