資產流動性、失業與貨幣政策

Liquidity, Unemployment and Monetary Policy

10.6277/TER.202003_48(1).0004

陳妍蒨(Yen-Chien Chen)；張德存(Te-Tsun Chang)；林佑龍(Yo-Long Lin)

失業 ； 資產流動性 ； 菲力普曲線 ； pledgeability ； unemployment ； Phillips curve

經濟論文叢刊

48卷1期（2020 / 03 / 01）

107 - 136

繁體中文

本文以全面均衡的模型來探討台灣資產流動性，勞動市場與貨幣政策長期的關聯。模型捕捉社會上的經濟活動有時會處於完全競爭市場，有時交易也會需要搜尋、議價或受限於信用限制。因存在著受限制的承諾，因此消費者需要將資產當成抵押品來進行交易。在貨幣均衡下，流動性上限將由貨幣政策決定。若央行增加貨幣成長率，因為貨幣價值越低，人們對於房屋的需求會更高，房屋實質價格會上升；然而，房屋價量增加的結果只是排擠貨幣的持有，消費者可使用資金的實質價值反而下降，進而減少消費。廠商也會因爲獲利銳減而減少雇用人員，使得失業率提高。

In the current paper we study the interactions between asset liquidity (pledge-ability), unemployment, and monetary policies in a general equilibrium framework. Limited commitment or imperfect monitoring affects interterm-poral allocation of resources. People then use assets as collateral to ensure compliance with commitment. In the monetary equilibrium, the debt limits are determined by monetary policies. Higher monetary growth rates lower real balances but push up real housing prices. Households, however, consume less because of decreasing values of purchasing power of total assets. Also, firms hire fewer workers because of the decline in profits. In the end, we see the positive slope of the Phillips curve.

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