服務業與製造業定價模式之動態隨機一般均衡模型分析

本文建立一小型開放經濟體系之兩國動態隨機一般均衡模型（Dynamic Stochastic General Equilibrium model, DSGE），探討本國製造業和服務業利用出口品的不同定價方式在本國發生生產力衝擊、利率衝擊、匯率衝擊與國外生產力衝擊時，本國兩種產業利潤的變化。而其中廠商在出口產品時，有兩種定價方法，分別為生產者貨幣定價（Producer Currency Pricing, PCP），即廠商的定價行為依照本國貨幣作為計價單位，透過名目匯率轉換為外國消費者面對的商品價格，單一價格法則（the Law of One Price, LOP）在此定價方式下成立；與消費者貨幣定價（Local Currency Pricing, LCP），本國廠商以當地貨幣作為計價單位訂定其商品價格。DSGE模型以個體最適化為基礎，適合用來衡量經濟變數對於各類外生衝擊的反應。結果發現在本文模型設定下，當面臨衝擊時，利潤動態平均數和標準差之結果顯示：服務業採行消費者貨幣定價法，製造業採行生產者貨幣定價法。由於製造業的生產函數中含有國外進口原料，採用生產者貨幣定價，可避免因匯差造成之虧損；而服務業廠商之生產函數只包含本國勞動力，其成本不受匯率波動之影響，則較適合採用消費者貨幣定價。

關鍵字

消費者貨幣定價；生產者貨幣定價；新凱因斯模型；小型開放經濟；動態隨機一般均衡模型

並列摘要

This paper sets up a two-country, small-open-economy dynamic stochastic general equilibrium (DSGE) model to discuss what pricing strategies manufacturing and service industries should adopt for the exports in response to productivity shocks, interest rate shocks, and exchange rate shocks. In general, there are two types of pricing methods: under producer currency pricing (PCP), prices of exports are set in the seller’s currency and the law of one price holds. Under local currency pricing (LCP), prices of exports are set and sticky in the buyer’s currency. DSGE models are built on micro-foundations and used to evaluate the impacts of exogenous shocks on economic variables. According to mean and standard deviation of the variables, our results suggest that the manufacturing industry should use PCP and the service industry should use LCP. The results show that the manufacturing industry including imported material tends to adopt PCP in order to avoid exchange-rate risks. However, the service industry has only domestic labor in the production function and tends to adopt LCP.

並列關鍵字

Dynamic Stochastic General Equilibrium ； Local Currency Pricing ； Producer Currency Pricing ； Small Open Economy ； New Keynesian model

參考文獻

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服務業與製造業定價模式之動態隨機一般均衡模型分析

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