通貨替代下的利率回饋法則

Interest-Rate Feedback Rules under Currency Substitution

本文延伸Benhabib et al.（2001a）之單一貨幣模型至含有通貨替代的浮動匯率小型開放經濟體。我們假設體系只有一種產出固定的貿易財。而國內外貨幣所提供的流動性勞務，與該貿易財之消費，共同決定效用水準。當消費與流動性勞務之間存在Edgeworth獨立時，利率回饋法則有穩定經濟的效果。產生均衡不確定性的關鍵，則取決於效用函數中本國貨幣與外國貨幣之間的替代（或互補）關係，以及貨幣政策的積極（或消極）特性。

We extend Benhabib et al. (2001a) domestic-money-only model to a small open economy with flexible exchange rates and currency substitution. We focus on the situation in which there is a single traded-good endowment economy and the utility function is separable between consumption and liquidity services from domestic and foreign monies. The interest rate policy can exert effects on stabilizing the economy even if consumption and liquidity services from the two monies are Edgeworth independent. The key point in determining the equilibrium indeterminacy crucially depends on the relationship between domestic and foreign monies in the felicity function and the type of monetary policy.