充分就業產出、理想金融匯率水準與政策搭配－完全沖銷措施雙元匯率制度下的探討

Inflation, Desired Financial Exchange Rates and Policy Assignment-An Analysis of Pure Dual Exchange Rates System Aggregate Demand and Supply Model

廖培賢(Peir-Shyan Liaw)

《東海管理評論》 9卷1期 (2007/07) Pp. 1-37

摘要

本文將Salop (1974)及Purvis (1979)同時兼顧總合需求面及總合供給面浮動匯率制度的小型開放經濟模型，予以延伸至完全沖銷措施(perfect sterilization operations)的雙元匯率制度(two-tier exchange rates)，並假定政策當局選擇以充分就業的產出及金融匯率達到理想水準做為政策目標，並以財政政策及貨幣政策做為政策工具，為這此雙重政策目標，則適當的政策搭配為何的課題。我們的結論顯示：(1)在資本移動程度相對較大情況時：財政當局將財政政策用來追求充分就業的產出，貨幣當局將貨幣政策用來追求理想的金融匯率水準；或者是財政當局將財政政策用來追求理想的金融匯率水準，貨幣當局將貨幣政策用來追求充分就業的產出，最後都可以圓滿地達成兩個政策目標。(2)在資本移動程度相對較小情況時：(A)財政當局將財政政策用來追求理想的金融匯率水準貨幣當局將貨幣政策用來追求充分就業的產出，最後也可以圓滿地達成兩個政策目標。(B)若能滿足經濟體系安定性條件，則財政當局將財政政策用來追求充分就業的產出，貨幣當局將貨幣政策用來追求理想的金融匯率水準，最後也可以圓滿地達成兩個政策目標。

關鍵字

完全沖銷措施 ； 雙元匯率制度

並列摘要

This paper extends Salop's (1974) and Purvis's (1979) flexible exchange rates system small open economy model to the perfect sterilization operation dual exchange rates system. We assume the policy authorities choose the full employment output and desired financial exchange rates level as policy targets and use fiscal policy and monetary policy as policy instruments. If the policy authorities want to achieve the dual policy targets, then how to choose the appropriate policy assignment. We findings: (l)In the larger degree of capital mobility case: If the fiscal authority uses fiscal policy to achieve the full employment output (desired financial exchange rates level) and the monetary authority uses monetary policy to achieve the desired financial exchange rates level (full employment output), then the policy authority can achieve the dual policy targets. (2)In the smaller degree of capital mobility case: If the fiscal authority uses fiscal policy to achieve desired financial exchange rates level (the full employment output) and the monetary authority uses monetary policy to achieve the full employment output (desired financial exchange rates level), the policy authority can achieve the dual policy targets (if the economy satisfies the dynamic stability condition, the policy authority still can achieve the dual policy targets).

並列關鍵字

Perfect sterilization operations ； Two-tier exchange rates

參考文獻

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