本文係透過在泰勒兩期物價僵固模型(Taylor's two-period price rigidity model)的基礎上建立一動態隨機一般均衡 (dynamics stochastic general equilibrium, DSGE)模型，並且引入廠商所需面臨的營運資金(working capital)成本。本文假設經濟體系具有價格僵固性廠商、代表性家戶與貨幣當局等參與者。此外當中間財廠商預期未來通貨膨脹增加時，可以透過支付一額外的固定成本來調整價格，否則只能維持與前期相同的價格。本文欲運用此理論模型，嘗試解釋台灣經濟的波動與廠商決策。根據此理論模型與其所產生的數值模擬分析，我們可以得到以下的結論：(1)營運資金債務需求越高的經濟體系，則表示其所面對的生產成本將會更高，廠商會更傾向於增加價格調整的頻率，則物價水準之波動也會越高；(2)最大調價固定成本越低，代表經濟體系中選擇靈活性價格的廠商多，就會造成物價波動越大；(3)貨幣成長率靜止值越大，則表示該經濟體系的通貨膨脹較高，因而廠商會更願意選擇靈活性價格，藉以規避未來通貨膨脹的風險，所以物價的波動程度也會更高；(4)消費相對於休閒的效用越大，則意味著勞動供給會減少的更多，導致廠商的生產成本上升，因此價格波動會顯著地增加。

This paper incorporates the working capital loan into the Taylor's two-period price rigidity model. The model economy consists of final goods firms, intermediate goods firms, households, and the monetary authority. The key assumption of the model is that the individual intermediate goods firm is supposed to be able to determine the frequency of price adjustment endogenously. When the expected future inflation increases, the intermediate goods firm can pay the fixed cost for raising the price, or the price should remain unchanged. Then, I attempt to use the model to capture business cycles in Taiwan and demonstrate the firm's pricing strategies. Based on the quantitative analysis, I can summarize the following four main results. First, the increase in demand for working capital loan can lead to the rise in the volatility of price. The result reflects that the firm tends to increase the frequency of price adjustment, while it faces the higher production cost. Second, the reduction of firm's cost of choosing the flexible-pricing strategy can cause the price level to be more volatile. Third, when the higher money supply growth rate leads to higher inflation in the future, the firm tends to strengthen the increase in price immediately to avoid the future inflation uncertainty. Fourth, the higher disutility scale of labor supply can lead to a significant increase in the volatility of price in the economy. The result is indicated that the firm's production cost increases because of the reduction of labor supply.

論文審定書. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . i
誌謝. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .ii
摘要. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . iii
Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..iv
圖次. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . .vii
表次. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . viii
第一章 緒論. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .1
1.1 研究動機與背景. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 文獻回顧. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.3 文章安排. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
第二章 基本模型. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
2.1 家戶. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2.2 最終財廠商. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
2.3 中間財廠商. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
2.4 貨幣當局. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . 16
2.5 總體均衡模型. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . 16
第三章 主要結果. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 19
3.1 資料敘述. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
3.2 參數校準. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
3.3 衝擊反應函數. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
3.4 敏感性分析. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
第四章 結論. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . .28
圖表. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 30
參考文獻. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .49
附錄A. 商品市場均衡條件. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 53
附錄B. 僵固性價格及調價固定成本. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54
附錄C. 靜止均衡模型. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 55
附錄D. 轉換變數模型. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 58
附錄E. 轉換變數與原始數值. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

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