雙元浮動匯率制度、效率談判模型與政策搭配

Abstract

本文企圖將Chang et al.（1999）所設立的工會談判理論小型開放經濟效率談判模型，予以延伸至雙元浮動匯率制度，轉向進行一旦政策當局選擇商業匯率以及金融匯率同時達到理想水準做為政策目標，並以財政政策及貨幣政策做為政策工具，則適當的政策搭配為何課題的討論？我們的結論顯示：「貨幣需求的利率彈性相對大小」與「經濟體系是否滿足動態安定性條件」這兩個決定因素，則是影響與主宰政策當局是否能夠圓滿達成政策目標的關鍵決定因子。

This paper extends Chang`s et al. (1999) small open economy model with efficient wage and employment bargaining to the dual floating exchange rates system. We assume the policy authorities choose the desired commercial exchange rates level and desired financial exchange rates level as policy targets and use fiscal policy and monetary policy as policy instrument. If the policy authorities want to achieve the dual policy targets, then how to choose the appropriate policy assignment principle. We find the ＂relative magnitude of interest rate elasticity with respect to money demand＂ and ＂the stability condition of economic systems＂ are the main and key two determinants to determine whether the policy authorities can achieve the dual policy targets.