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Title: 台灣信用管道與最適貨幣政策之探討
The credit channel and optimal monetary policy: the case of Taiwan
Authors: 何佩螢
Ho, Pei Ying
Contributors: 黃俞寧博士
Hwang, Yu Ning
Ho, Pei Ying
Keywords: DSGE
monetary policy
banking sector
credit channel
Date: 2009
Issue Date: 2011-10-11 17:02:43 (UTC+8)
Abstract: 本文研究目的是在動態隨機一般均衡模型當中,加入銀行體系,並以台灣的參數值加以模擬,進一步討論台灣的最適貨幣政策。首先以均衡解進行分析,討論銀行體系如何影響台灣的經濟體,另外,本文探討四種貨幣政策,包含貨幣總數法則,利率法則,其中利率法則包含三種目標:CPI膨脹率目標、國內商品物價膨脹目標及名目匯率目標,模擬結果發現央行使用貨幣總數法則對經濟體的福利大於其他法則,且有助於穩定產出、物價、匯率的波動,另外,提高資本的移動程度以及提高貿易開放程度並不會改變政策福利排序的結果。
The objective of this paper is to investigate the optimal monetary policy of Taiwan by using a micro-based dynamic stochastic general equilibrium (DSGE) model with the banking sector. The results of steady state show that how the banking sector affects the Taiwanese economy. Furthermore, comparing the performance of alternative monetary policies, the monetary aggregate growth rate rule leads to the highest welfare and lowest volatility of output, inflation rates and exchange rate. It may be the optimal monetary policy of Taiwan. Also, with high degree of capital market friction and highly open market, the rank of these rules is the same.
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