Financial Accelerator Effects in Taiwan’s Business Cycles
碩士 === 國立暨南國際大學 === 經濟學系 === 93 === This paper extends Bernanke, Gertler and Gilchrist’s (2000) financial accelerator framework to an open economy. The model mainly exhibits financial accelerator effects, the mechanism whereby credit-market imperfections deteriorate credit-market conditions and pro...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2005
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| Online Access: | http://ndltd.ncl.edu.tw/handle/d6t97k |
| Summary: | 碩士 === 國立暨南國際大學 === 經濟學系 === 93 === This paper extends Bernanke, Gertler and Gilchrist’s (2000) financial accelerator framework to an open economy. The model mainly exhibits financial accelerator effects, the mechanism whereby credit-market imperfections deteriorate credit-market conditions and propagate initial adverse shocks to the economy. Thus, we use Taiwan’s data to calibrate a dynamic stochastic general equilibrium model incorporating credit-market imperfections. The results find that both impulse response analysis and alternative approaches generate the propagated and amplified effects of monetary policy shocks on the economy when there is a financial accelerator mechanism. The results support the existence of financial accelerator effects in Taiwan’s business cycles.
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