貨幣法則與所得波動

Monetary Rule and Income Fluctuations

10.6277/ter.2001.293.1

林玫吟(Mei-Yin Lin)；毛慶生(Ching-Sheng Mao)

貨幣法則 ； 貨幣政策 ； 景氣波動 ； monetary rule ； monetary policy ； business fluctuations

經濟論文叢刊

29卷3期（2001 / 09 / 01）

235 - 262

繁體中文

本文主要探討是否能設計一套貨幣供給法則，以物價及所得的穩定為前提，同時達成股票市場的安定。此一貨幣法則類似McCallum的「貨幣基數成長率法則」，我們在不同的總體模型設定下，分別檢驗上述政策法則的表現，根據本文的模擬結果，這套貨幣法則的確能達成控制物價及穩定所得的政策目標，但是其對於股票價格指數的穩定效果與中央銀行實際的貨幣供給政策比較起來，差異並不太大。

In this paper we examine the performance of a monetary policy rule that aims to smooth nominal GNP fluctuations and to stabilize fluctuations in stock prices. We modify McCallum's base rule (1987) and find that the proposed rule performs reasonably well in different structural models for Taiwan. However, the stabilizing effect for stock price is of secondary importance.

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