資產流動性與菲力普曲線

根據Greenspan and Kennedy (2007)發現，隨著金融市場商品的創新，人們開始將原本流動性低的房屋當成抵押品，使其成為高流動性的資產，進而增加消費，然而這些房產淨值慢慢演變成日後嚴重的金融海嘯。本文透過全面均衡模型探討資產流動性與勞動市場之間的關聯。我們以全面均衡模型為基礎，根據Berensten, Mezio and Wright (2011)與Venkateswaran and Wright (2013)的模型設定，我們分別探討在沒有加入貨幣的情況之下，資產流動性充足以及稍微不足時對於失業率是否有影響。結果發現，在資產流動性充足的情況之下，失業率並不受到資產可抵押性所影響；而在資產流動性不足時，由於失業率會受流動貼水效果大小而影響，因此我們在此做兩部分的分析。若流動貼水效果較大，會使得失業率下降；反之，若流動貼水效果較小，則會使得失業率上升。接著我們再探討加入貨幣並且資產流動性不足的情況，發現在此情況下，流動貼水和失業率呈現正相關，並且房屋價格與其可抵押性對於交易數量和失業率沒有影響。

關鍵字

全面均衡模型；資產可抵押性；資產流動性；流動貼水；失業率

並列摘要

According research conducted by Greenspan and Kennedy (2007), with innovation in the financial market products, people were lured to mortgage their house, turning them into high liquidity assets to buy more products. However, it is those subprime mortgage that caused the notorious 2008 financial crisis. This research discusses the correlation between asset liquidity and labor market by adopting the equilibrium model. Based on Berensten, Mezio and Wright (2011) and Venkateswaran and Wright (2013), we discuss the effects on the unemployment rate with different of asset liquidity. Through this research, we conclude that with sufficient asset liquidity, the unempioyment rate wasn’t affect by the pledgeability of the asset. On the other hand, without sufficeient liquidity, the unemployment rate will be affected by the liquidity premium. We find that liquidity premium and unemployment rate has a positive correlation, while the value of real estate and its pledgeability has no effect on trading volume and unemployment rate.