The Distributional Effect of Low Interest Policy

• Main Authors: Pen-Kang Lin, 林本剛
• Other Authors: Tsung-Min Wu
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/27224500754839227896

碩士 === 國立臺灣大學 === 經濟學研究所 === 102 === Central Bank of Taiwan maintained very low interest rate level after 2001.From macroeconomic level, it''s still not clear whether this policy is necessary or not. However, it created distributional effect unavoidably from microeconomic level. This thesis is dedicated to investigate the distributional effect which was made by central bank''s monetary policy. What this thesis found is that the low interest policy made an influential effect on change of the interest income and expense for different sectors. In addition, it also raised price of some asset classes such as real estate and equity. Thus, the low interest policy may have some impact on welfare and wealth distribution of the households in Taiwan. Finally from analysis of future scenarios, whether low interest policy will be changed or not have a great impact on government and defined benefit pension plan.