政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/37407
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 114522/145549 (79%)
造访人次 : 53541398      在线人数 : 1196
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/37407


    题名: 貨幣政策與信用管道：資本不完全移動之動態分析
    Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility
    作者: 王書盛
    Wang, Shu-Sheng
    贡献者: 朱美麗
    王書盛
    Wang, Shu-Sheng
    关键词: 信用管道
    匯率困惑
    資本不完全移動
    動態調整
    credit channel
    exchange rate puzzle
    imperfect capital mobility
    dynamic adjustment
    日期: 2007
    上传时间: 2009-09-19 13:40:01 (UTC+8)
    摘要: 無
    This study investigates the monetary effects under the floating exchange rates and imperfect capital mobility by extending the model of Bernanke and Blinder (1988) into a small open economy. It is shown that with credit channel of monetary transmission explicitly considered, the effect of monetary policy on output may be augmented or lessen in our model depending on whether the exchange rate depreciates or appreciates. In addition, the exchange rate puzzle found in the empirical studies can be explained in our theoretical model. The dynamic adjustment patterns of the output and the exchange rate after an increase in money supply are further examined. Under the case of relative high capital mobility, when the real output gradually adjusts toward a higher level, the exchange rate may overshoot, undershoot, or even counter-shoot during the dynamic adjustment process. This provides another one explanation for the volatility of exchange rates under floating rates. Therefore, as financial markets become more internationalized, the conduct of monetary policy turns more complicated in an open economy.
    參考文獻: Abrams, B.A. and F. R. Settle (2003), “Do Fixed Exchange Rates Fetter Monetary Policy? A Credit View,” Eastern Economic Journal, 33, 193-205.
    Bernanke, B. S. and A. S. Blinder (1988), “Credit, Money, and Aggregate Demand,” American Economic Review, 78, 435-439.
    Bernanke, B. S. and A. S. Blinder (1992), “The Federal Funds Rate and Channels of Monetary Transmission,” American Economic Review, 82, 901-921.
    Bernanke, B. S. and M. Gertler (1989), “Agency Costs, Net Worth, and Business Fluctuations,” American Economic Review, 79, 14-31.
    Bernanke, B. S. and M. Gertler (1995), “Inside the Black Box: the Credit Channel of Monetary Policy Transmission,” Journal of Economic Perspectives, 9, 27-48.
    Blanchard, O. J. (1981), “Output, the Stock Market, and the Interest Rates,” American Economic Review, 71, 132-143.
    Buiter, W. H. (1984), “Saddlepoint Problems in Continuous Time Rational Expectation 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.
    Chiades, P. and L. Gambacorta (2004), “The Bernanke and Blinder Model in an Open Economy: The Italian Case,” German Economic Review, 5, 1-34.
    Dornbusch, R. (1976), “Expectations and Exchange Rate Dynamics,” Journal of Political Economy, 84, 1161-1176.
    Gandolfo, G. (1996), Economic Dynamics, New York: Springer.
    Gertler, M. and S. Gilchrist (1993), “The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence,” Scandinavian Journal of Economics, 95, 43-64.
    Gertler, M. and S. Gilchrist (1994), “Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms,” Quarterly Journal of Economics, 109, 309-340.
    Hoy et al. (2001), Mathematics of Economics, Cambridge, Mass: MIT Press.
    Kashyap A. K. and J. C. Stein (1995), “The Impact of Monetary Policy on Bank Balance Sheets,” Carnegie-Rochester Conference Series on Public Policy, 42, 151-159.
    Kashyap, A. K., J. C. Stein and D. W. Wilcox (1993), “Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance,” American Economic Review, 83, 78-98.
    Kuttner, K. N. and P. C. Mosser (2002), “The Monetary Transmission Mechanism: Some Answers and Further Questions,” FRBYN Economic Policy Review, 8, 15-26.
    Mishkin, F. S. (1995), “Symposium on the Monetary Transmission Mechanism,” Journal of Economic Perspectives, 9, 3-10.
    Modigliani, F. and R. Miller (1958), “The Cost of Capital, Corporate Finance and the Theory of Investment,” American Economic Review, 48, 261-297.
    Patinkin, D. (1956), Money, Interest, and Prices, New York: Harper and Row.
    Ramı́rez, C. D. (2001), “Even More on Monetary Policy in a Small Open Economy,” International Review of Economics & Finance, 10, 399-405.
    Ramı́rez, C. D. (2004), “Monetary Policy and the Credit Channel in an Open Economy,” International Review of Economics & Finance, 13, 363-369.
    Ramsey, V. (1993), “How Important is the Credit Channel in the Transmission of Monetary Policy?,” Carnegie-Rochester Conference Series on Public Policy, 39, 1-45.
    Roosa, R. V. (1951), “Interest Rates and the Central Bank,” in Money, Trade, and Economic Growth: Essays in Honor of John Henry Williams, 270-295. (New York: Macmillan)
    Stiglitz, J. E. and A. Wesis (1981), “Credit Rationing in Markets with Imperfect Information,” American Economic Review, 71, 393-410.
    Stiglitz, J. E. and A. Wesis (1992), “Asymmetric Information in Credit Markets and its Implications for Macroeconomics,” Oxford Economic Papers, 44, 694-724.
    Thornton, D. L. (1994), “Financial Innovation, Deregulation, and the ‘Credit View’ of Monetary Policy,” Federal Reserve Bank of St. Louis Review, 76, 31-49.
    Tsai, C. C. (2005), “More on Monetary Policy in a Small Open Economy with Imperfect International Capital Mobility: A Credit View,” Master’s thesis, Department of Economics, National Chengchi University.
    Turnovsky, S. J. (1995), Methods of Macroeconomic Dynamics, MIT Press, Cambridge, MA.
    Wu, Y. (1999), “More on Monetary Policy in a Small Open Economy: A Credit View,” International Review of Economics & Finance, 8, 223-235.
    描述: 碩士
    國立政治大學
    經濟研究所
    95258004
    96
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0095258004
    数据类型: thesis
    显示于类别:[經濟學系] 學位論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    800401.pdf40KbAdobe PDF2844检视/开启
    800402.pdf73KbAdobe PDF2853检视/开启
    800403.pdf13KbAdobe PDF2652检视/开启
    800404.pdf39KbAdobe PDF2619检视/开启
    800405.pdf32KbAdobe PDF2664检视/开启
    800406.pdf93KbAdobe PDF218899检视/开启
    800407.pdf96KbAdobe PDF21839检视/开启
    800408.pdf85KbAdobe PDF21690检视/开启
    800409.pdf14KbAdobe PDF2669检视/开启
    800410.pdf87KbAdobe PDF21315检视/开启
    800411.pdf46KbAdobe PDF2724检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈