房價與貨幣政策：一個兼具價格與工資僵固性的新凱因斯模型

Housing and Monetary Policies in a Model with Price and Wage Rigidities

許延林(Yen-Lin Hsu)

指導教授 ： 張永隆

國立臺灣大學/社會科學院/經濟學研究所/碩士(2008年)

https://doi.org/10.6342/NTU.2008.03174

摘要

本文研究在一個新凱因斯DSGE模型下，貨幣當局是否應將房價納入貨幣法則的目標中。在一個兼具價格與工資僵固性的新凱因斯封閉經濟體下，本文探討三種利率法則(包括通貨膨脹目標、工資通膨目標與房價通膨)在穩定產出、穩定物價的表現。結果顯示房價目標較通貨膨脹目標更能穩定產出及工資通膨；此外本文亦發現房價目標與工資目標在穩定產出與穩定物價各具擅場。

關鍵字

房價 ； DSGE ； 新凱因斯 ； 貨幣政策

並列摘要

We investigate whether monetary authorities should react to housing prices in a New Keyneisian DSGE model. We construct a New Keynesian closed economy where both price and wage rigidities exist and evaluate the performances of different interest rate rules. The results suggest that housing price inflation targeting outperforms price inflation targeting in terms of output and wage inflation stabilization. We also find that there is a trade-off between output variability and price variability in comparing housing price inflation targeting and wage inflation targeting.

並列關鍵字

housing prices ； DSGE ； New Keynesian ； monetary policies

參考文獻

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