Publications-Theses

題名 時序不一致性的三個議題
作者 范志萍
貢獻者 賴景昌
范志萍
關鍵詞 時序不一致性
中央銀行獨立性
通貨膨脹傾向
日期 2008
上傳時間 19-Sep-2009 13:41:38 (UTC+8)
摘要 Kydland and Prescott (1977)及Barro and Gordon (1983)提出權衡性的貨幣政策伴隨著通貨膨脹傾向問題的產生,之後陸續有許多學者提出解決之道。如將貨幣政策委託給保守的央行官員執行、政府與央行官員簽訂績效契約、央行官員訂定目標通貨膨脹水準、提升央行的獨立性及增加貨幣政策的透明度等。這些解決通貨膨脹傾向的方法,不外乎從經濟或是政治結構、制度、貨幣當局的偏好及訊息等方面著手。因此,本文分別從結構面、訊息面及制度面探討如何降低通貨膨脹傾向。
首先,從結構面著手,考慮名目工資僵固性的問題。藉由工資調整指數的增加,一方面使短期Phillips曲線的斜率變陡,改變了通貨膨脹與失業兩者的抵換關係,打消央行官員採行權衡性的貨幣政策提高產出的念頭;另一方面則降低任用保守央行官員的意願,非保守央行官員將選擇較高的通貨膨脹政策。因此工資調整指數是否可以減少通貨膨脹傾向,將決定於這兩種影響的相對大小。
再者,從訊息面思考,民眾藉由央行官員宣示的目標產出水準的訊息,進行訊息提煉,修正通貨膨脹的預期,得到供給面訊息的透明度相對較低時,民眾會委託愈保守的獨立央行官員來制訂貨幣政策,進而改善通貨膨脹傾向問題的結論。
最後,從制度面作考量,同時考慮工會、貨幣當局與財政當局三種角色的模型,結果發現:當我們任用愈保守的央行官員執行貨幣政策時,其對通貨膨脹傾向產生的影響有二:一是愈保守的央行官員會降低民眾通貨膨脹的預期,且選擇較低的通貨膨脹率政策,其對通貨膨脹傾向的影響是直接且為負向的,這管道與Rogoff (1985)相同;另一則是愈保守的央行官員在執行貨幣政策時,工會就可以利用央行官員保守的特性,致力追求高工資加碼,而不必擔心物價的上漲,所以選擇較高的工資加碼,為因應工會的決定,央行官員在考慮財政當局的決策行為下,將選擇較高的通貨膨脹率來回應之,其對通貨膨脹傾向的影響是間接且為正向的,這管道與Rogoff (1985)截然不同。就是因為多考慮了工會的角色,讓民眾作出現與Rogoff (1985)不同方向的通貨膨脹預期,因此,我們才會得到愈保守的央行官員執行貨幣政策,其帶來的通貨膨脹傾向影響決定於這兩種效果的相對大小的結論。
參考文獻 Acocella, N., Bartolome, G. D. and Tirelli, P. (2007), “Monetary conservatism and fiscal coordination in a monetary union,” Economics Letters 83, 205-210.
Alesina, A. (1987), “Macroeconomic policy in a two-party system as a repeated game,” Quarterly Journal of Economics 102, 651-678.
Alesina, A. and Gatti, R. (1995), “Independent central banks: low inflation at no cost,” American Economic Review 85, 196-200.
Alesina, A. and Summers, L. H. (1993), “Central bank independence and macroeconomic performance: some comparative evidence,” Journal of Money, Credit and Banking 25, 151-162.
Alesina, A. and Tabellini, G. (1987), “Rules and discretion with non-coordinated monetary and fiscal policies,” Economic Inquiry 25, 619-630.
Ball, L. (1999), “Efficient rules for monetary policy,” International Finance 2, 63-83.
Barro, R. J. and Gordon, D. B. (1983), “A positive theory of monetary policy in a natural rate model,” Journal of Political Economy 91, 589-610.
Beetsma, R. and Bovenberg, A. L. (1995), “The interaction of fiscal and monetary policy in a monetary union: balancing credibility and flexibility,” Working Papers Tilburg Center for Economic Research.
Beetsma, R. and Uhlig, H. (1997), “An analsysis of the stability and growth pact,” The Economic Journal 109, 546-571.
Canzoneri, M. B. (1985), “Monetary policy games and the role of private information,” American Economic Review 75, 1056-1070.
Crosby, M. (1995), “Wage indexation and the time consistency of government policy,” Scandinavian Journal of Economics 97, 105-121.
Cukierman, A. (1992), Central bank strategy, credibility and independence: theory and evidence. Cambridge: MIT Press.
Cukierman, A. (1996), “The economics of central banking,” Center for Economic Research, Tilburg University, Discussion Paper 9631.
Cukierman, A. and Lippi, F. (1999), “Central bank independence, centralization of wage bargaining, inflation and unemployment: theory and evidence,” European Economic Review 43, 1395-1434.
Demertzis, M. (2004), “Central bank independence: low inflation at no cost? a numerical simulations exercise,” Journal of Macroeconomics 26, 661-677.
Dixit, A. and Lambertini, L. (2001), “Monetary-fiscal policy interactions and commitment versus discretion in a monetary union,” European Economic Review 45, 977-987.
Dixit, A. and Lambertini, L. (2003), “Symbiosis of monetary and fiscal policies in a monetary union,” Journal of International Economics 60, 235-247.
Eijffinger, S. C. W., Hoeberichts, M. and Schaling, E. (2000), “Why money talks and wealth whispers: monetary uncertainty and mystique,” Journal of Money, Credit and Banking 32, 218-235.
Eijffinger, S. C. W. and Schaling, E. (1998), “Determinants of central bank independence,” in Eijffinger, S. C. W. and Huizinga, H. eds. Positive political economy: theory and evidence. 47-77. Cambridge: Cambridge University Press.
Eijffinger, S. C. W., Schaling, E. and Hoeberichts, M. (1998), “Central bank independence: a sensitivity analysis,” European Journal of Political Economy 14, 73-88.
Fischer, S. (1977), “Wage indexation and macroeconomic stability,” Carnegie- Rochester Conference Series on Public Policy 5, 107-147.
Fischer, S. and Summers, L. (1989), “Should governments learn to live with inflation,” American Economic Review 79, 382-387.
Geraats, P. M. (2002), “Central bank transparency,” Economic Journal 112, F532-F565.
Gerlach, S. (2003), “Recession aversion, output and the Kydland-Prescott Barro-Gordon model,” Economics Letters 81, 389-394.
Grilli, V., Masciandaro, D. and Tabellini, G. (1991), “Political and monetary institutions and public financial policies in the industrial countries,” Economic Policy 13, 341-392.
Gray, J. A. (1976), “Wage indexation: a macroeconomic approach,” Journal of Monetary Economics 2, 221-235.
Hallett, A. H. (2004), “A central bank for all seasons? the ‘lower inflation at no cost’ proposition under conditions of political uncertainty,” Macroeconomic Dynamics 8, 207-225.
Kydland, F. E. and Prescott, E. C. (1977), “Rules rather than discretion: the inconsistency of optimal plans,” Journal of Political Economy 85, 473-492.
Lawler, P. (1998), “Wage indexation and government intervention under perfect information,” Journal of Macoreconomics 20, 189-197.
Lawler, P. (2000), “Centralised wage setting, inflation contracts and the optimal choice of central banker,” Economic Journal 110, 559-575.
Lawler, P. (2005), “Central bank inflation contracts and strategic wage setting in a multiunion economy,” Economics Letters 86, 323-329.
Lucas, R. E. (1973), “Some information evidence on output-inflation trade-offs,” American Economic Review 63, 326-334.
Milesi-Ferretti, G. M. (1994), “Wage indexation and time consistency,” Journal of Money, Credit and Banking 26, 941-950.
Mourmouras, I. A. (1997), “On wage indexing, policy credibility and inflation,” Journal of Macoreconomics 19, 19-30.
Rogoff, K. (1985), “The optimal degree of commitment to a monetary target,” Quarterly Journal of Economics 100, 1169-1190.
Svensson, L. E. O. (1997), “Optimal inflation targets, conservative central banks, and linear inflation contracts,” American Economic Review 87, 98-114.
Waller, C. J. and VanHoose, D. D. (1992), “Discretionary monetary policy and socially efficient wage indexation,” Quarterly Journal of Economics 100, 1169-1190.
Walsh, C. (1995), “Optimal contracts for central bankers,” American Economic Review 85, 150-167.
描述 博士
國立政治大學
經濟研究所
89258501
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0892585011
資料類型 thesis
dc.contributor.advisor 賴景昌zh_TW
dc.contributor.author (Authors) 范志萍zh_TW
dc.creator (作者) 范志萍zh_TW
dc.date (日期) 2008en_US
dc.date.accessioned 19-Sep-2009 13:41:38 (UTC+8)-
dc.date.available 19-Sep-2009 13:41:38 (UTC+8)-
dc.date.issued (上傳時間) 19-Sep-2009 13:41:38 (UTC+8)-
dc.identifier (Other Identifiers) G0892585011en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/37416-
dc.description (描述) 博士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) 89258501zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) Kydland and Prescott (1977)及Barro and Gordon (1983)提出權衡性的貨幣政策伴隨著通貨膨脹傾向問題的產生,之後陸續有許多學者提出解決之道。如將貨幣政策委託給保守的央行官員執行、政府與央行官員簽訂績效契約、央行官員訂定目標通貨膨脹水準、提升央行的獨立性及增加貨幣政策的透明度等。這些解決通貨膨脹傾向的方法,不外乎從經濟或是政治結構、制度、貨幣當局的偏好及訊息等方面著手。因此,本文分別從結構面、訊息面及制度面探討如何降低通貨膨脹傾向。
首先,從結構面著手,考慮名目工資僵固性的問題。藉由工資調整指數的增加,一方面使短期Phillips曲線的斜率變陡,改變了通貨膨脹與失業兩者的抵換關係,打消央行官員採行權衡性的貨幣政策提高產出的念頭;另一方面則降低任用保守央行官員的意願,非保守央行官員將選擇較高的通貨膨脹政策。因此工資調整指數是否可以減少通貨膨脹傾向,將決定於這兩種影響的相對大小。
再者,從訊息面思考,民眾藉由央行官員宣示的目標產出水準的訊息,進行訊息提煉,修正通貨膨脹的預期,得到供給面訊息的透明度相對較低時,民眾會委託愈保守的獨立央行官員來制訂貨幣政策,進而改善通貨膨脹傾向問題的結論。
最後,從制度面作考量,同時考慮工會、貨幣當局與財政當局三種角色的模型,結果發現:當我們任用愈保守的央行官員執行貨幣政策時,其對通貨膨脹傾向產生的影響有二:一是愈保守的央行官員會降低民眾通貨膨脹的預期,且選擇較低的通貨膨脹率政策,其對通貨膨脹傾向的影響是直接且為負向的,這管道與Rogoff (1985)相同;另一則是愈保守的央行官員在執行貨幣政策時,工會就可以利用央行官員保守的特性,致力追求高工資加碼,而不必擔心物價的上漲,所以選擇較高的工資加碼,為因應工會的決定,央行官員在考慮財政當局的決策行為下,將選擇較高的通貨膨脹率來回應之,其對通貨膨脹傾向的影響是間接且為正向的,這管道與Rogoff (1985)截然不同。就是因為多考慮了工會的角色,讓民眾作出現與Rogoff (1985)不同方向的通貨膨脹預期,因此,我們才會得到愈保守的央行官員執行貨幣政策,其帶來的通貨膨脹傾向影響決定於這兩種效果的相對大小的結論。
zh_TW
dc.description.tableofcontents 第一章 緒論 1
第二章 工資調整指數、央行獨立性與權衡性的貨幣政策 8
第一節 前言 8
第二節 理論模型 10
第三節 結論 24
第三章 訊息提煉、央行獨立性與權衡性的貨幣政策 25
第一節 前言 25
第二節 理論模型 28
第三節 結論 43
第四章 工會下的權衡性貨幣政策與財政政策 45
第一節 前言 45
第二節 理論模型 48
第三節 結論 64
第五章 結論 66
參考文獻 71
附錄 75
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0892585011en_US
dc.subject (關鍵詞) 時序不一致性zh_TW
dc.subject (關鍵詞) 中央銀行獨立性zh_TW
dc.subject (關鍵詞) 通貨膨脹傾向zh_TW
dc.title (題名) 時序不一致性的三個議題zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Acocella, N., Bartolome, G. D. and Tirelli, P. (2007), “Monetary conservatism and fiscal coordination in a monetary union,” Economics Letters 83, 205-210.zh_TW
dc.relation.reference (參考文獻) Alesina, A. (1987), “Macroeconomic policy in a two-party system as a repeated game,” Quarterly Journal of Economics 102, 651-678.zh_TW
dc.relation.reference (參考文獻) Alesina, A. and Gatti, R. (1995), “Independent central banks: low inflation at no cost,” American Economic Review 85, 196-200.zh_TW
dc.relation.reference (參考文獻) Alesina, A. and Summers, L. H. (1993), “Central bank independence and macroeconomic performance: some comparative evidence,” Journal of Money, Credit and Banking 25, 151-162.zh_TW
dc.relation.reference (參考文獻) Alesina, A. and Tabellini, G. (1987), “Rules and discretion with non-coordinated monetary and fiscal policies,” Economic Inquiry 25, 619-630.zh_TW
dc.relation.reference (參考文獻) Ball, L. (1999), “Efficient rules for monetary policy,” International Finance 2, 63-83.zh_TW
dc.relation.reference (參考文獻) Barro, R. J. and Gordon, D. B. (1983), “A positive theory of monetary policy in a natural rate model,” Journal of Political Economy 91, 589-610.zh_TW
dc.relation.reference (參考文獻) Beetsma, R. and Bovenberg, A. L. (1995), “The interaction of fiscal and monetary policy in a monetary union: balancing credibility and flexibility,” Working Papers Tilburg Center for Economic Research.zh_TW
dc.relation.reference (參考文獻) Beetsma, R. and Uhlig, H. (1997), “An analsysis of the stability and growth pact,” The Economic Journal 109, 546-571.zh_TW
dc.relation.reference (參考文獻) Canzoneri, M. B. (1985), “Monetary policy games and the role of private information,” American Economic Review 75, 1056-1070.zh_TW
dc.relation.reference (參考文獻) Crosby, M. (1995), “Wage indexation and the time consistency of government policy,” Scandinavian Journal of Economics 97, 105-121.zh_TW
dc.relation.reference (參考文獻) Cukierman, A. (1992), Central bank strategy, credibility and independence: theory and evidence. Cambridge: MIT Press.zh_TW
dc.relation.reference (參考文獻) Cukierman, A. (1996), “The economics of central banking,” Center for Economic Research, Tilburg University, Discussion Paper 9631.zh_TW
dc.relation.reference (參考文獻) Cukierman, A. and Lippi, F. (1999), “Central bank independence, centralization of wage bargaining, inflation and unemployment: theory and evidence,” European Economic Review 43, 1395-1434.zh_TW
dc.relation.reference (參考文獻) Demertzis, M. (2004), “Central bank independence: low inflation at no cost? a numerical simulations exercise,” Journal of Macroeconomics 26, 661-677.zh_TW
dc.relation.reference (參考文獻) Dixit, A. and Lambertini, L. (2001), “Monetary-fiscal policy interactions and commitment versus discretion in a monetary union,” European Economic Review 45, 977-987.zh_TW
dc.relation.reference (參考文獻) Dixit, A. and Lambertini, L. (2003), “Symbiosis of monetary and fiscal policies in a monetary union,” Journal of International Economics 60, 235-247.zh_TW
dc.relation.reference (參考文獻) Eijffinger, S. C. W., Hoeberichts, M. and Schaling, E. (2000), “Why money talks and wealth whispers: monetary uncertainty and mystique,” Journal of Money, Credit and Banking 32, 218-235.zh_TW
dc.relation.reference (參考文獻) Eijffinger, S. C. W. and Schaling, E. (1998), “Determinants of central bank independence,” in Eijffinger, S. C. W. and Huizinga, H. eds. Positive political economy: theory and evidence. 47-77. Cambridge: Cambridge University Press.zh_TW
dc.relation.reference (參考文獻) Eijffinger, S. C. W., Schaling, E. and Hoeberichts, M. (1998), “Central bank independence: a sensitivity analysis,” European Journal of Political Economy 14, 73-88.zh_TW
dc.relation.reference (參考文獻) Fischer, S. (1977), “Wage indexation and macroeconomic stability,” Carnegie- Rochester Conference Series on Public Policy 5, 107-147.zh_TW
dc.relation.reference (參考文獻) Fischer, S. and Summers, L. (1989), “Should governments learn to live with inflation,” American Economic Review 79, 382-387.zh_TW
dc.relation.reference (參考文獻) Geraats, P. M. (2002), “Central bank transparency,” Economic Journal 112, F532-F565.zh_TW
dc.relation.reference (參考文獻) Gerlach, S. (2003), “Recession aversion, output and the Kydland-Prescott Barro-Gordon model,” Economics Letters 81, 389-394.zh_TW
dc.relation.reference (參考文獻) Grilli, V., Masciandaro, D. and Tabellini, G. (1991), “Political and monetary institutions and public financial policies in the industrial countries,” Economic Policy 13, 341-392.zh_TW
dc.relation.reference (參考文獻) Gray, J. A. (1976), “Wage indexation: a macroeconomic approach,” Journal of Monetary Economics 2, 221-235.zh_TW
dc.relation.reference (參考文獻) Hallett, A. H. (2004), “A central bank for all seasons? the ‘lower inflation at no cost’ proposition under conditions of political uncertainty,” Macroeconomic Dynamics 8, 207-225.zh_TW
dc.relation.reference (參考文獻) Kydland, F. E. and Prescott, E. C. (1977), “Rules rather than discretion: the inconsistency of optimal plans,” Journal of Political Economy 85, 473-492.zh_TW
dc.relation.reference (參考文獻) Lawler, P. (1998), “Wage indexation and government intervention under perfect information,” Journal of Macoreconomics 20, 189-197.zh_TW
dc.relation.reference (參考文獻) Lawler, P. (2000), “Centralised wage setting, inflation contracts and the optimal choice of central banker,” Economic Journal 110, 559-575.zh_TW
dc.relation.reference (參考文獻) Lawler, P. (2005), “Central bank inflation contracts and strategic wage setting in a multiunion economy,” Economics Letters 86, 323-329.zh_TW
dc.relation.reference (參考文獻) Lucas, R. E. (1973), “Some information evidence on output-inflation trade-offs,” American Economic Review 63, 326-334.zh_TW
dc.relation.reference (參考文獻) Milesi-Ferretti, G. M. (1994), “Wage indexation and time consistency,” Journal of Money, Credit and Banking 26, 941-950.zh_TW
dc.relation.reference (參考文獻) Mourmouras, I. A. (1997), “On wage indexing, policy credibility and inflation,” Journal of Macoreconomics 19, 19-30.zh_TW
dc.relation.reference (參考文獻) Rogoff, K. (1985), “The optimal degree of commitment to a monetary target,” Quarterly Journal of Economics 100, 1169-1190.zh_TW
dc.relation.reference (參考文獻) Svensson, L. E. O. (1997), “Optimal inflation targets, conservative central banks, and linear inflation contracts,” American Economic Review 87, 98-114.zh_TW
dc.relation.reference (參考文獻) Waller, C. J. and VanHoose, D. D. (1992), “Discretionary monetary policy and socially efficient wage indexation,” Quarterly Journal of Economics 100, 1169-1190.zh_TW
dc.relation.reference (參考文獻) Walsh, C. (1995), “Optimal contracts for central bankers,” American Economic Review 85, 150-167.zh_TW