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題名 內生成長與通膨率目標政策： 封閉經濟的分析
Endogenous growth and inflation rate targeting policy in a closed economy作者 邱奕棟 貢獻者 賴景昌
邱奕棟關鍵詞 現金交易成本
內生成長
調整成本
通貨膨脹指標
經濟體系安定性
誠實的政府日期 2017 上傳時間 24-Jul-2017 12:15:30 (UTC+8) 摘要 本文引用Zhang(1996)和Suen and Yip(2005)提出的貨幣具有降低交易成本的特性，建構封閉經濟體的貨幣內生成長模型，分別探討在投資有或沒有調整成本的情況下，政府採取釘住通貨膨脹目標政策對於經濟成長的影響，以及經濟體系的安定性。本文的結論可以歸納為：(1)當投資不具有調整成本時，政府調高目標通膨率會使得經濟成長率下降，且經濟體系呈現確定性；(2)當投資調整成本時，政府調高目標通膨率也會使得經濟成長率下降，但經濟體系卻呈現不確定性。
This thesis sets up a monetary endogenous growth model for a closed economy, in which monetary authorities implement a monetary policy of inflation rate targeting. The main feature of the model is that, in line with Zhang (1996) and Suen and Yip (2005), money plays a role to facilitate transactions of output, and hence holding money can lower the transaction cost. This thesis then uses the model to investigate whether the economy’s growth rate and the dynamic stability are closely related to the implementation of inflation rate targeting. Two main findings emerge from the analysis. First, when investment does not involve adjustment costs, a rise in the inflation rate lowers the balanced economic growth rate and the equilibrium is characterized by local determinacy. Second, when investment involves adjustment costs, a rise in the inflation rate lowers the economic growth rate and the equilibrium is featured with local indeterminacy.參考文獻 1.Auernheimer, L. (1974), “The honest government’s guide to inflationary finance,” Journal of Political Economy 82, 598-606.2.Chang, W. Y. and Lai, C. C. (2000), “Anticipated inflation in a monetary economy with endogenous growth,” Economica 67, 399-417.3.Chin, C. T., Guo, J. T. and Lai, C. C. (2009), “Macroeconomic (in)stability under real interest rate targeting.” Journal of Economic Dynamics and Control 33, 1631-1638.4.Domar, E. D. (1947), “Expansion and employment,” American Economic Review, 137-147.5.Driskill, R. (2006), “Multiple equilibria in dynamic rational expectations models: a critical review,” European Economic Review 50, 171-210. Gomme, P. (1993), “Money and growth revisited: measuring the costs of inflation in an endogenous growth model,” Journal of Monetary Economics 32, 51-77.6.Harrod, R. F. (1939), “An essay in a dynamic theory,” Economic Journal 49, 14-33.7.Hayashi, F. (1982), “Tobin’s marginal and average q: a neoclassical interpretation,” Econometrica 50, 213-224.8.Jha, S. K., Wang, P. and Yip, C. K. (2002), “Dynamics in a transactions-based monetary growth model,” Journal of Economic Dynamics and Control 26, 611-6359.Lai, C. C., Chen, S. H. and Shaw, M. F. (2005), “Nominal income targeting versus money growth targeting in an endogenously growing economy.” Economics Letters 86, 359-366.10.Lai, C. C., Chin, C. T. and Liao, C. H. (2009), “Inflation targeting, increasing returns and the Friedman rule in an endogenous growth mode,” Unpublished papers.11.Lai, C. C. and Chin, C. T. (2013), “Monetary rules and endogenous growth in an open economy,” Macroeconomic Dynamics 17, 431-463.12.Levhari, D. and Patinkin, D. (1968), “The role of money in a simple growth model,” American Economic Review 58, 713-753.13.Lucas, R. Jr. (1980), “Equilibrium in a pure currency economy,” Economics Inquiry 18, 203-220.14.Lucas, R. Jr. (1988), “On the mechanics of economic development,” Journal of Monetary Economics 22, 3-42.15.Mansoorian, A. and Mohsin, M. (2006), “On the employment, investment and current account effects of inflation,” Journal of International Economics 296-313.16.Marquis, M. H. and Reffett, L. (1991), “Real interest rates and endogenous growth in a monetary economy,” Economic Letters 37, 105-109.17.McCallum, B. T. and Nelson, E. (1999), “Nominal income targeting in an open-economy optimizing model.” Journal of Monetary Economics 43, 553-578.18.Meade, J. E. (1978), “The meaning of internal balance.” Economic Journal 88, 423-435.19.Mino, K. (1997), “Long-run effect of monetary expansion in a two-sector model of endogenous growth,” Journal of Macroeconomics 19, 635-655.20.Poole, W. (1970), “Optimal choice of monetary policy instruments in a small stochastic macro-model.” Quarterly Journal of Economics 84, 197-216.21.Rebelo, S. (1991), “Long-run policy analysis and long-run growth,” Journal of Political Economy 99, 500-521.22.Romer, P. M. (1983), “Dynamic competitive equilibria with externalities, increasing returns and unbounded growth,” Ph. D. Dissertation, University of Chicago.23.Romer, P. M. (1986), “Increasing returns and long-run growth,” Journal of Political Economy 94, 1002-1037.24.Sidrauski, M. (1967), “Rational choice and patterns of growth in a monetary economy,” American Economic Review 57, 449-462.25.Solow, R. (1957), “A contribution to the theory of economic growth,” Quarterly Journal of Economics 70, 65-94.26.Stockman, A. C. (1981), “Anticipated inflation and the capital stock in a cash-in-advance economy,” Journal of Monetary Economics 8, 387-393.27.Suen, M. H. and Yip, C. K. (2005), “Superneutrality, indeterminacy and endogenous growth,” Journal of Macroeconomics 27, 579-595.28.Turnovsky, S. J. (2000), Methods of macroeconomic dynamics, 2nd ed. Cambridge, MA: MIT Press.29.Zhang, J. (1996), “A simple pecuniary model of money and growth with transactions cost,” Journal of Macroeconomics 18,127-137.30.Zhang, J. (2000), “Inflation and growth: pecuniary transactions cost and qualitative equivalence,” Journal of Money, Credit, and Banking 32, 359-369. 描述 碩士
國立政治大學
經濟學系
104258023資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104258023 資料類型 thesis dc.contributor.advisor 賴景昌 zh_TW dc.contributor.author (Authors) 邱奕棟 zh_TW dc.creator (作者) 邱奕棟 zh_TW dc.date (日期) 2017 en_US dc.date.accessioned 24-Jul-2017 12:15:30 (UTC+8) - dc.date.available 24-Jul-2017 12:15:30 (UTC+8) - dc.date.issued (上傳時間) 24-Jul-2017 12:15:30 (UTC+8) - dc.identifier (Other Identifiers) G0104258023 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111372 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 104258023 zh_TW dc.description.abstract (摘要) 本文引用Zhang(1996)和Suen and Yip(2005)提出的貨幣具有降低交易成本的特性，建構封閉經濟體的貨幣內生成長模型，分別探討在投資有或沒有調整成本的情況下，政府採取釘住通貨膨脹目標政策對於經濟成長的影響，以及經濟體系的安定性。本文的結論可以歸納為：(1)當投資不具有調整成本時，政府調高目標通膨率會使得經濟成長率下降，且經濟體系呈現確定性；(2)當投資調整成本時，政府調高目標通膨率也會使得經濟成長率下降，但經濟體系卻呈現不確定性。 zh_TW dc.description.abstract (摘要) This thesis sets up a monetary endogenous growth model for a closed economy, in which monetary authorities implement a monetary policy of inflation rate targeting. The main feature of the model is that, in line with Zhang (1996) and Suen and Yip (2005), money plays a role to facilitate transactions of output, and hence holding money can lower the transaction cost. This thesis then uses the model to investigate whether the economy’s growth rate and the dynamic stability are closely related to the implementation of inflation rate targeting. Two main findings emerge from the analysis. First, when investment does not involve adjustment costs, a rise in the inflation rate lowers the balanced economic growth rate and the equilibrium is characterized by local determinacy. Second, when investment involves adjustment costs, a rise in the inflation rate lowers the economic growth rate and the equilibrium is featured with local indeterminacy. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 文獻回顧 2第三節 本文架構 4第二章 理論模型 5第一節 投資無調整成本 8第二節 投資有調整成本 12第四章 結論 21 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104258023 en_US dc.subject (關鍵詞) 現金交易成本 zh_TW dc.subject (關鍵詞) 內生成長 zh_TW dc.subject (關鍵詞) 調整成本 zh_TW dc.subject (關鍵詞) 通貨膨脹指標 zh_TW dc.subject (關鍵詞) 經濟體系安定性 zh_TW dc.subject (關鍵詞) 誠實的政府 zh_TW dc.title (題名) 內生成長與通膨率目標政策： 封閉經濟的分析 zh_TW dc.title (題名) Endogenous growth and inflation rate targeting policy in a closed economy en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1.Auernheimer, L. (1974), “The honest government’s guide to inflationary finance,” Journal of Political Economy 82, 598-606.2.Chang, W. Y. and Lai, C. C. (2000), “Anticipated inflation in a monetary economy with endogenous growth,” Economica 67, 399-417.3.Chin, C. T., Guo, J. T. and Lai, C. C. (2009), “Macroeconomic (in)stability under real interest rate targeting.” Journal of Economic Dynamics and Control 33, 1631-1638.4.Domar, E. D. (1947), “Expansion and employment,” American Economic Review, 137-147.5.Driskill, R. (2006), “Multiple equilibria in dynamic rational expectations models: a critical review,” European Economic Review 50, 171-210. Gomme, P. (1993), “Money and growth revisited: measuring the costs of inflation in an endogenous growth model,” Journal of Monetary Economics 32, 51-77.6.Harrod, R. F. (1939), “An essay in a dynamic theory,” Economic Journal 49, 14-33.7.Hayashi, F. (1982), “Tobin’s marginal and average q: a neoclassical interpretation,” Econometrica 50, 213-224.8.Jha, S. K., Wang, P. and Yip, C. K. (2002), “Dynamics in a transactions-based monetary growth model,” Journal of Economic Dynamics and Control 26, 611-6359.Lai, C. C., Chen, S. H. and Shaw, M. F. (2005), “Nominal income targeting versus money growth targeting in an endogenously growing economy.” Economics Letters 86, 359-366.10.Lai, C. C., Chin, C. T. and Liao, C. H. (2009), “Inflation targeting, increasing returns and the Friedman rule in an endogenous growth mode,” Unpublished papers.11.Lai, C. C. and Chin, C. T. (2013), “Monetary rules and endogenous growth in an open economy,” Macroeconomic Dynamics 17, 431-463.12.Levhari, D. and Patinkin, D. (1968), “The role of money in a simple growth model,” American Economic Review 58, 713-753.13.Lucas, R. Jr. (1980), “Equilibrium in a pure currency economy,” Economics Inquiry 18, 203-220.14.Lucas, R. Jr. (1988), “On the mechanics of economic development,” Journal of Monetary Economics 22, 3-42.15.Mansoorian, A. and Mohsin, M. (2006), “On the employment, investment and current account effects of inflation,” Journal of International Economics 296-313.16.Marquis, M. H. and Reffett, L. (1991), “Real interest rates and endogenous growth in a monetary economy,” Economic Letters 37, 105-109.17.McCallum, B. T. and Nelson, E. (1999), “Nominal income targeting in an open-economy optimizing model.” Journal of Monetary Economics 43, 553-578.18.Meade, J. E. (1978), “The meaning of internal balance.” Economic Journal 88, 423-435.19.Mino, K. (1997), “Long-run effect of monetary expansion in a two-sector model of endogenous growth,” Journal of Macroeconomics 19, 635-655.20.Poole, W. (1970), “Optimal choice of monetary policy instruments in a small stochastic macro-model.” Quarterly Journal of Economics 84, 197-216.21.Rebelo, S. (1991), “Long-run policy analysis and long-run growth,” Journal of Political Economy 99, 500-521.22.Romer, P. M. (1983), “Dynamic competitive equilibria with externalities, increasing returns and unbounded growth,” Ph. D. Dissertation, University of Chicago.23.Romer, P. M. (1986), “Increasing returns and long-run growth,” Journal of Political Economy 94, 1002-1037.24.Sidrauski, M. (1967), “Rational choice and patterns of growth in a monetary economy,” American Economic Review 57, 449-462.25.Solow, R. (1957), “A contribution to the theory of economic growth,” Quarterly Journal of Economics 70, 65-94.26.Stockman, A. C. (1981), “Anticipated inflation and the capital stock in a cash-in-advance economy,” Journal of Monetary Economics 8, 387-393.27.Suen, M. H. and Yip, C. K. (2005), “Superneutrality, indeterminacy and endogenous growth,” Journal of Macroeconomics 27, 579-595.28.Turnovsky, S. J. (2000), Methods of macroeconomic dynamics, 2nd ed. Cambridge, MA: MIT Press.29.Zhang, J. (1996), “A simple pecuniary model of money and growth with transactions cost,” Journal of Macroeconomics 18,127-137.30.Zhang, J. (2000), “Inflation and growth: pecuniary transactions cost and qualitative equivalence,” Journal of Money, Credit, and Banking 32, 359-369. zh_TW
