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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/37407


    Title: 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
    Authors: 王書盛
    Wang, Shu-Sheng
    Contributors: 朱美麗
    王書盛
    Wang, Shu-Sheng
    Keywords: 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
    Date: 2007
    Issue Date: 2009-09-19 13:40:01 (UTC+8)
    Abstract: 
    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.
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    Description: 碩士
    國立政治大學
    經濟研究所
    95258004
    96
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0095258004
    Data Type: thesis
    Appears in Collections:[經濟學系] 學位論文

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