| dc.contributor | 經濟系 | |
| dc.creator (作者) | 賴廷緯 | |
| dc.creator (作者) | Lai, Ting-Wei | |
| dc.creator (作者) | Chen, Kuan-jen | |
| dc.creator (作者) | Lai, Ching-chong | |
| dc.date (日期) | 2021-09 | |
| dc.date.accessioned | 11-Apr-2022 13:24:55 (UTC+8) | - |
| dc.date.available | 11-Apr-2022 13:24:55 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Apr-2022 13:24:55 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/139781 | - |
| dc.description.abstract (摘要) | By using the feature that money can lower unit transaction costs, this paper develops a monetary endogenous growth model for a one-sector small open economy, and uses it to examine the possibility of the occurrence of belief-driven fluctuations. It is found that the emergence of belief-driven fluctuations is crucially related to targeting rules for monetary policy. More specifically, when the monetary authorities target the specific money growth rate, macroeconomic instability generated by belief-driven fluctuations can arise even if labor externalities are totally absent. This finding runs in sharp contrast to the Benhabib–Farmer assertion needed for the occurrence of belief-driven fluctuations. It is also found that, when the monetary authorities target the specific inflation rate, macroeconomic instability generated by belief-driven fluctuations can never prevail regardless of the extent of the unit transaction costs. | |
| dc.format.extent | 666877 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Review of International Economics, Vol.29, No.4, pp.904-926 | |
| dc.title (題名) | Macroeconomic Instability and Targeting Rules for Monetary Policy in An Endogenously Growing Small Open Economy | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1111/roie.12514 | |
| dc.doi.uri (DOI) | https://doi.org/10.1111/roie.12514 | |
