An Investigation of the Monetary Policy of Taiwan by Using the Sign Restrictions Methodology
2007/06/12
研討會日期 : 2007-06-12
時間 : 15:00
主講人 : Prof. Tai-kuang Ho
地點 : B棟110室
演講者簡介 : Prof. Tai-kuang Ho為Ph.D. in Economics, University of Bonn, Germany (2003)。
現為中正大學經濟系助理教授。
其主要研究領域為International Finance、IBanking and Currency Crises及European Economic Integration。
演講摘要 : n this paper, I employ the sign restrictions methodology proposed by Uhlig (2005) to identify monetary policy shocks and re-examine their effects on real GDP and price level in the context of Taiwan. I found that the negative effect on real GDP of a monetary policy shock is quite short-lived. It is only significant at the impact quarter and at the first quarter following the shock. Furthermore, monetary policy shocks play only a small role in the total variation of real GDP. In contrast, foreign exchange intervention shocks have a larger effect on both real GDP and exchange rate as compared to monetary policy shocks. I also noticed that part of the results is sensitive to the choice of monetary aggregates and prior distributions.
