通貨替代與貨幣內生成長

Currency Substitution and Monetary Endogenous Growth

蕭明福(Ming-Fu Shaw)

《經濟論文》 33卷4期 (2005/12) Pp. 505-535

https://doi.org/10.29628/AEP.200512.0005

摘要

本文分析名目貨幣成長政策對長期經濟成長率和通貨貶值率的效果，以及通貨替代（互補）程度對均衡之局部無法確定性的影響。我們得到：當通貨替代彈性大於（小於）1時，增加本國名目貨幣成長率將會激勵（傷害）長期經濟成長率；但不論通貨是替代或互補，名目貨幣成長率的提高都會造成通貨貶值率的上升。此外，我們發現愈高的通貨替代彈性，體系之平衡成長將愈容易產生局部無法確定性。

關鍵字

通貨替代 ； 貨幣成長 ； 經濟成長 ； 局部無法確定性

並列摘要

This paper analyzes the long-run effect of a permanent rise in the rate of money growth on economic growth and the depreciation rate. We also explore how indeterminacy is affected by the degree of currency substitution. It is shown that the elasticity of currency substitution plays a decisive role in the economic growth effects of monetary policy. Relatively higher money growth will result in a higher (lower) economic growth rate if the elasticity of currency substitution is larger (less) than one; while it raises the depreciation rate, regardless of whether currencies are substitutable or complementary. In addition, we also find that local indeterminacy is more likely to appear if the elasticity of currency substitution is larger.

並列關鍵字

Currency substitution ； Money growth ； Economic growth ； Local indeterminacy

參考文獻

Agénor, P. R.,P. J.Montiel(1999).Development Macroeconomics.New Jersey:Princeton University Press.

Barro, R. J.,V. Grilli(1994).European Macroeconomics.London:Macmillan Press.

Barro, R. J.,X. Sala-i-Martin(1995).Economic Growth.New York:MeGraw-Hill.

Benhabib, J.,R. E. A. Farmer(1994).Indeterminacy and Increasing Returns.Journal of Economic Theory.63,19-41.

Benhabib, J.,R. E. A. Farmer(1996).Indeterminacy and Sector-Specific Externalities.Journal of Monetary Economics.37,421-443.