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標題: | 政府品質,金融中介與貨幣政策 Three Essays on Quality of Government, Financial Intermediation and Monetary Policy |
作者: | Te-Tsun Chang 張德存 |
指導教授: | 李怡庭 |
關鍵字: | 競租,政府品質,政府大小,流動性效果,泰勒法則,支付工具, Rent-seeking,Quality of Government,Size of Government,Liquidity effect,Taylor Rule,means of payment, |
出版年 : | 2008 |
學位: | 博士 |
摘要: | 本論文包含兩部份。第二章中, 在一全面均衡架構下,
決定生產者,官僚及私部門競租者的相對報酬與人才的分配。 非生產者的活動對於生產來說具有外部性, 因此模型具有多重均衡, 每個均衡的政府規模大小也不同。 如果私部門競租者占總人口數的比例是固定的話, 較小的政府規模確有較高的社會福利。 如果私部門競租者占總人口數的比例是內生決定的話, 外部性效果會加大, 但較大的政府規模確有較高的社會福利。我們的分析支持政府規模大小並不重要; 重要的是政府品質。 在第三章和第四章中我們根據 Lagos and Wright (2005)的模型並加入金融中介部門來探討短期的貨幣傳遞機制。 在完美的信用市場架構下, 貨幣注入只會影響通貨膨脹率但不會影響實質面。 若處在不完美的信用市場, 銀行因考慮貸款人不履行契約之情形而會產生借貸限制的情形, 進而造成金融中介的成本。 此時貨幣注入銀行體系會減少資金成本而使利率下降, 進而增加消費, 亦即有流動性效果(Liquidity Effect)的產生。 如果考慮使用支票交易的經濟體系, 貨幣注入銀行體系依舊會使利率下降, 但可能使消費減少, 因為利率下降亦會產生負的財富效果。 The thesis consists of two parts. We first determine the relative rewards to and allocation of talent between producers, private rent-seekers and bureaucrats in a general equilibrium model.Unproductive activity creates a negative externality on the relative rewards to producers. Multiple equilibria exist that differ in the size of bureaucracy. If private rent-seeking is exogenously given,the equilibrium with a smaller bureaucracy yields higher welfare. If private rent-seeking is endogenously determined, the externality is strengthened, necessitating a larger bureaucracy. The size of government and economic performance are jointly determined, and their relationship is not necessarily negative. Our result supports the view that the size of government does not matter much; what is important is the quality of government. In next two chapters, we construct a model based on Lagos and Wright (2005) by incorporating financial intermediation to study the monetary transmission mechanism. With full enforcement, money injections only affects inflation but not real course of economy. With limited enforcement, there is a loan constraint, a cost on the intermediation process. Monetary injections through banks reduce the cost and thus induce a liquidity effect. If agents can use checks as a means of payment, however, the consumption may fall: since consumption depends on the total value of portfolio, which decreases as interest rates do. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/37253 |
全文授權: | 有償授權 |
顯示於系所單位: | 經濟學系 |
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