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| 題名: | 貨幣政策對房屋市場的影響之探討 —動態隨機一般均衡模型分析
The Effect of Monetary Policy on Housing Market—A Dynamic Stochastic General Equilibrium Framework |
| 作者: | 曾楷仁
Tzeng, Kai Ren |
| 貢獻者: | 黃俞寧
Hwang, Yu Ning
曾楷仁
Tzeng, Kai Ren |
| 關鍵詞: | 動態隨機一般均衡模型
房價
貨幣政策
泰勒法則
房價目標
通膨目標 |
| 日期: | 2013 |
| 上傳時間: | 2014-07-29 16:14:12 (UTC+8) |
| 摘要: | 本文的研究目的是在動態隨機一般均衡模型的架構中，比較不同貨幣政策之下，外生衝擊對房價及總體變數的衝擊反應；本文建立一個封閉經濟體系，其中包含家計單位、房屋擁有者、房屋建商及商品生產部門，並且由一個貨幣當局制訂利率政策；本文探討三種利率法則:傳統的泰勒法則、加入房價目標的利率法則、通貨膨脹目標的利率法則及一個激進的通貨膨脹目標利率法則，我們分別在這四種利率政策下模擬成本衝擊、技術衝擊、貨幣衝擊及家計單位對房屋的偏好衝擊，比較這三種政策下房價和其他變數的衝擊反應函數；本文發現加入房價目標對房價穩定沒有顯著的影響，而傳統的泰勒法則相對於通貨膨脹目標的利率政策對房價穩定比較有幫助。
The main purpose of this paper is to compare the effect of various shocks on house price and other macroeconomic variables under different monetary policies using micro-based dynamic stochastic general equilibrium (DSGE) analysis. We construct a closed economy with a representative household, a representative house owner, a house producer, a producer of goods and a monetary authority that implements monetary policies. We discuss three interest rate policy settings, which include traditional Taylor’s Rule, Taylor’s Rule with house price targeting and an inflationary targeting monetary policy followed by an aggressive inflationary targeting rule. We compare the impulse response function with an inflationary shock, a technology shock, a monetary shock and a household’s preference shock under these monetary policies. We discover that adding house price targeting into traditional Taylor’s Rule does not work better in house price stabilization. Our results show the apparent importance of Taylor’s rule in house price stabilization. |
| 參考文獻: | 1. Aoki, K., J. Proudman, and G. Vlieghe (2002), “House
Prices, Consumption, and Monetary Policy: A Financial
Accelerator Approach”, Bank of England Working Paper,
169-190.
2. Bernanke, B. and M. Getler (1999), “Monetary Policy and
Asset Price Volatility”, Economic Review, 4, 17-51.
3. Bernanke, B., M. Getler, and S. Gilchrist (1999), “The
Financial Accelerator in a Quantitative Business Cycle
Framework”, Handbook of Macroeconomics, 1, 1341-1393.
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5. Central Bank of China (Taiwan) (2014), The International
Perspective on House Price, Interest Rate and Cautious
Policies, Retrieved from http://www.cbc.gov.tw/
public/Attachment/422416342071.pdf.
6. Chang, C. O., M. C. Chen, H. J. Teng, and C.Y. Yang
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(No. 100-2410-H-004-198), Ministry of Science and
Technology, Taiwan: Taipei City, Retrieved from http://nccur.lib.nccu.edu.tw/bitstream/140.119/52370/1/100-2410-H-004-198.pdf.
10.SinYi Research Center for Real Estate (2014), Taiwanese
House Price Index (Data file). Retrieved from the website
of National ChengChi University College of Commerce:
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1314260174.docx.
11.Taiwanese Economic Journal (2014), Taiwanese House Price
to Income Ratio (Database). Retrieved from Taiwanese
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| 描述: | 碩士
國立政治大學
經濟學系
101258004
102 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G1012580041 |
| 資料類型: | thesis |
| 顯示於類別: | [經濟學系] 學位論文
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