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政大典藏 > College of Social Science > Department of Public Finance > Periodical Articles > Item 140.119/79648

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/79648

Title:	Cost Channel of Monetary Policy: Financial Frictions and External Shocks
Authors:	Chang, Jui-Chuan Della;Huang, Chen-Jui;Chien, I-Che
Contributors:	財政系
Keywords:	cost channel, external shock, financial friction, monetary policy
Date:	2014
Issue Date:	2015-12-14 17:33:38 (UTC+8)
Abstract:	This paper deepens our understanding of the importance of the cost channel of monetary policy, where inflation adjusts with a firm`s marginal cost of working capital. A model extended for a small, open economy with financial frictions is proposed and examined with data from Taiwan. The cost channel effect on inflation adjustment is substantiated by simultaneous generalized method of moments estimations and appears to be strengthened by financial frictions but mitigated by external shocks. Greater caution is hence required in the conduct of monetary policy for a bank-dependent emerging economy such as Taiwan because of the relative complexity in its supply-side interest rate pass-through.
Relation:	Emerging Markets Finance and Trade, Volume 50, Issue 2, pages 138-152
Data Type:	article
DOI link:	http://dx.doi.org/10.2753/REE1540-496X500208
DOI:	10.2753/REE1540-496X500208
Appears in Collections:	[Department of Public Finance] Periodical Articles

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