貨幣內生成長與通貨膨脹率指標：內生化資本使用率的分析

Monetary endogenous growth and inflation rate targeting: an analysis of endogenous capital utilization

李胤稼(Li Yin-Jia)

指導教授 ： 賴景昌

國立政治大學/社會科學學院/經濟學系/碩士(2020年)

https://doi.org/10.6814/NCCU202001267

摘要

本文根據Lai and Chin (2013)模型為基礎架構，考慮貨幣的現金交易成本功能，以及廠商在生產過程中可以選擇使用部分或全部機器設備的設定，建構貨幣內生成長模型。我們將在投資有無調整成本之下進行討論。本文透過模型分析央行通貨膨脹率指標政策對於經濟成長率的影響，並說明政策有效性。
本文研究發現，當央行提高通貨膨脹率指標水準，在投資無調整成本的情況下，無法確定通貨膨脹率指標的增加對於經濟成長率的影響，而在投資有調整成本的情況下，通貨膨脹率指標的增加會降低經濟成長率。

關鍵字

現金交易成本 ； 貨幣內生成長 ； 資本使用率 ； 通貨膨脹率指標 ； 誠實的政府

並列摘要

Based on Lai and Chin (2013), this thesis builds up a monetary endogenous growth model in which money serves as a mechanism to reduce transaction costs, and then uses it to examine the impact of inflation rate targeting on the economy's balanced growth rate. Compared with the existing literature, the salient feature of the model is that it allows for the endogenous determination of the capital utilization rate and the presence of investment adjustment costs.
Two main findings emerge from the analysis. First, in the absence of investment adjustment costs, an increase in the pegged inflation rate may either raise or lower the balanced growth rate. Second, in the presence of investment adjustment costs, a rise in the pegged inflation rate definitely tends to lower the balanced growth rate.

並列關鍵字

Pecuniary transaction costs ； Endogenous growth ； Capital utilization ； Inflation rate targeting ； Honest government

參考文獻

賴景昌 (2018)，開放經濟的內生成長理論。政治大學經濟學研究所上課講義。

Abel, A. B. and Blanchard, O. J. (1983), “An intertemporal model of saving and investment," Econometrica 51, 675-692.

Auernheimer, L. (1974), “The honest government's guide to the revenue from the creation of money,” NBER Working Paper 5326.

Aznar-Márquez, J. and Ruiz-Tamarit, J. R. (2004), “Endogenous growth, capital utilization and depreciation,” FEDEA Working Paper 2004-21.

Barro, R. J. (1995), “Inflation and economic growth,” Annals of Economics and Finance 14, 85-109.