- 作者: 謝勇男
- 作者服務機構: 中央研究院經濟研究所
- 中文摘要: 有關不同?率制度下的貨幣和財政政策效果的文獻,咸認若資本移動不受限制時,貨幣政策的穩定效果,在浮動?率制度下較固度?率制度下有效;若資本完全不能自由移動時,貨幣與財政政策的穩定效果,在浮動?率制度下,均較固定?率 制度下來得有效;若資本完全可以自由移動時,浮動?率制度下的財政政策沒有穩定的效果。對於這一廣被接受的法則,本 文提出置疑。假定?率的變動影響實質工資以及現金餘額。我們發現國際金融理論上的這一法則將無法成立。
- 英文摘要: This paper raises doubts about the proposition that monetary policy always has greater effect in stabilizing domestic output with capital mobility under flexible exchang rates than under fixed exchange rates; both monetary and fiscal policies will have greater impact in stabilizing domestic output with capiatl immobility with a flexible than a fixed rate; and fiscal policy has no effect in stabilizing domestic output with perfect capital mobility under flexible exchange rates. It is argued that if the real wage to the supply of labor and the supply of real balance are affected by the exchange rate, the proposition about the efficacy of fiscal and monetary policies under alterative exchange rate systems will not follow.
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