本文乃建構於 Lai and Chin(2013)所提出之貨幣內生增長模型架構之上，進行適當修改，建構一個具現金交易成本的封閉型經濟體模型。模型中引入實質景氣循環理論中「勞動具有跨期替代性」的概念，並區分勞動外生與內生兩種情形，本文進一步探討當政府增加貨幣供給增長率時，該政策對於經濟成長率及通膨率所造成之影響。

研究結果顯示，在勞動沒有跨時替代效果的情況下，貨幣供給增長率的上升對經濟成長率產生負向影響，同時通膨率會增加。而在勞動有跨時替代效果的情況下，會產生不確定解的問題，有複均衡的情況，會產生高均衡與低均衡，在高均衡狀態下，貨幣供給增長率增加，可促進經濟成長，但其對通膨的影響則較不明確；相對地，在低均衡狀態下，不利於經濟發展，亦導致通膨率上升。

This paper builds upon the endogenous monetary growth model framework proposed by Lai and Chin (2013), with appropriate modifications to construct a closed economy model incorporating pecuniary transaction costs. The model integrates the concept of intertemporal substitution of labor from real business cycle theory, distinguishing between exogenous and endogenous labor models. We further investigate the impact of an increase in the government's monetary supply growth rate on the economic growth rate and inflation rate.

The results show that when labor lacks intertemporal substitution, an increase in the monetary supply growth rate negatively affects economic growth while increasing the inflation rate. Conversely, when labor exhibits intertemporal substitution, the model generates multiple equilibria with indeterminacy, resulting in both high and low equilibria. Under the high equilibrium, a higher monetary supply growth rate promotes economic growth, though its effect on the inflation rate remains ambiguous. In contrast, under the low equilibrium, economic growth is suppressed and the inflation rate rises.

論文審定書..........i
謝辭..........ii
摘要..........iii
Abstract..........iv
目錄..........v
圖目錄..........vii
第一章 緒論..........1
第一節 研究緣起與目標..........1
第二節 理論與實證文獻回顧..........4
第三節 研究架構..........9
第二章 理論基礎與模型建構..........10
第一節 代表性個人..........10
第二節 政府..........17
第三節 總體理論模型..........19
第三章 勞動外生化..........20
第一節 總體模型分析..........20
第二節 均衡動態軌跡分析..........21
第三節 勞動外生下的貨幣政策效果..........27
第四章 勞動內生化..........31
第一節 總體模型分析..........31
第二節 均衡動態軌跡分析..........33
第三節 勞動內生下的貨幣政策效果..........42
第五章 總結與展望..........47
附錄..........48
附錄一..........48
附錄二..........49
附錄三..........50
參考文獻..........51

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