A model of inflation in Taiwan

Gregory C. Chow

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A model of inflation in Taiwan

机译：台湾的通货膨胀模型

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摘要

The model of Chow (1987) for inflation in China is applied to Taiwan. A cointegration relation linear in log price and log ratio of money supply to output is estimated. The change in this log ratio, lagged inflation and the lagged residual of the cointegration relation explain Taiwan's inflation well except during the oil crises of 1973 and 1979-1980.

机译：中国的通货膨胀周模型（1987）被应用到台湾。估计了对数价格和货币供给与产出的对数比呈线性关系的协整关系。对数比率的变化，通货膨胀的滞后和协整关系的滞后的滞留，可以很好地解释台湾的通货膨胀，除了在1973年和1979-1980年的石油危机期间。

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来源
《Economics letters》 |2012年第2期|p.464-466|共3页
作者
Gregory C. Chow;
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作者单位

Department of Economics, Princeton University, Princeton NJ 08544, USA;

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原文格式 PDF
正文语种 eng
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关键词
inflation; taiwan; error correction;

机译：通货膨胀;台湾;错误修正;
入库时间 2022-08-17 23:10:53

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

A model of inflation in Taiwan

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