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題名 貨幣內生成長與通貨膨脹率指標：內生化資本使用率的分析
Monetary endogenous growth and inflation rate targeting: an analysis of endogenous capital utilization作者 李胤稼
Li, Yin-Jia貢獻者 賴景昌
Lai, Ching-Chong
李胤稼
Li, Yin-Jia關鍵詞 現金交易成本
貨幣內生成長
資本使用率
通貨膨脹率指標
誠實的政府
Pecuniary transaction costs
Endogenous growth
Capital utilization
Inflation rate targeting
Honest government日期 2020 上傳時間 2-Sep-2020 12:45:40 (UTC+8) 摘要 本文根據Lai and Chin (2013)模型為基礎架構，考慮貨幣的現金交易成本功能，以及廠商在生產過程中可以選擇使用部分或全部機器設備的設定，建構貨幣內生成長模型。我們將在投資有無調整成本之下進行討論。本文透過模型分析央行通貨膨脹率指標政策對於經濟成長率的影響，並說明政策有效性。本文研究發現，當央行提高通貨膨脹率指標水準，在投資無調整成本的情況下，無法確定通貨膨脹率指標的增加對於經濟成長率的影響，而在投資有調整成本的情況下，通貨膨脹率指標的增加會降低經濟成長率。
Based on Lai and Chin (2013), this thesis builds up a monetary endogenous growth model in which money serves as a mechanism to reduce transaction costs, and then uses it to examine the impact of inflation rate targeting on the economy`s balanced growth rate. Compared with the existing literature, the salient feature of the model is that it allows for the endogenous determination of the capital utilization rate and the presence of investment adjustment costs.Two main findings emerge from the analysis. First, in the absence of investment adjustment costs, an increase in the pegged inflation rate may either raise or lower the balanced growth rate. Second, in the presence of investment adjustment costs, a rise in the pegged inflation rate definitely tends to lower the balanced growth rate.參考文獻 賴景昌 (2018)，開放經濟的內生成長理論。政治大學經濟學研究所上課講義。Abel, A. B. and Blanchard, O. J. (1983), “An intertemporal model of saving and investment," Econometrica 51, 675-692.Auernheimer, L. (1974), “The honest government`s guide to the revenue from the creation of money,” NBER Working Paper 5326.Aznar-Márquez, J. and Ruiz-Tamarit, J. R. (2004), “Endogenous growth, capital utilization and depreciation,” FEDEA Working Paper 2004-21.Barro, R. J. (1995), “Inflation and economic growth,” Annals of Economics and Finance 14, 85-109.Barro, R. J. (2008), Macroeconomics: A Modern Approach, Boston, MA: South-Western.Beaulieu, J. and Mattey, J. (1998), “The workweek of capital and capital utilization in manufacturing,” Journal of Productivity Analysis 10, 199–223.Buiter, W. H. (1984), “Saddlepoint problems in continuous time rational expectations models: A general method and some macroeconomic examples,” Econometrica 52, 665–680.Burmeister, E. (1980), “On some conceptual issues in rational expectations modeling,” Journal of Money, Credit, and Banking 12, 800–816.Chang, W. Y. and Lai, C. C. (2000), “Anticipated inflation in a monetary economy with endogenous growth,” Economica 67, 399-417.Chatterjee, S. (2005), “Capital utilization, economic growth and convergence,” Journal of Economic Dynamics and Control 29, 2093–2124.Clower, R. (1967), “A reconsideration of the microfoundations of monetary theory,” Economic Inquiry 6, 1-8.De Gregorio, J. (1993), “Inflation, taxation, and long-run growth,” Journal of Monetary Economics 31, 271-298.DeJong, D. N., Ingram, B. F., Wen, Y. and Whiteman, C. H. (1996), “Cyclical implications of the variable utilization of physical and human capital,” Manuscript, University of Iowa.Domar, E. D. (1947), “Expansion and employment,” American Economic Review, 137-147.Faria, J. R. and Carneiro, F. G. (2001), “Does high inflation affect growth in the long and short run?” Journal of Applied Economics 4, 89-105.Foss, M. F. (1963), “The utilization of capital equipment: Postwar compared with prewar,” Survey of Current Business 43, 8-16.Greenwood, J., Hercowitz, Z. and Huffman, G. W. (1988), “Investment, capacity utilization and the real business cycle,” American Economic Review 78, 402-417.Gylfason, T. and Herbertsson, T. T. (2001), “Does inflation matter for growth?” Japan and the World Economy 13, 405-428.Harrod, R. F. (1939), “An essay in dynamic theory,” The Economic Journal 49, 14-33.Hayashi, F. (1982), “Tobin`s marginal q and average q: A neoclassical interpretation,” Econometrica 50, 213-224.Hussain, S. and Malik, S. (2011), “Inflation and economic growth: Evidence from Pakistan,” International Journal of Economics and Finance 3, 262-276.Ingram, B., DeJong, D., Whiteman, C. and Wen, Y. (1996), “Cyclical implications of the variable utilization of physical and human capital,” Working Papers.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, 611-635.Kwon, J. K. (1986), “Capital utilization, economies of scale and technical change in the growth of total factor productivity,” Journal of Development Economics 24, 75-89.Kydland, F. E. and Prescott, E. C. (1982), “Time to build and aggregate fluctuations,” Econometrica 50, 1345-1370.Lai, C. C. and Chin, C. T. (2013), “Monetary rules and endogenous growth in an open economy,” Macroeconomic Dynamics 17, 431-463.Levhari, D. and Patinkin, D. (1968), “The role of money in a simple growth model,” American Economic Review 58, 713-753.Lucas, R. E. (1980), “Equilibrium in a pure currency economy,” Economic Inquiry 18, 203-220.Lucas, R. E. (1988), “On the mechanics of economic development,” Journal of Monetary Economics 22, 3-42.Mallik, G. and Chowdhury, A. (2001), “Inflation and economic growth: Evidence from four south Asian countries,” Asia-Pacific Development Journal 8, 123-135.Marris, R., Maclean, I. and Bernau, S. (1964), The Economics of Capital Utilisation, Cambridge, UK: Cambridge University Press.Meade, J. E. (1978), “The meaning of internal balance,” Economic Journal 88, 423-435.Omay, T. and Kan, E. Ö. (2010), “Re-examining the threshold effects in the inflation-growth nexus with cross-sectionally dependent non-linear panel: Evidence from six industrialized economies,” Economic Modelling 27, 996-1005.Orr, J. (1989), “The average workweek of capital in manufacturing, 1952–84,” Journal of the American Statistical Association 84, 88–94.Rogoff, K. (1985), “The optimal degree of commitment to an intermediate monetarytarget,” The Quarterly Journal of Economics 100, 1169-1189.Romer, P. M. (1986), “Increasing returns and long-run growth,” Journal of Political Economy 94, 1002-1037.Sidrauski, M. (1967), “Rational choice and patterns of growth in a monetary economy,” American Economic Review 57, 449-462.Solow, R. M. (1956), “A contribution to the theory of economic growth,” The Quarterly Journal of Economics 70, 65-94.Stockman, A. C. (1981), “Anticipated inflation and the capital stock in a cash-in-advance economy,” Journal of Monetary Economics 8, 387-393.Strulik, H. and Trimborn, T. (2015), “A note on variable capital utilization in growth and business cycle theory,” Macroeconomic Dynamics 19, 1622-1632.Tobin, J. (1965), “Money and economic growth,” Econometrica 33, 671-684.Tobin, J. (1980), “Stabilization policy ten years after,” Brookings Papers on Economic Activity 1, 19–89.Turnovsky, S. J. (1996), “Fiscal policy, growth, and macroeconomic performance in a small open economy,” Journal of International Economics 40, 41–66.Turnovsky, S. J. (2000a), “Growth in an open economy: Some recent developments,” National Bank of Belgium Working Paper.Turnovsky, S. J. (2000b), Methods of Macroeconomic Dynamics, 2nd ed. Cambridge, MA: MIT Press.Vaona, A. (2012), “Inflation and growth in the long run: A new keynesian theory and further semiparametric evidence,” Macroeconomic Dynamics 16, 94-132.Wen, Y. (1998), “Capacity utilization under increasing returns to scale,” Journal of Economic Theory 81, 7-36.Zhang, J. (2000), “Inflation and growth: Pecuniary transactions costs and qualitative equivalence,” Journal of Money, Credit and Banking 32, 1-12. 描述 碩士
國立政治大學
經濟學系
107258010資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107258010 資料類型 thesis dc.contributor.advisor 賴景昌 zh_TW dc.contributor.advisor Lai, Ching-Chong en_US dc.contributor.author (Authors) 李胤稼 zh_TW dc.contributor.author (Authors) Li, Yin-Jia en_US dc.creator (作者) 李胤稼 zh_TW dc.creator (作者) Li, Yin-Jia en_US dc.date (日期) 2020 en_US dc.date.accessioned 2-Sep-2020 12:45:40 (UTC+8) - dc.date.available 2-Sep-2020 12:45:40 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2020 12:45:40 (UTC+8) - dc.identifier (Other Identifiers) G0107258010 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131784 - 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) 107258010 zh_TW dc.description.abstract (摘要) 本文根據Lai and Chin (2013)模型為基礎架構，考慮貨幣的現金交易成本功能，以及廠商在生產過程中可以選擇使用部分或全部機器設備的設定，建構貨幣內生成長模型。我們將在投資有無調整成本之下進行討論。本文透過模型分析央行通貨膨脹率指標政策對於經濟成長率的影響，並說明政策有效性。本文研究發現，當央行提高通貨膨脹率指標水準，在投資無調整成本的情況下，無法確定通貨膨脹率指標的增加對於經濟成長率的影響，而在投資有調整成本的情況下，通貨膨脹率指標的增加會降低經濟成長率。 zh_TW dc.description.abstract (摘要) Based on Lai and Chin (2013), this thesis builds up a monetary endogenous growth model in which money serves as a mechanism to reduce transaction costs, and then uses it to examine the impact of inflation rate targeting on the economy`s balanced growth rate. Compared with the existing literature, the salient feature of the model is that it allows for the endogenous determination of the capital utilization rate and the presence of investment adjustment costs.Two main findings emerge from the analysis. First, in the absence of investment adjustment costs, an increase in the pegged inflation rate may either raise or lower the balanced growth rate. Second, in the presence of investment adjustment costs, a rise in the pegged inflation rate definitely tends to lower the balanced growth rate. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機及目的 1第二節 文獻回顧 3第三節 本文架構 7第二章 理論模型 8第一節 代表性個人 8第二節 政府 18第三節 建構總體模型 19第三章 投資無調整成本 21第一節 總體模型分析 21第二節 動態均衡分析23第三節 貨幣政策效果分析 29第四章 投資有調整成本 33第一節 總體模型分析 33第二節 動態均衡分析36第三節 誠實的政府 44第四節 貨幣政策效果分析 46第五章 結論 50附錄 51附錄一 51附錄二 52附錄三 53附錄四 55參考文獻 56 zh_TW dc.format.extent 742494 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107258010 en_US dc.subject (關鍵詞) 現金交易成本 zh_TW dc.subject (關鍵詞) 貨幣內生成長 zh_TW dc.subject (關鍵詞) 資本使用率 zh_TW dc.subject (關鍵詞) 通貨膨脹率指標 zh_TW dc.subject (關鍵詞) 誠實的政府 zh_TW dc.subject (關鍵詞) Pecuniary transaction costs en_US dc.subject (關鍵詞) Endogenous growth en_US dc.subject (關鍵詞) Capital utilization en_US dc.subject (關鍵詞) Inflation rate targeting en_US dc.subject (關鍵詞) Honest government en_US dc.title (題名) 貨幣內生成長與通貨膨脹率指標：內生化資本使用率的分析 zh_TW dc.title (題名) Monetary endogenous growth and inflation rate targeting: an analysis of endogenous capital utilization en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 賴景昌 (2018)，開放經濟的內生成長理論。政治大學經濟學研究所上課講義。Abel, A. B. and Blanchard, O. J. (1983), “An intertemporal model of saving and investment," Econometrica 51, 675-692.Auernheimer, L. (1974), “The honest government`s guide to the revenue from the creation of money,” NBER Working Paper 5326.Aznar-Márquez, J. and Ruiz-Tamarit, J. R. (2004), “Endogenous growth, capital utilization and depreciation,” FEDEA Working Paper 2004-21.Barro, R. J. (1995), “Inflation and economic growth,” Annals of Economics and Finance 14, 85-109.Barro, R. J. (2008), Macroeconomics: A Modern Approach, Boston, MA: South-Western.Beaulieu, J. and Mattey, J. (1998), “The workweek of capital and capital utilization in manufacturing,” Journal of Productivity Analysis 10, 199–223.Buiter, W. H. (1984), “Saddlepoint problems in continuous time rational expectations models: A general method and some macroeconomic examples,” Econometrica 52, 665–680.Burmeister, E. (1980), “On some conceptual issues in rational expectations modeling,” Journal of Money, Credit, and Banking 12, 800–816.Chang, W. Y. and Lai, C. C. (2000), “Anticipated inflation in a monetary economy with endogenous growth,” Economica 67, 399-417.Chatterjee, S. (2005), “Capital utilization, economic growth and convergence,” Journal of Economic Dynamics and Control 29, 2093–2124.Clower, R. (1967), “A reconsideration of the microfoundations of monetary theory,” Economic Inquiry 6, 1-8.De Gregorio, J. (1993), “Inflation, taxation, and long-run growth,” Journal of Monetary Economics 31, 271-298.DeJong, D. N., Ingram, B. F., Wen, Y. and Whiteman, C. H. (1996), “Cyclical implications of the variable utilization of physical and human capital,” Manuscript, University of Iowa.Domar, E. D. (1947), “Expansion and employment,” American Economic Review, 137-147.Faria, J. R. and Carneiro, F. G. (2001), “Does high inflation affect growth in the long and short run?” Journal of Applied Economics 4, 89-105.Foss, M. F. (1963), “The utilization of capital equipment: Postwar compared with prewar,” Survey of Current Business 43, 8-16.Greenwood, J., Hercowitz, Z. and Huffman, G. W. (1988), “Investment, capacity utilization and the real business cycle,” American Economic Review 78, 402-417.Gylfason, T. and Herbertsson, T. T. (2001), “Does inflation matter for growth?” Japan and the World Economy 13, 405-428.Harrod, R. F. (1939), “An essay in dynamic theory,” The Economic Journal 49, 14-33.Hayashi, F. (1982), “Tobin`s marginal q and average q: A neoclassical interpretation,” Econometrica 50, 213-224.Hussain, S. and Malik, S. (2011), “Inflation and economic growth: Evidence from Pakistan,” International Journal of Economics and Finance 3, 262-276.Ingram, B., DeJong, D., Whiteman, C. and Wen, Y. (1996), “Cyclical implications of the variable utilization of physical and human capital,” Working Papers.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, 611-635.Kwon, J. K. (1986), “Capital utilization, economies of scale and technical change in the growth of total factor productivity,” Journal of Development Economics 24, 75-89.Kydland, F. E. and Prescott, E. C. (1982), “Time to build and aggregate fluctuations,” Econometrica 50, 1345-1370.Lai, C. C. and Chin, C. T. (2013), “Monetary rules and endogenous growth in an open economy,” Macroeconomic Dynamics 17, 431-463.Levhari, D. and Patinkin, D. (1968), “The role of money in a simple growth model,” American Economic Review 58, 713-753.Lucas, R. E. (1980), “Equilibrium in a pure currency economy,” Economic Inquiry 18, 203-220.Lucas, R. E. (1988), “On the mechanics of economic development,” Journal of Monetary Economics 22, 3-42.Mallik, G. and Chowdhury, A. (2001), “Inflation and economic growth: Evidence from four south Asian countries,” Asia-Pacific Development Journal 8, 123-135.Marris, R., Maclean, I. and Bernau, S. (1964), The Economics of Capital Utilisation, Cambridge, UK: Cambridge University Press.Meade, J. E. (1978), “The meaning of internal balance,” Economic Journal 88, 423-435.Omay, T. and Kan, E. Ö. (2010), “Re-examining the threshold effects in the inflation-growth nexus with cross-sectionally dependent non-linear panel: Evidence from six industrialized economies,” Economic Modelling 27, 996-1005.Orr, J. (1989), “The average workweek of capital in manufacturing, 1952–84,” Journal of the American Statistical Association 84, 88–94.Rogoff, K. (1985), “The optimal degree of commitment to an intermediate monetarytarget,” The Quarterly Journal of Economics 100, 1169-1189.Romer, P. M. (1986), “Increasing returns and long-run growth,” Journal of Political Economy 94, 1002-1037.Sidrauski, M. (1967), “Rational choice and patterns of growth in a monetary economy,” American Economic Review 57, 449-462.Solow, R. M. (1956), “A contribution to the theory of economic growth,” The Quarterly Journal of Economics 70, 65-94.Stockman, A. C. (1981), “Anticipated inflation and the capital stock in a cash-in-advance economy,” Journal of Monetary Economics 8, 387-393.Strulik, H. and Trimborn, T. (2015), “A note on variable capital utilization in growth and business cycle theory,” Macroeconomic Dynamics 19, 1622-1632.Tobin, J. (1965), “Money and economic growth,” Econometrica 33, 671-684.Tobin, J. (1980), “Stabilization policy ten years after,” Brookings Papers on Economic Activity 1, 19–89.Turnovsky, S. J. (1996), “Fiscal policy, growth, and macroeconomic performance in a small open economy,” Journal of International Economics 40, 41–66.Turnovsky, S. J. (2000a), “Growth in an open economy: Some recent developments,” National Bank of Belgium Working Paper.Turnovsky, S. J. (2000b), Methods of Macroeconomic Dynamics, 2nd ed. Cambridge, MA: MIT Press.Vaona, A. (2012), “Inflation and growth in the long run: A new keynesian theory and further semiparametric evidence,” Macroeconomic Dynamics 16, 94-132.Wen, Y. (1998), “Capacity utilization under increasing returns to scale,” Journal of Economic Theory 81, 7-36.Zhang, J. (2000), “Inflation and growth: Pecuniary transactions costs and qualitative equivalence,” Journal of Money, Credit and Banking 32, 1-12. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202001267 en_US
