The Theoretical Superiority of the Interest Rates Liberalization over Its Instrument

Abstract

本文對利率自由化在理論上的相對優越性，提供了一個極有參考性與完整的補充。無論吾人是採用凱因斯的，或是古典的，或是隨機性理性預期的總體模型來作分析，皆可得到相當一致的明確結論，即利率官訂將導致經濟動態調整的不穩定與價格難以收歛等嚴重後果。尊重利率價格調整機能確實有其理論上的根據與優點。This paper renders a piece of useful information and sound supplement regarding the theoretical comparative advantages of the interest rate`s liberalization over its instrument. Adopting any one of three approaches, i.e., the Keynesian-Hicksian macromodel, the Classical macromodel, and the stochastic rational expectations macromodel, we obtain a quite consistent and unique conclusion that the interest rate officially pegged policy will result in serious problems such as local unstability, destabilization, and indeterminancy. These findings enhance our belief that the interest rate`s liberalization does exist the theoretical superiority. This implies that the adherence to the interest rate price mechanism by the monetary authority is valid in its nature.