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    請使用永久網址來引用或連結此文件: http://ir.lib.ncu.edu.tw/handle/987654321/29571


    題名: MONETARY-POLICY AS A DECISION-MAKING HIERARCHY - THE CASE OF TAIWAN
    作者: SHEN,CH;HAKES,DR
    貢獻者: 產業經濟研究所
    日期: 1995
    上傳時間: 2010-06-29 20:31:38 (UTC+8)
    出版者: 中央大學
    摘要: We apply a threshold autoregressive model to a reaction function of the central bank of Taiwan to see if it responds differently to its policy objectives when the severity of inflation differs. We locate three thresholds and thus four inflation regimes. In the regime with essentially no inflation, the central bank responds to both output and inflation. In the low inflation regime, it responds countercyclically to output, but shows no response to inflation. In the moderate and high inflation regimes, it increasingly responds to inflation, but not to output. Our results of an asymmetric policy response are consistent with the central bank's public statements.
    關聯: JOURNAL OF MACROECONOMICS
    顯示於類別:[產業經濟研究所] 期刊論文

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