Interest-Rate Feedback Rules under Currency Substitution

通貨替代下的利率回饋法則

張文雅(Wen-Ya Chang) ； 蔡雪芳(Hsueh-Fang Tsai) ； 陳昭南(Chau-Nan Chen) ； 周建富(Chien-Fu Chou)

《經濟論文》 43卷2期 (2015/06) Pp. 153-173

摘要

本文延伸Benhabib et al.（2001a）之單一貨幣模型至含有通貨替代的浮動匯率小型開放經濟體。我們假設體系只有一種產出固定的貿易財。而國內外貨幣所提供的流動性勞務，與該貿易財之消費，共同決定效用水準。當消費與流動性營務之間存在Edgeworth獨立時，利率回饋法則有穩定經濟的效果。產生均衡不確性的關鍵，則取決效用函數中本國貨幣與外國貨幣之間的替代（或互補）關係，以及貨幣政策的積極（或消極）特性。

關鍵字

通貨替代 ； 浮動匯率 ； 利率法則 ； 不確定性

並列摘要

We extend Benhabib et al. (2001a) domestic-money-only model to a small open economy with flexible exchange rates and currency substitution. We focus on the situation in which there is a single traded-good endowment economy and the utility function is separable between consumption and liquidity services from domestic and foreign monies. The interest rate policy can exert effects on stabilizing the economy even if consumption and liquidity services from the two monies are Edgeworth independent. The key point in determining the equilibrium indeterminacy crucially depends on the relationship between domestic and foreign monies in the felicity function and the type of monetary policy.

並列關鍵字

Currency substitution ； Flexible exchange rates ； Interest rate rules ； Indeterminacy

參考文獻

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