運輸成本與消費波動性：兼論定價行為、家鄉偏好與資本移動性之角色

TRANSPORTATION COSTS AND CONSUMPTION VOLATILITY: THE ROLE OF PRICING BEHAVIOR, HOME BIAS AND CAPITAL MOBILITY

本文試圖以Obstfeld與Rogoff（1995）的「新開放總體經濟學」作為分析架構，探究採取不同匯率制度之經濟體系，在遭受到國外貨幣面衝擊後，對其消費波動的影響，並進一步呈現運輸成本、定價行為、家鄉偏好與資本移動性所扮演之角色。本文將Devereux與Engel（1998）的理論模型進行延伸，經由理論推導過程，得以整理出以下結論：面對國外貨幣面干擾時，隨著運輸成本愈大、資本移動程度愈高或家鄉偏好程度愈低，在生產者貨幣定價及外幣本位制下之浮動匯率制度模型的消費波動也會愈大，此時浮動匯率制度之隔絕效果將被減弱。

In this paper, we follow the new open economy macroeconomics model setup of Obstfeld and Rogoff (1995), using the extended model of Devereux and Engel(1998) to investigate how transportation costs, pricing behavior, home bias, and capital mobility affect the consumption volatility under alternative exchange rate regimes for a country facing foreign monetary shocks. The following conclusions were made according to theoretical derivation: when transportation costs and capital mobility are higher, or home bias is smaller, the results show that the higher consumption volatility under a floating exchange rate regime with producer currency pricing and foreign currency standard, then the effect of insulation from foreign monetary disturbances is weak under a floating exchange rate.