篇名 | 外國經濟干擾、物價膨脹與貨幣政策名目指標的更迭 |
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卷期 | 4:1 |
並列篇名 | Foreign Disturbance, Inflation and Nominal Anchor Switch in Monetary Policy |
作者 | 孫鈺峯 、 曹添旺 |
頁次 | 075-102 |
關鍵字 | 物價膨脹指標 、 名目指標 、 體制變革 、 Inflation Targeting 、 Nominal Anchor 、 Regime Reform 、 EconLit |
出刊日期 | 201004 |
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,放棄原先採用的固定貨幣成長率制,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。
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.