最適貨幣政策協作與景氣循環

Abstract

在此研究中，我們利用一個小型開放經濟體系的DSG模型，其中主要包含了央行的資產負債表以便探討央行的外匯干預政策。在此架構下，我們考慮央行同時採行兩種貨幣政策--貨幣成長率法則與管理浮動匯率，以貼近台灣現況。研究結果顯示，相較於浮動匯率制度，管理浮動匯率在減緩名目匯率波動之餘，亦有助於穩定通貨膨脹率。

In this study, we establish a small-open-economy DSGE model. We emphasize the central bank’s balance sheet where the central bank may conduct the regular monetary policy with the foreign exchange intervention. We consider the policy coordination involving monetary aggregate rule and managed floating exchange rate which is consistent with the current monetary policy regime of Taiwan. The dynamic analyses show that the managed floating exchange rate which dampens the nominal exchange rate depreciation also helps stabilize the inflation rate.