Time-Varying Pass-through effects of Money Supply and International Commodity Prices on Inflation in Taiwan

• Main Authors: Chen, Yi-Ting, 陳怡婷
• Other Authors: LIU, SHI-MIIN
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/53944292513840446787

碩士 === 國立臺北大學 === 經濟學系 === 101 === In the middle of 2000s, international commodity prices reach their 40-year high. To explore the impacts of rising commodity prices on inflation in Taiwan during this period, this study employs the framework of new Keynesian Phillips curve to investigate pass-through effects of money supply as well as international energy, metals and minerals, and agricultural material prices on inflation in Taiwan from 2001 to 2012. Rolling estimation is also used to examine trends of these pass-through effects. The results show that international commodity prices basically have no big influence on our domestic prices of many consumer goods. In contrast, the impact of money supply on our domestic prices is stronger. Moreover, pass-through effects of international commodity prices on different categories of consumer goods are dissimilar. The pass-through effects of energy prices are not as important as expected. Finally, the pass-through effects of money supply on our consumer prices exhibit downward trends.