摘要
本文是以 Shaw, Lai and Chang(2005) 模型為基礎，建立一個小型開放經濟體的貨幣內生成長模型。採用 Minea and Villieu (2008) 概念，納入Barro(1990) 政府支出具有生產性功能的特色，藉以建構一個小型開放貨幣內生長成模型，在此架構下，探討當央行以名目貨幣供給成長率指標作為貨幣政策，對相關總體經濟變數成長率有何影響。此外，我們也發現到政府支出具有外部性時，通貨膨脹率與經濟成長之間的非線性關係。並且，在刺激經濟成長的同時，對社會福利的影響也是我們所要討論的部分。於是，檢視Barro(1990) 看法的頑強性也是本文的另一重點。
本文主要的結論為，在政府支出具有外部性時，貨幣供給成長率會具有高、低門檻；當貨幣供給成長率在高門檻之上以及低門檻之下時，將與經濟成長率之間具有負向變動關係。而介於兩門檻之間時，兩者之間具有正向變動關係。此結果與近期實證上通貨膨脹率與經濟成長率之間具有非線性的關係相似。且當政府支出對私部門的生產沒有外部性時，貨幣供給增加將產生對經濟成長不利的效果，且通貨膨脹率與經濟成長率之間恆具有負向變動關係。再者，我們可以得知，最終在產出成長率高於消費成長率的情況下，Barro(1990) 有關「成長表現最佳確保總體的福利水準最佳」的結論，在本文中將會成立。
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目次
第一章 緒論
第一節 研究動機 1
第二節 文獻回顧 3
第三節 本文架構 5

第二章 基本模型
第一節 代表性個人 6
第二節 政府與中央銀行 10
第三節 總體均衡與動態均衡分析 11

第三章 名目貨幣供給成長率指標
第一節 政策效果分析 18
第二節 通貨膨脹與經濟成長 23
第三節 福利水準 26

第四章 結論 34
附錄 35
參考文獻 37

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