Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility
碩士 === 國立政治大學 === 經濟研究所 === 96 === This study investigates the monetary effects under the floating exchange rates and imperfect capital mobility by extending the model of Bernanke and Blinder (1988) into a small open economy. It is shown that with credit channel of monetary transmission explicitly c...
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ndltd-TW-096NCCU53890232015-10-13T13:47:52Z http://ndltd.ncl.edu.tw/handle/79728734102300693269 Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility 貨幣政策與信用管道:資本不完全移動之動態分析 Wang, Shu-Sheng 王書盛 碩士 國立政治大學 經濟研究所 96 This study investigates the monetary effects under the floating exchange rates and imperfect capital mobility by extending the model of Bernanke and Blinder (1988) into a small open economy. It is shown that with credit channel of monetary transmission explicitly considered, the effect of monetary policy on output may be augmented or lessen in our model depending on whether the exchange rate depreciates or appreciates. In addition, the exchange rate puzzle found in the empirical studies can be explained in our theoretical model. The dynamic adjustment patterns of the output and the exchange rate after an increase in money supply are further examined. Under the case of relative high capital mobility, when the real output gradually adjusts toward a higher level, the exchange rate may overshoot, undershoot, or even counter-shoot during the dynamic adjustment process. This provides another one explanation for the volatility of exchange rates under floating rates. Therefore, as financial markets become more internationalized, the conduct of monetary policy turns more complicated in an open economy. 朱美麗 2008 學位論文 ; thesis 39 en_US |
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碩士 === 國立政治大學 === 經濟研究所 === 96 === This study investigates the monetary effects under the floating exchange rates and imperfect capital mobility by extending the model of Bernanke and Blinder (1988) into a small open economy. It is shown that with credit channel of monetary transmission explicitly considered, the effect of monetary policy on output may be augmented or lessen in our model depending on whether the exchange rate depreciates or appreciates. In addition, the exchange rate puzzle found in the empirical studies can be explained in our theoretical model. The dynamic adjustment patterns of the output and the exchange rate after an increase in money supply are further examined. Under the case of relative high capital mobility, when the real output gradually adjusts toward a higher level, the exchange rate may overshoot, undershoot, or even counter-shoot during the dynamic adjustment process. This provides another one explanation for the volatility of exchange rates under floating rates. Therefore, as financial markets become more internationalized, the conduct of monetary policy turns more complicated in an open economy.
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朱美麗 |
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朱美麗 Wang, Shu-Sheng 王書盛 |
author |
Wang, Shu-Sheng 王書盛 |
spellingShingle |
Wang, Shu-Sheng 王書盛 Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility |
author_sort |
Wang, Shu-Sheng |
title |
Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility |
title_short |
Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility |
title_full |
Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility |
title_fullStr |
Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility |
title_full_unstemmed |
Monetary Policy and the Credit Channel: A Dynamic Open Economy Model with Imperfect Capital Mobility |
title_sort |
monetary policy and the credit channel: a dynamic open economy model with imperfect capital mobility |
publishDate |
2008 |
url |
http://ndltd.ncl.edu.tw/handle/79728734102300693269 |
work_keys_str_mv |
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