1. NCCU Academic Hub
  2. 學術產出
  3. College of Social Science
  4. Theses
  5. Item

學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

  • No doi shows Citation Infomation
題名 再論通貨膨脹對就業、投資及經常帳的影響
On the Employment, Investment and Current Account Effects of Inflation Once Again
作者 彭彥熹
Peng, Yen Hsi
貢獻者 朱美麗
Chu, Mei lie
彭彥熹
Peng, Yen Hsi
關鍵詞 就業
投資
經常帳
通貨膨脹
Employment
Investment
Current account
Inflation
日期 2007
上傳時間 18-Sep-2009 16:06:53 (UTC+8)
摘要 This study investigates the effects of an anticipated inflation targeting in a small open economy based on the framework of Mansoorian and Mohsin (2006) with cash-in-advance constraints. It is shown that the steady-state effects of a permanent increase in the inflation rate on capital accumulation, labor and current account are consistent with the results in Mansoorian and Mohsin (2006). However, there is an ambiguous change in consumption depending on the relationship between consumption and labor in the utility function. If consumption and labor is with a large degree of substitution, consumption may rise. Moreover, there is an impact decrease in the shadow price of investment when the policy of targeting a higher inflation rate announces, and the degree of such decrease is inversely related to the time length between the announcement and the realization of policy. Prior to the execution of the policy, the capital stock decumulates and the current account may go through a deficit or surplus first and then deficit along the unstable trajectories depending on the relative impact between the change in the shadow price of investment and the shadow price of assets on the locus where the current account maintains in equilibrium. After the implementation of a higher inflation targeting policy, the capital stock continues to decumulate and the current account accumulates along the stable paths toward the new equilibrium. In addition, the relationship between consumption and labor also influences the dynamic movements of the shadow price of investment.
參考文獻 Abel, A. B. (1985), “Dynamic Behavior of Capital Accumulation in a Cash-in-Advance Model,” Journal of Monetary Economics 16, pp. 55-71.
Chang, W. Y. and M. L. Chu (2008), “A Reassessment on Inflation Targeting, Capital Accumulation and the Current Account,” Unpublished Manuscript.
Gray, M. R. and S. J. Turnovsky (1979), “The Stability of Exchange Rate Dynamics under Perfect Myopic Foresight,” International Economic Review 20, pp. 643-660.
Mansoorian, A. and M. Mohsin (2004), “Monetary Policy in a Cash-in-Advance Economy: Employment, Capital Accumulation, and the Term Structure of Interest Rates,” Canadian Journal of Economics 37, pp. 336-352.
Mansoorian, A. and M. Mohsin (2006), “On the Employment, Investment and Current Account Effects of Inflation,” Journal of International Economics 70, pp. 296-313.
Sen, P. and S. J. Turnovsky (1989), “Deterioration of the Terms of Trade and Capital Accumulation: a Re-examination of the Laursen-Metzler Effect,” Journal of International Economics 26, pp. 227-250.
Sen, P. and S. J. Turnovsky (1990), “Investment Tax Credit in an Open Economy,” Journal of Public Economy 42, pp. 277-309.
Stockman, A. C. (1981), “Anticipated Inflation and the Capital in a Cash-in-Advance Economy,” Journal of Monetary Economics 8, pp. 387-393.
Wilson, C. A. (1979), “Anticipated Shocks and Exchange Rate Dynamics,” Journal of Political Economy 87, pp. 639-647.
描述 碩士
國立政治大學
經濟研究所
95258020
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0952580201
資料類型 thesis
dc.contributor.advisor 朱美麗zh_TW
dc.contributor.advisor Chu, Mei lieen_US
dc.contributor.author (Authors) 彭彥熹zh_TW
dc.contributor.author (Authors) Peng, Yen Hsien_US
dc.creator (作者) 彭彥熹zh_TW
dc.creator (作者) Peng, Yen Hsien_US
dc.date (日期) 2007en_US
dc.date.accessioned 18-Sep-2009 16:06:53 (UTC+8)-
dc.date.available 18-Sep-2009 16:06:53 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 16:06:53 (UTC+8)-
dc.identifier (Other Identifiers) G0952580201en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/35816-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經濟研究所zh_TW
dc.description (描述) 95258020zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) This study investigates the effects of an anticipated inflation targeting in a small open economy based on the framework of Mansoorian and Mohsin (2006) with cash-in-advance constraints. It is shown that the steady-state effects of a permanent increase in the inflation rate on capital accumulation, labor and current account are consistent with the results in Mansoorian and Mohsin (2006). However, there is an ambiguous change in consumption depending on the relationship between consumption and labor in the utility function. If consumption and labor is with a large degree of substitution, consumption may rise. Moreover, there is an impact decrease in the shadow price of investment when the policy of targeting a higher inflation rate announces, and the degree of such decrease is inversely related to the time length between the announcement and the realization of policy. Prior to the execution of the policy, the capital stock decumulates and the current account may go through a deficit or surplus first and then deficit along the unstable trajectories depending on the relative impact between the change in the shadow price of investment and the shadow price of assets on the locus where the current account maintains in equilibrium. After the implementation of a higher inflation targeting policy, the capital stock continues to decumulate and the current account accumulates along the stable paths toward the new equilibrium. In addition, the relationship between consumption and labor also influences the dynamic movements of the shadow price of investment.zh_TW
dc.description.tableofcontents Chapter 1 Introduction.....................................1
Chapter 2 The Model........................................4
2.1 The Representative Household...........................4
2.2 The Representative Firm................................6
2.3 The Government.........................................7
2.4 The Equilibrium Dynamics...............................8
Chapter 3 The Effects of a Permanent Increase in the
Inflation Rate............................................14
3.1 Dynamic and Comparative-static Analysis...............14
3.2 Consumption and Labor are Independent (Ucl = 0).......17
3.3 Consumption and Labor are Substitutes (Ucl < 0).......28
3.4 Consumption and Labor are Complements (Ucl > 0).......34
Chapter 4 Conclusion......................................40
References................................................42
Appendix A................................................43
Appendix B................................................44		zh_TW
dc.format.extent 92175 bytes-
dc.format.extent 146128 bytes-
dc.format.extent 64934 bytes-
dc.format.extent 63443 bytes-
dc.format.extent 127737 bytes-
dc.format.extent 96681 bytes-
dc.format.extent 329045 bytes-
dc.format.extent 3783002 bytes-
dc.format.extent 110006 bytes-
dc.format.extent 93794 bytes-
dc.format.extent 150991 bytes-
dc.format.extent 133014 bytes-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0952580201en_US
dc.subject (關鍵詞) 就業zh_TW
dc.subject (關鍵詞) 投資zh_TW
dc.subject (關鍵詞) 經常帳zh_TW
dc.subject (關鍵詞) 通貨膨脹zh_TW
dc.subject (關鍵詞) Employmenten_US
dc.subject (關鍵詞) Investmenten_US
dc.subject (關鍵詞) Current accounten_US
dc.subject (關鍵詞) Inflationen_US
dc.title (題名) 再論通貨膨脹對就業、投資及經常帳的影響zh_TW
dc.title (題名) On the Employment, Investment and Current Account Effects of Inflation Once Againen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Abel, A. B. (1985), “Dynamic Behavior of Capital Accumulation in a Cash-in-Advance Model,” Journal of Monetary Economics 16, pp. 55-71.zh_TW
dc.relation.reference (參考文獻) Chang, W. Y. and M. L. Chu (2008), “A Reassessment on Inflation Targeting, Capital Accumulation and the Current Account,” Unpublished Manuscript.zh_TW
dc.relation.reference (參考文獻) Gray, M. R. and S. J. Turnovsky (1979), “The Stability of Exchange Rate Dynamics under Perfect Myopic Foresight,” International Economic Review 20, pp. 643-660.zh_TW
dc.relation.reference (參考文獻) Mansoorian, A. and M. Mohsin (2004), “Monetary Policy in a Cash-in-Advance Economy: Employment, Capital Accumulation, and the Term Structure of Interest Rates,” Canadian Journal of Economics 37, pp. 336-352.zh_TW
dc.relation.reference (參考文獻) Mansoorian, A. and M. Mohsin (2006), “On the Employment, Investment and Current Account Effects of Inflation,” Journal of International Economics 70, pp. 296-313.zh_TW
dc.relation.reference (參考文獻) Sen, P. and S. J. Turnovsky (1989), “Deterioration of the Terms of Trade and Capital Accumulation: a Re-examination of the Laursen-Metzler Effect,” Journal of International Economics 26, pp. 227-250.zh_TW
dc.relation.reference (參考文獻) Sen, P. and S. J. Turnovsky (1990), “Investment Tax Credit in an Open Economy,” Journal of Public Economy 42, pp. 277-309.zh_TW
dc.relation.reference (參考文獻) Stockman, A. C. (1981), “Anticipated Inflation and the Capital in a Cash-in-Advance Economy,” Journal of Monetary Economics 8, pp. 387-393.zh_TW
dc.relation.reference (參考文獻) Wilson, C. A. (1979), “Anticipated Shocks and Exchange Rate Dynamics,” Journal of Political Economy 87, pp. 639-647.zh_TW