| Summary: | 碩士 === 國立臺北大學 === 經濟學系 === 98 === This study discusses whether the circumstances that the monetary policy in Taiwan affects the variation of price at assets, and then change the calculation of the wealth of every household will make any impact on real consumption or not.
The article applies the structural vector autoregressive (SVAR) model with the data in time for the first quarter of 1981 to the fourth quarter of 2009 in Taiwan, six variables chosen to describe the situation of the economy, which are price, output, consumption, wealth, interest rate and exchange rate, and place generalized limits among the variables contemporaneously as well, in order to investigate the impact by the wealth channels of monetary policy in Taiwan on economy activities. The followings are empirical results.
When the Government implements tight monetary policy, price, output, consumption and wealth decline significantly. When wealth increases to a shock, it apparently poses price, output, consumption and wealth to raise, and exchange rate to drop off. In addition, after shutting down of wealth channel under simulated situation, the impulse response function of consumption to interest rate shows when interest rate increases, consumption does not decease to the same extent as before although the impulse response does not overstep within an interval by one standard deviation.
Real consumption tends to be influenced more easily by wealth, compared to other variables. Wealth changes mainly due to the variation of interest rate. Therefore, wealth does explain this variation of interest rate.
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