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| Title: | 開放經濟體下納入信用市場之匯率動態
Exchange Rate Dynamics in a Small Open Economy with Credit Market |
| Authors: | 林育聖
Lin,Yu-Sheng |
| Contributors: | 朱美麗
Chu,Mei-Lie
林育聖
Lin,Yu-Sheng |
| Keywords: | 信用管道
信用市場
完全資本移動
匯率動態
貨幣政策傳導機制
credit channel
credit market
perfect capital mobility
exchange rate dynamics
monetary transmission mechanism |
| Date: | 2005 |
| Issue Date: | 2009-09-14 13:26:41 (UTC+8) |
| Abstract: | In the literature, a considerable theoretical and empirical works have investigated the credit channel of monetary transmission mechanism. This dissertation extends the Bernanke and Blinder (1988) model to an open-economy setting with flexible exchange rate and perfect capital mobility. By means of the framework, we examine the exchange rate dynamics and the adjustment of real output. It turns out that, with a significant credit channel effect, the exchange rate puzzle may occur in the short run and in long run. Moreover, in contrast to Dornbusch (1976), this dissertation shows that, depending upon the strength of the credit channel effect, overshooting, undershooting and counter-shooting impact effect may occur when international capital mobility is perfect.
In the literature, a considerable theoretical and empirical works have investigated the credit channel of monetary transmission mechanism. This dissertation extends the Bernanke and Blinder (1988) model to an open-economy setting with flexible exchange rate and perfect capital mobility. By means of the framework, we examine the exchange rate dynamics and the adjustment of real output. It turns out that, with a significant credit channel effect, the exchange rate puzzle may occur in the short run and in long run. Moreover, in contrast to Dornbusch (1976), this dissertation shows that, depending upon the strength of the credit channel effect, overshooting, undershooting and counter-shooting impact effect may occur when international capital mobility is perfect. |
| Reference: | Abrams, B. A. and F. R. Settle (2003), “Do Fixed Exchange Rates Fetter Monetary Policy? A Credit View,” NBER Working Papers, No.2003-09.
Bernanke, B. S. (1981), “Bankruptcy, Liquidity, and Recession,” American Economic Review, Vol. 71, No. 2, pp. 155-159.
Bernanke, B. S. (1983), “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review, Vol. 73, No. 3, pp. 257-276.
Bernanke, B. S. and S. A. Blinder (1988), “Credit, Money, and Aggregate Demand,” American Economic Review, Vol. 78, No. 2, pp. 435-439.
Bernanke, B. S. and S. A. Blinder (1992), “The Federal Funds Rate and the Channels of Monetary Transmission,” American Economic Review, Vol. 82, No. 4, pp. 901-921.
Bernanke B. S. and M. Gertler (1995), “Inside the Black Box: The Credit Channel of Monetary Policy Transmission,” Journal of Economic Perspectives, Vol. 9, No. 4, pp. 27-48.
Chiades, P. and L. Gambacorta (2004), “The Bernanke and Blinder Model in an Open Economy: The Italian Case,” German Economic Review , Vol. 5, No.1, pp. 1-34.
Chiang, Alpha (1984), Fundamental Methods of Mathematical Economics, 3rd ed. New York: McGraw-Hill.
Dornbusch, R. (1976), “Expectations and Exchange Rate Dynamics,” Journal of Political Economy, Vol. 84, No. 6, pp. 1161-1176.
Kuttner, K. N. and P. C. Mosser (2002), “The Monetary Transmission Mechanism: Some Answers and Further Questions,” FRBYN Economic Policy Review, pp. 15-26.
Liu, C. L. (2005), “The Effects of Credit Channel in a Small Open Economy with Perfect Capital Mobility,” Master Thesis, National Chengchi University Department of Economics.
Mishkin, F. S. (1995), “Symposium on the Monetary Transmission Mechanism,” Journal of Economic Perspectives, Vol. 9, No. 4, pp. 3-10.
Mundell, R. A. (1963), “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates,” The Canadian Journal of Economics and Political Science, Vol. 29, No. 4, pp. 475-485.
Tsai, C. C. (2005), “More on Monetary Policy in a Small Open Economy with Imperfect International Capital mobility: A Credit View,” Master Thesis, National Chengchi University Department of Economics. |
| Description: | 碩士
國立政治大學
經濟研究所
93258001
94 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0093258001 |
| Data Type: | thesis |
| Appears in Collections: | [經濟學系] 學位論文
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