Mundell 命題：文獻的回顧與綜合

The Mundell Proposition: A Synthesis of Literature

陳昭南(Chau-Nan Chen) ； 賴景昌(Ching-Chong Lai) ； 張俊仁(Juin-Jen Chang)

《經濟論文叢刊》 29卷4期 (2001/12) Pp. 365-401

https://doi.org/10.6277/ter.2001.294.1

摘要

1999年諾貝爾經濟學獎得主Robert A. Mundell 教授在1960年代撰寫了一系列的論文，將總體濟理論與國際金融的議題做了優美的結合；自此之後，國際金融總是依附總體經濟理論的創新呈現日新月異的發展。在Mundell教授所有著作中，最受到學界稱頌者首推Mundell (1963)。該篇經典文獻在國際間資本完全移動及貨幣當局無法採行沖銷措施的前提下，比較財政政策與貨幣政策於不同匯率制度的產出效果。由於Mundell (1963) 的論著在開放經濟分析有其不可抹滅的歷史地位，後續的研究乃將該文的結論稱為「Mundell 命題」。本文以「物價固定與否」作為回顧相關文獻的分野，而將相關文獻區分為固定物價之總合需求面分析以及物價內生化之總合需求－總合供給分析。依循總體經濟理論發展的先後次序，本文對Mundell 命題的頑強性做一文獻回顧及綜合。

關鍵字

Mundell 命題 ； 財政政策 ； 貨幣政策

並列摘要

Robert Mundell, the winner of the 1999 Nobel Prize in Economic Science, wrote a series of papers in the 1960s. A notable feature of these papers is that the issues of papers of international finance are elegantly integrated with macroeconomic theories. From then on, a lot of new topics in international finance were developed. Among the Mundell contributions, the most significant and path-breaking one is his work on the effectiveness of macroeconomic policies under alternative exchange rate systems. By assuming perfect capital mobility and zero sterilization, two conclusions are established by Mundell (1962). First, fiscal policy is entirely ineffective in raising output under flexible exchange rates but most effective in raising it under fixed exchange rates. Second, monetary policy is entirely ineffective in raising output under fixed exchange rates but most effective in raising it under flexible exchange rates. These results are now dubbed the Mundell proposition in the literature. Over the last three decades, the Mundel proposition has been refined, extended, and revised in a variety of ways. This paper develops a coherent analytical framework to review the existing literature on the robustness of the Mundell proposition.

並列關鍵字

the Mundell proposition ； fiscal policies ； monetary policies

參考文獻

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