代写范文

留学资讯

写作技巧

论文代写专题

服务承诺

资金托管
原创保证
实力保障
24小时客服
使命必达

51Due提供Essay,Paper,Report,Assignment等学科作业的代写与辅导,同时涵盖Personal Statement,转学申请等留学文书代写。

51Due将让你达成学业目标
51Due将让你达成学业目标
51Due将让你达成学业目标
51Due将让你达成学业目标

私人订制你的未来职场 世界名企,高端行业岗位等 在新的起点上实现更高水平的发展

积累工作经验
多元化文化交流
专业实操技能
建立人际资源圈

Monetary policy in times of low interest rates

2018-09-30 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- Monetary policy in times of low interest rates,供大家参考学习,这篇论文讨论了低利率时期的货币政策。流动性陷阱,即当利率水准很低的时候,社会大众预期未来利率将走高,人们宁愿持有货币而不愿进行消费或投资,所以货币主管部门增加货币供给以带动景气的政策将无法奏效。而投资陷阱,则是当厂商对前景不看好时,尽管利率跌得再低也不会贸然投资。如果社会上出现这两种现象时,意味着货币的利率管道将无效。

Monetary policy,货币政策,essay代写,paper代写,作业代写

Interest rates continued to decline in Taiwan in recent years, because from the beginning in 2000 high unemployment, coupled with the international economy deteriorates severely impact Taiwan exports, makes the area economic growth continues to weaken, plus the bank more than put rate rising steadily, bank debt messenger enterprise tightening lending, financial markets nt a lot of capital flow into foreign exchange deposits and stocks fell dilemma; On the other hand, the us has lowered interest rates repeatedly, causing the interest rates of major countries around the world to fall. In order to avoid the impact on the competitiveness of the export industry caused by the rise of the Taiwan dollar and the us dollar, the financial authorities continued to stimulate the economy with the loose monetary policy.

According to Keynes's argument, when interest rates are so low that they can't get any lower, the public expects them to go higher in the future, preferring to hold money rather than consume or invest it, so the monetary authorities' policy of increasing the money supply to boost prosperity will not work, the so-called "liquidity trap". Moreover, when firms are less optimistic about the outlook, they will not be tempted to invest even if interest rates fall too low, which is an "investment trap". When these two phenomena occur in society, it means that the interest rate pipeline of money will be ineffective. If the monetary policy is effective, it will be the credit of other money transmission pipelines. When Japan fell into recession for more than a decade, the bank of Japan kept interest rates low and was still unable to stimulate the recovery, sparking debate about whether Japan was caught in a liquidity trap and an investment trap. However, many economists point out that the interest rate pipeline is not the only channel for monetary policy transmission, and believe that the bank of Japan should have something to do with it, emphasizing that even if the interest rate pipeline is not smooth, it can also use other channels, such as asset price pipeline and exchange rate pipeline, to make monetary policy stimulate the real effect of prosperity.

In the relevant literature on interest rate pipeline, Hondroyiannis, Swamy, and Tavlas empirical results do not support the hypothesis of liquidity trap in Japan. Krugman and Coenen, Orphanides and Wieland tackle Japan's liquidity trap Miyao's conclusion is that interest rates have a constant effect on Japan's real output. Mehrotra finds that rising interest rates in both Japan and Hong Kong can actually reduce prices and output levels, while monetary policy in Taiwan has no significant impact.

In the literature on currency and stock price, Bakshi and Chen found that the correlation between stock price returns and monetary growth depends on the correlation between output growth and monetary growth. The empirical results of Boyle, Danthine and Donaldson, Foresi, Lee, LeRoy, Lucas, Marshall, and Stulz et al. found that real stock returns were positively correlated with monetary growth, while nominal stock prices were negatively correlated with currency fluctuations over the same period. Mr Bernanke and Mr Gertler, by looking at the different rules of monetary policy under a small overall model, found that the output and inflation rates were lowest when the authorities implemented policies that took inflation into account but not stock prices. Miyao pointed out that Japanese share prices have a long-term positive delayed effect on output. Forster found that share prices are correlated with the German economy, and that when there is an overall movement in share prices, it reflects both consumption and private investment in Germany. Chen junda et al. considered that no matter the size of the company in Taiwan, the effect of monetary policy on the return of real shares was greater than that of nominal shares.

As for the literature on the exchange rate pipeline, Dornbusch confirmed that the exchange rate is an important channel in the currency transmission mechanism. Branson got the result of a positive relationship between money supply and exchange rate. Obstfeld and Rogoff observe the dynamic adjustment of the exchange rate from the currency demand equation. Eichenbuam and Evans show that tightening monetary policy in the United States has led to a significant and sustained rise in U.S. interest rates. Mehrotra pointed out that the effective nominal exchange rate rise in Japan and Hong Kong can reduce the price and output level, but the monetary policy and exchange rate impact in Taiwan have no significant impact. Svensson pointed out that if there are liquidity traps in multiple economic systems, countries cannot adopt the strategy of currency devaluation at the same time regardless of whether their exchange rate systems are the same or not.

Most of the empirical literature on the monetary transmission pipeline mentioned above focuses on long-term data. However, Japan's last recession was blamed on the improper operation of the monetary policy of the bank of Japan, because it only lowered the interest rate in the hope of stimulating the prosperity through the interest rate pipeline and ignored other monetary transmission pipelines. Such a statement makes us want to know whether other monetary transmission mechanisms can operate effectively during this period of low interest rates. Therefore, this paper only discusses the effectiveness of monetary policies in Taiwan during the period of low interest rates in 2000-2006 and Japan during the period of low interest rates in 1993-2006. In addition to the interest rate pipeline, we will also examine whether the stock price pipeline and the exchange rate pipeline are unblocked to find out why Japan's monetary policy seems to be ineffective during this period.

In the research method, regression analysis is made for the adopted variable characteristics. As the overall economic variables are often characterized by time series and the variables will influence each other, VAR model is adopted in this paper to check whether the transmission pipeline of monetary policy is unblocked.

51due留学教育原创版权郑重声明:原创paper代写范文源自编辑创作,未经官方许可,网站谢绝转载。对于侵权行为,未经同意的情况下,51Due有权追究法律责任。主要业务有essay代写、assignment代写、paper代写服务。

51due为留学生提供最好的paper代写服务,亲们可以进入主页了解和获取更多paper代写范文 提供作业代写服务,详情可以咨询我们的客服QQ:800020041。

上一篇:Customer value 下一篇:Interest rate liberalization