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題名 利率政策對所得分配不均的關係
Interest Rate Policy and Income Inequality作者 張鈺英
Chang, Yu Ying貢獻者 胡聯國
張鈺英
Chang, Yu Ying關鍵詞 所得分佈不均
利率政策
土地或資產價格
income inequality
interest rate policy
land or asset price日期 2016 上傳時間 20-Jul-2016 16:38:34 (UTC+8) 摘要 本篇研究旨在探討利率政策對所得分佈不均的關係，利用 Azzimonti, De Francisco, and Quadrini (2014) 的模型加以延伸擴展，並加入土地或資產的價格變動，從而進一步探討中央銀行的低利率政策對企業主與受薪階層的影響。模型假設簡單將市場參與者分成2大類，分別是企業家與受薪的勞工，藉由此2大類分別的終生效用函數對利率的變動來說明利率政策對所得分配的影響。Joseph E. Stiglitz (2015b) 提及在低利率政策之下將導致信用的膨脹，進而使土地或資產的價值提高，而土地或資產之價格不斷上漲為造成所得分佈不均之重要原因之一，故本篇論文將土地價格變動納入模型加以延伸，並觀察台灣近幾年之現況。此篇研究發現，在中央銀行的低利率政策之下，有產階層的企業家之財富條件將會愈來愈好，而與之相對的受薪階層的勞工之財富條件將會愈來愈差；而台灣近幾年之數據亦顯示當利率降低之際，代表所得分佈不均的GINI指數隨之上升，與本篇之研究結果相符。
The objective of this thesis is to testify the relation between interest rate policy and income inequality. We develop a model based on Azzimonti, De Francisco, and Quadrini (2014) and expand the model by considering the change of the land or asset price so as to analyze the impact of low interest rate on the welfare of entrepreneurs and workers, respectively.The model simply divides the agents into two groups, entrepreneurs and workers, and uses their lifetime utility to explain the impact of interest rate policy on income inequality. Joseph E. Stiglitz (2015b) mentioned that low interest rate would expand the credit availability and drive up the land or asset price. The continuous upward trend of land or asset price is one of the important reason causing income inequality. After taking into account the land or asset price on the sensibility of income inequality toward interest rate, this thesis is able to provide a theoretical underpinning of Taiwan’s empirical observation in recent years. We find out that with low interest rate policy, entrepreneurs’ wealth condition is doing better and better while the workers’ wealth is getting worse. Taiwan’s data in the recent years also shows that once the central bank lowering the interest rate GINI index, which represent the income inequality distribution, will rise immediately. This situation is in accord with the thesis.參考文獻 一、英文文獻Azzimonti, M., De Francisco, E., & Quadrini, V. (2014). Financial globalization, inequality, and the rising public debt. The American Economic Review, 104(8), 2267-2302.Bachmann, R., & Bai, J. H. (2013). Politico-economic inequality and the comovement of government purchases. Review of Economic Dynamics, 16(4), 565-580.Blundell, R., Pistaferri, L., & Preston, I. (2008). Consumption inequality and partial insurance. The American Economic Review, 98(5), 1887-1921.Cutler, D. M., & Katz, L. F. (1992). Rising Inequality? Changes in the Distribution of Income and Consumption in the 1980s (No. w3964). National Bureau of Economic Research.DeBacker, J. M., Heim, B. T., Vidangos, I., & Panousi, V. (2011). Rising inequality: Transitory or permanent? New evidence from a US panel of household income 1987-2006.Haider, S. J. (2001). Earnings instability and earnings inequality of males in the United States: 1967–1991. Journal of labor Economics, 19(4), 799-836.Johnson, D. S., & Smeeding, T. M. (1998). Intergenerational Equity in the United States: the Changing Well-being of the Old and the Young, 1960-1995.Bureau of Labor Statistics Working Paper.Kopczuk, W., Saez, E., & Song, J. (2010). Earnings inequality and mobility in the United States: evidence from social security data since 1937. The Quarterly Journal of Economics, 125(1), 91-128.Piketty, T. (2014). Capital in the twenty-first century. The Belknap Press of Harvard University PressSpence, Michael (2014), “The Real Challenges to Growth,＂ Project Syndicate, Jan. 23Stiglitz, J. E. (2012). The price of inequality: How today`s divided society endangers our future. WW Norton & Company.Stiglitz, J. E. (2015a). FED POLICY, INEQUALITY, & EQUALITY OF OPPORTUNITY.Stiglitz, J. E. (2015b). The origins of inequality, and policies to contain it. National Tax Journal, 68(2), 425-48. 二、中文文獻王德睦、何華欽、劉一龍，(2008)。 所得成長, 所得不均與家戶變遷對貧窮率之影響: 以台灣地區 1990 年至 2004 年爲例. 臺灣社會福利學刊, 7(1), 29-63.林宗弘，(2015)。 臺灣階級不平等擴大的原因與後果. 臺灣經濟預測與政策, 45(2), 45-68.林金源、朱雲鵬，(2000)。 台灣個人工作報酬不均度的長期變化. 台灣經濟學會年會論文集, 第 57-75 頁. 附錄: CGE 模型架構與資料處理.林金源、朱雲鵬，(2002)。 台灣跨期薪資所得不均度之研究: 因素分析法的應用.經濟論文, 30(3), 341-361.洪明皇，(2012)。 台灣消費不均度的變化. 社會科學論叢, 6(1), 73-103.洪明皇、鄭文輝，(2013)。 台灣高所得者所得份額之變化: 1977-2010. 調查研究-方法與應用, (30), 47-95. 描述 碩士
國立政治大學
國際經營與貿易學系
103351024資料來源 http://thesis.lib.nccu.edu.tw/record/#G1033510241 資料類型 thesis dc.contributor.advisor 胡聯國 zh_TW dc.contributor.author (Authors) 張鈺英 zh_TW dc.contributor.author (Authors) Chang, Yu Ying en_US dc.creator (作者) 張鈺英 zh_TW dc.creator (作者) Chang, Yu Ying en_US dc.date (日期) 2016 en_US dc.date.accessioned 20-Jul-2016 16:38:34 (UTC+8) - dc.date.available 20-Jul-2016 16:38:34 (UTC+8) - dc.date.issued (上傳時間) 20-Jul-2016 16:38:34 (UTC+8) - dc.identifier (Other Identifiers) G1033510241 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99290 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 103351024 zh_TW dc.description.abstract (摘要) 本篇研究旨在探討利率政策對所得分佈不均的關係，利用 Azzimonti, De Francisco, and Quadrini (2014) 的模型加以延伸擴展，並加入土地或資產的價格變動，從而進一步探討中央銀行的低利率政策對企業主與受薪階層的影響。模型假設簡單將市場參與者分成2大類，分別是企業家與受薪的勞工，藉由此2大類分別的終生效用函數對利率的變動來說明利率政策對所得分配的影響。Joseph E. Stiglitz (2015b) 提及在低利率政策之下將導致信用的膨脹，進而使土地或資產的價值提高，而土地或資產之價格不斷上漲為造成所得分佈不均之重要原因之一，故本篇論文將土地價格變動納入模型加以延伸，並觀察台灣近幾年之現況。此篇研究發現，在中央銀行的低利率政策之下，有產階層的企業家之財富條件將會愈來愈好，而與之相對的受薪階層的勞工之財富條件將會愈來愈差；而台灣近幾年之數據亦顯示當利率降低之際，代表所得分佈不均的GINI指數隨之上升，與本篇之研究結果相符。 zh_TW dc.description.abstract (摘要) The objective of this thesis is to testify the relation between interest rate policy and income inequality. We develop a model based on Azzimonti, De Francisco, and Quadrini (2014) and expand the model by considering the change of the land or asset price so as to analyze the impact of low interest rate on the welfare of entrepreneurs and workers, respectively.The model simply divides the agents into two groups, entrepreneurs and workers, and uses their lifetime utility to explain the impact of interest rate policy on income inequality. Joseph E. Stiglitz (2015b) mentioned that low interest rate would expand the credit availability and drive up the land or asset price. The continuous upward trend of land or asset price is one of the important reason causing income inequality. After taking into account the land or asset price on the sensibility of income inequality toward interest rate, this thesis is able to provide a theoretical underpinning of Taiwan’s empirical observation in recent years. We find out that with low interest rate policy, entrepreneurs’ wealth condition is doing better and better while the workers’ wealth is getting worse. Taiwan’s data in the recent years also shows that once the central bank lowering the interest rate GINI index, which represent the income inequality distribution, will rise immediately. This situation is in accord with the thesis. en_US dc.description.tableofcontents 摘 要 i圖 次 iv第一章 緒論 1第一節 研究動機與目的 1第二節 研究架構 4第二章 文獻回顧 5第一節 所得不均相關文獻 5一、 國外文獻 5二、 國內文獻 8第二節 利率對所得不均的影響 11第三章 理論模型與分析 15第一節 政府負債對所得分佈不均之影響 15第二節 環境假設與競爭均衡 16第三節 金融市場的整合與分析 19第四節 兩期模型的最適政策 21第五節 AFQ模型的延伸 24第六節 台灣利率政策與所得分配的現象 26第七節 利率政策的比較分析 29第四章 結論與建議 34第一節 結論 34第二節 未來研究方向 35參考文獻 36附錄一 39 zh_TW dc.format.extent 1468522 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1033510241 en_US dc.subject (關鍵詞) 所得分佈不均 zh_TW dc.subject (關鍵詞) 利率政策 zh_TW dc.subject (關鍵詞) 土地或資產價格 zh_TW dc.subject (關鍵詞) income inequality en_US dc.subject (關鍵詞) interest rate policy en_US dc.subject (關鍵詞) land or asset price en_US dc.title (題名) 利率政策對所得分配不均的關係 zh_TW dc.title (題名) Interest Rate Policy and Income Inequality en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、英文文獻Azzimonti, M., De Francisco, E., & Quadrini, V. (2014). Financial globalization, inequality, and the rising public debt. The American Economic Review, 104(8), 2267-2302.Bachmann, R., & Bai, J. H. (2013). Politico-economic inequality and the comovement of government purchases. Review of Economic Dynamics, 16(4), 565-580.Blundell, R., Pistaferri, L., & Preston, I. (2008). Consumption inequality and partial insurance. The American Economic Review, 98(5), 1887-1921.Cutler, D. M., & Katz, L. F. (1992). Rising Inequality? Changes in the Distribution of Income and Consumption in the 1980s (No. w3964). National Bureau of Economic Research.DeBacker, J. M., Heim, B. T., Vidangos, I., & Panousi, V. (2011). Rising inequality: Transitory or permanent? New evidence from a US panel of household income 1987-2006.Haider, S. J. (2001). Earnings instability and earnings inequality of males in the United States: 1967–1991. Journal of labor Economics, 19(4), 799-836.Johnson, D. S., & Smeeding, T. M. (1998). Intergenerational Equity in the United States: the Changing Well-being of the Old and the Young, 1960-1995.Bureau of Labor Statistics Working Paper.Kopczuk, W., Saez, E., & Song, J. (2010). Earnings inequality and mobility in the United States: evidence from social security data since 1937. The Quarterly Journal of Economics, 125(1), 91-128.Piketty, T. (2014). Capital in the twenty-first century. The Belknap Press of Harvard University PressSpence, Michael (2014), “The Real Challenges to Growth,＂ Project Syndicate, Jan. 23Stiglitz, J. E. (2012). The price of inequality: How today`s divided society endangers our future. WW Norton & Company.Stiglitz, J. E. (2015a). FED POLICY, INEQUALITY, & EQUALITY OF OPPORTUNITY.Stiglitz, J. E. (2015b). The origins of inequality, and policies to contain it. National Tax Journal, 68(2), 425-48. 二、中文文獻王德睦、何華欽、劉一龍，(2008)。 所得成長, 所得不均與家戶變遷對貧窮率之影響: 以台灣地區 1990 年至 2004 年爲例. 臺灣社會福利學刊, 7(1), 29-63.林宗弘，(2015)。 臺灣階級不平等擴大的原因與後果. 臺灣經濟預測與政策, 45(2), 45-68.林金源、朱雲鵬，(2000)。 台灣個人工作報酬不均度的長期變化. 台灣經濟學會年會論文集, 第 57-75 頁. 附錄: CGE 模型架構與資料處理.林金源、朱雲鵬，(2002)。 台灣跨期薪資所得不均度之研究: 因素分析法的應用.經濟論文, 30(3), 341-361.洪明皇，(2012)。 台灣消費不均度的變化. 社會科學論叢, 6(1), 73-103.洪明皇、鄭文輝，(2013)。 台灣高所得者所得份額之變化: 1977-2010. 調查研究-方法與應用, (30), 47-95. zh_TW
