2 就計劃內容分實證應用與理論分析，實證應用由吳致寧教授負責整合，理論分析則
由張文雅教授負責整合。理論與實證間之整合則透過張教授及吳教授間之密集討論 以達成。3. 本年度成果發表會於經費許可程度下安排兩至三天之研討會，以增加彼此之心得交
流及經驗分享。案由二：第二年研究成果發表會預計如何，何時及於何地舉行，請討論。
決議：1. 第二年研究成果發表會預計於 02/29/08~03/01/08 于中央研究院經濟研究所 B110 舉 行。並將邀請國內在相關領域上有優異研究表現之學者參與討論。
2. 研討會最後將辦圓桌座談會檢討第二年計劃之執行情行及待改進之處,同時對第三
年之計畫執行交換意見。
VII.APPENDIX II:
1. PUBLICATION LIST（CONFERENCES,JOURNALS,BOOKS,BOOK CHAPTERS,etc.）
Published Paper: (Generated from the second year program) Generated from the first year program
1. Chang, Juin-jen, Wen-Ya Chang, Ching-chong Lai, and Ping Wang, 2007, “Equilibrium Dynamics in an Endogenous Growth Model of Money and Banking,” Journal of Money, Credit, and Banking, forthcoming.
2. Wu, J.L. and Pei-Fen Chen, 2006, “Price Indices and Nonlinear Mean Reversion of Real Exchange Rates,”
Southern Economic Journal 73, 461-471. [SSCI, JEL].
3 Chen, B.L. (2007) “Two-sector growth models with productive public goods: equilibrium (in)determinacy”
Southern Economic Journal (accepted).
Working Papers:
Generated from the first year program
Chang, J.J.,Wen-Ya Chang, Ching-chong Lai, and Ping Wang, 2007, “Equilibrium Dynamics in an Endogenous Growth Model of Money and Banking.”
Chang, W.Y., 2007, "Inflation Targeting, Long-Run Growth, and Dynamics in a Small Open Economy: A Comparison between One- and Two-Sector Model".
Chen, B.L., 2007, "Taxation Policy, Big Crash or Big Push."
Chen, N.K. and Kwok, C., 2007 “Bank Monitoring, Credit Reversal, and Business Cycles”
Lai, C.C., 2007, "Monetary Rules and Endogenous Growth in an Open Monetary Economy."
Lee, S.Y., 2007 “The De Facto Flexibility/fixity of Exchange Rates”
Li, Y.T., 2007 "Currency and Checking Deposits as Means of Payment."
Kuo, B.S., 2007, ``Doing Justice to Fundamentals in Exchange Rate Forecasting: A Control over Estimation Risks``
Wang, H.J., 2007, "Identifying the Effects of Monetary Policy in a Small Open Economy with Active Foreign Exchange Interventions."
Wu, J.L., 2006, “Price Indices and Nonlinear Mean Reversion of Real Exchange Rates,”
Generated from the second year program
Lai, C.C., 2008, “(In)determinacy, Increasing Returns, and the Optimality of the Friedman Rule in an Endogenously Growing Open Economy”
Chen, B.L, 2008, “Endogenous Fluctuations in Multi-sector Models”
Wang, H.J., 2008, “Identifying the Effects of Monetary Policy in Taiwan”
Chang, J.J. 2008, “Capital Adequacy, the Bank Lending Channel, and Their Macroeconomic Implications”
Li, Y.T., 2008, “Liquidity and Interest Rates in a Search Model with Multiple Assets”
Chen, N.K. 2008, “Bank Monitoring, Credit Reversal, and Business Cycles”
Kuo, B.S. 2008, “Understanding Exchange Rate Predictability: The Role of Estimation Risk Background”
Chang, W.Y., 2008, “Inflation Targeting, Economic Growth, and the Pattern of Trade Background”
Lee, S.Y., 2008, “Exchange Rate Dynamics under Managed Floating”
Wu, J.L., 2008, “A Revisit on Dissecting the PPP Puzzle: Evidence from A Nonlinear Approach”
2. PATENT LIST
3. INVENTION LIST
4. LIST OF WORKSHOPS/CONFERENCES HOSTED BY THE PROGRAM
The First-Year Project Workshop(12/22/07–12/23/07),Institute of Economics, Academic Sinica, (B110) (10 Papers were presented on the workshop)
The Second-Year Project Workshop(02/29/08–03/01/08),Institute of Economics, Academic Sinica, (B110) (10 Papers will be presented on the workshop)
5. LIST OF PERSONAL ACHIEVEMENTS OF THE PIS
6. LIST OF TECHNOLOGY TRANSFERS
7. LIST OF TECHNOLOGY SERVICES
VIII.APPENDIX III:LIST OF PUBLICATIONS IN “TOP”JOURNALS AND CONFERENCES
Generated from the first year program
1. Chang, Juin-jen, Wen-Ya Chang, Ching-chong Lai, and Ping Wang, 2007, “Equilibrium Dynamics in an Endogenous Growth Model of Money and Banking,” Journal of Money, Credit, and Banking, forthcoming.
2. Wu, J.L. and Pei-Fen Chen, 2006, “Price Indices and Nonlinear Mean Reversion of Real Exchange Rates,”
Southern Economic Journal 73, 461-471. [SSCI, JEL].
3 Chen, B.L. (2007) “Two-sector growth models with productive public goods: equilibrium (in)determinacy”
Southern Economic Journal (accepted).
IX.APPENDIX IV:SLIDES ON SCIENCE AND TECHNOLOGY BREAKTHROUGHS
(TWO SLIDES FOR EACH BREAKTHROUGH)
X. APPENDIX V: MIDTERM SELF-ASSESSMENT
PROGRAM/Sub-projectTITLE:Frontier Research on Money, Exchange Rates and Dynamic Equilibrium
ASSESSMENT SUBJECT SCORE
（1~5,LOW TO HIGH） Importance & Innovation of the Program’s Major Tasks 5
Clarity and Presentation of the Report 5
Viability of the Program’s Approaches & Methodologies 5
Principal Investigator’s Competence for Leading the Program 5
Interface & Integration between Overall & Sub-Project(s) 4
Interface & Integration among All Sub-Projects 4
PROGRAM’S CONTENTS&PERFORMANCE
Manpower & Expenditures 5
Contribution in Enhancing the Institute’s International Academic Standing 4
PROGRAM’S RESULTS
Impact on Advancing Teaching or on Technology Development 4
Total Score 41
REVIEWER’S COMMENTS &SUGGESTION: General Comments
The purpose of this integrated research project is to examine the relationship among money, exchange rate, and dynamic equilibrium from both a theoretical and an empirical viewpoint. The Midterm Report shows that the project has made original and important contributions in areas of money, exchange rate, and dynamic equilibrium. The principal investigator of this main project, Prof. Jyh-Lin Wu, both for his intrinsic research ability, and for the strength of his interaction with other members of the team, has forged excellent working relationship with all investigators of each sub-project. The main project will hold international conferences and workshops to share research findings with other scholars, and research papers generated from the projects will be submitted to distinguished journals for publication.
The first sub-project developes a monetary endogenous growth model for an open economy, and uses it to examine the consequence of adjusting the targeting rate of various monetary policy rules on balanced growth rate. The investigator of this sub-project, Prof. Ching- Chong Lai, has contributed both to the development of new theoretical methods and concepts, and to the use of theory to solve the problems in money and endogenous growth in an open economy. The principal investigator of the second sub-project, Prof. Been-Lon Chen, has found mechanisms leading to endogenous fluctuations using multi-sector models. This task has been exceedingly fruitful. The eighth sub-project examines the effects of inflation targeting at the economy’s long-run growth rate. In this task, Prof. Wen-Ya Chang, the investigator of this sub-project, has displayed a superb combination of versatility and depth of insight.
The work of other investigators has also demonstrated its importance and innovation for each sub-project. In summary, the basic motivation is well grounded, the technical analyses are thoroughly carried out, and the main results are somewhat surprising and quite interesting, hence potentially carry considerable value added. My overall assessment is that the team of this project has done outstanding research in both theoretical and empirical macroeconomics and I expect that they will continue to make significant contributions in the near future.
Suggestions
1. The research papers generated from the projects with extraordinary contribution should be submitted to the 5 top leading journals in economics ( American Economic Review, Econometrica, Quarterly Journal of Economics, Journal of Economic Theory, and Journal of Political Economics.) and 12 top journals in the fields of international economics, macro-economic dynamics and money and banking ( Journal of Monetary Economics, Journal of International Economics, Journal of Economic Dynamics and Control, International Economic Review, Journal of Money, Credit and Banking, Journal of Econometrics, Journal of Applied Econometrics, Journal of business and Economic Statistics, Review of Economics and Statistics, Economic Inquiry, Journal of International Money and Finance, and Sothern Economic Journal.) .
2. The principal investigator should enhance interface and integration between overall and sub-projects, and that among all sub-projects.
3. To promote the interaction and further collaboration among all sub-projects, the team is divided into both theoretical and empirical groups, and ask professors Wen-Ya Chang and Jyh-Lin Wu to chair these two groups, respectively. The coordination burden had better be appropriately shared by other members for the health condition of Prof. Chang.
PRINCIPLE INVESTIGATOR’S FEEDBACK:(AVAILABLE)
1. Generating high quality papers from different sub-projects is one of the main purposes of the project. We generate 10 working papers in each project year and these papers will be submitted to top leading journals and major field journals for publication. So far we have already generated three publications in above mentioned journals. We expect to have more papers published at the end of this year.
2. We have set up a web site as an interface to enhance the integration among sub-projects. There is also a project meeting during the year discussing how to improve the interaction and integration among projects. In the future, we will schedule more activities, such as conference and meeting, to facilitate interaction among team members.
3. Due to the health problem of Prof. Chang, his role in the project will be shared by Professor C.-C. Lai. By this arrangement, we release the burden that prof. W.-Y. Chang plays.
Program Reviewer’s Signature: Tien-Wang Tsaur