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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/51621


    Title: 美元本位制下福利與貨幣政策分析
    Welfare and Monetary Policy under a Dollar Standard
    Authors: 賴建男
    Contributors: 黃俞寧
    賴建男
    Keywords: 美元本位制
    動態隨機一般均衡
    貨幣政策
    Monetary Policy
    DSGE
    Dollar Standard
    Date: 2009
    Issue Date: 2011-10-11 17:02:41 (UTC+8)
    Abstract: 美元在世界上具有獨特的地位，大部份在國際上貿易的商品都以美元做為訂價，Devereux, Shi and Xu (2007)依此情況而把美元稱為國際上的參考貨幣(reference currency)。本文即以美元為參考貨幣的情況，建立一兩國動態隨機一般均衡(Dynamic Stochastic General Equilibrium)模型來探討在世界經濟體系中，有參考貨幣時，貨幣衝擊對兩國經濟體系的影響，以及當面對外在環境衝擊時，兩國政府應該如何選擇適當的貨幣政策。結果發現，擁有參考貨幣的國家發生貨幣衝擊時，對兩國的產出都有正面的影響，然而非參考貨幣國家發生貨幣衝擊時，反而有以鄰為壑(beggar-thy-neighbor)的效果。而在面臨外在環境衝擊時，選擇穩定通貨膨脹的利率法則對兩國而言都會帶來較好的福利效果。
    The U.S. dollars in the world possess a unique position; the majority of the international tradable goods are priced in the U.S. dollars. This paper sets up a two-country DSGE model where the U.S. dollar serves as the reference currency to quantitatively examine the impacts caused by the monetary shocks, as well as how both governments should adopt their monetary policies when facing external shocks. The results show that there are positive impacts on both countries` outputs when a monetary shock occurs in the reference-currency-holding country; Conversely, there is a beggar-thy-neighbor effect when the shock takes place in the other country. In general, the inflation-targeting interest rate rule leads to greater welfare in both countries.
    Reference: Bergin, P. R., Shin, H. C. and Tchakarov, I. (2007), “Does Exchange Rate Variability Matter for Welfare? A Quantitative Investigation of Stabilization Policies,” European Economic Review, v.51, 1041-58.
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    Goldberg, L. S. and Tille, C. (2005), “Vehicle Currency Use in International Trade,” FRB of New York Staff Report, no.200.
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    Description: 碩士
    國立政治大學
    經濟學系
    96258014
    98
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096258014
    Data Type: thesis
    Appears in Collections:[Department of Economics] Theses

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