廠商的資本使用率與政府的政策關係是總體經濟的重要議題，透過引入現金交易成本，我們建構了具有內生化資本使用率特色的貨幣內生成長模型，本文分別討論了在貨幣供給成長率指標和通貨膨脹率指標下，不同的資本使用率如何影響貨幣政策對經濟成長率及貨幣流通速度的效果。本文結論可歸納為兩點：(1) 當政府提高貨幣供給成長率或提高通貨膨脹率時，廠商選擇使用部分資本使用率投入生產會比起使用全部資本使用率投入生產，對經濟成長率造成愈大幅度的降低。(2) 當政府提高貨幣供給成長率或提高通貨膨脹率時，廠商選擇使用部分資本使用率投入生產會比起使用全部資本使用率投入生產，對貨幣流通速度造成愈小幅度的提升。

The relationship between the capital utilization rate of manufacturers and the government’s policy is an essential issue in Macroeconomics. By bringing pecuniary transaction cost into the picture, we build up a money endogenous growth model with the endogenous capital utilization rate. Then, we discuss how different capital utilization rates affect the effectiveness of the monetary policy on the economic growth rate and velocity of money under the money growth rate targeting and the inflation rate targeting.
Two main findings emerge from the analysis. First, when the government increases the growth rate of the money supply or raises the inflation rate, the negative effect on the economic growth rate will be exacerbated if the manufacturer chooses to use part of the capital in production rather than all of the capital in production. Second, when the government increases the growth rate of money supply or increases the inflation rate, the positive effect on the velocity of money circulation will be weakened if the firm chooses to use part of the capital rather than all of the capital in production.

論文審定書 i
謝誌 ii
摘要 iii
Abstract iv
目錄 v
圖目錄 vi
第一章 緒論 1
第一節 研究動機 1
第二節 文獻回顧 4
第三節 本文架構 9
第二章 理論模型 10
第一節 代表性個人 10
第二節 政府 18
第三節 總體模型 19
第三章 貨幣供給成長率指標 21
第一節 廠商使用部分資本使用率 21
第二節 廠商使用全部資本使用率 32
第四章 通貨膨脹率指標 44
第一節 廠商使用部分資本使用率 44
第二節 廠商使用全部資本使用率 52
第五章 結論 61
參考文獻 63

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