本文中，我們建立一個勞動供給內生化的小型開放內生成長模型，並且透過 生產函數，我們試圖將貨幣引進經濟體系。在購買力平價說成立之下，根據本國 資本與外國債券的無套利條件，本國資本邊際生產力等於固定參數。當央行以名 目貨幣供給成長率指標作為貨幣政策時，透過固定的本國資本邊際生產力，本國 資本－實質貨幣餘額比與勞動雇用量彼此之間具有互補關係。若勞動的生產彈性 較低，促使本國資本－實質貨幣餘額比與勞動雇用量之間的敏感程度（彈性）較 小，則經濟體系的均衡具有不確定的特性，此時民眾的自我信念將足以驅動景氣 的波動。若勞動的生產彈性較高，促使本國資本－實質貨幣餘額比與勞動雇用量 之間的敏感程度（彈性）較大，則經濟體系的均衡存在確定的特性；此時民眾若 預料到未來央行將提升名目貨幣供給成長率，則短期下本國貨幣貶值率與資本
（產出）成長率將暫時增加，並且同時降低本國實質貨幣成長率，直到長期下所 有經濟變數成長率緩慢調整至原先固定的本國消費成長率，故均衡成長路徑上的 貨幣超中立性成立。當央行以通貨膨脹率為貨幣政策的指標時，透過資產間的無 套利條件，本國資本與實質貨幣的邊際報酬率皆等於固定參數，此時經濟體系的 均衡必具有確定的特性，則民眾的自我信念與景氣波動無關。此外，由於勞動雇 用量、本國消費－實質貨幣餘額比，以及本國資本－實質貨幣餘額比皆不需經過 動態調整過程，即可瞬時調整至靜止均衡狀態，則本國資本成長率與實質貨幣成 長率也都不需要動態調整過程，馬上就能達到均衡成長路徑，並且等於固定的消 費成長率。此時可想而知，即使央行欲提升本國通貨膨脹率，於長、短期下皆無 法影響任何經濟變數的成長率；增加的通貨膨脹率只能透過購買力平價說，促使 本國貨幣貶值率同幅的上漲。據此，在本文中，當央行以通貨膨脹率指標作為貨 幣政策時，經濟體系內的相關經濟變數都將以穩定的成長率進行成長，並且能有 效的避免景氣受外在不確定因素的影響而產生波動，但是卻同時失去貨幣政策影 響短期經濟成長率的有效性。
附錄 A
本附錄擬說明利用交易成本(transaction cost)的概念將貨幣引進經濟體系的 模型架構，與貨幣藉由生產函數參與經濟體系的方法具有一致性。首先我們根據 Shaw, et al. (2005)的方法，假設本國生產函數為勞動內生化的
Ak
生產函數，而且 生產者在生產的過程中，必須額外支付交易成本ψ
(例如廠商採買生產要素時，必需透過銀行進行交易所需的手續費)。此外，遵循 Pagano (1993)及 Sala-i-Martin (1995)的設定，我們假設該交易成本
ψ
為金融發展指標 F (the indicator of financial development)的函數，並且ψ
′ < ,0ψ
′′ ≥ ；因此，本國的淨產出 y 為： 0( )
1
y= Aknβ⎡⎣ −
ψ
F ⎤⎦ , 0< < ,β
10 < < F 1
, (A1) 其中交易成本ψ
必須滿足lim
F→0ψ( ) F = 1
，以及lim
F→1ψ( ) 1 F <
的條件。接著，我們根據 Gylfason and Herbersson (2001)與 Gylfason and Zoega (2002)利用本國實 質貨幣－國內實質生產毛額比m Akn/ β來衡量本國的金融發展程度，則本國的金 融發展指標F =m Akn/ β。據此，我們令本國交易成本函數
ψ
為：1
1 0 m Akn
α
ψ
= −ψ
⎛⎜⎝ β ⎞⎟⎠− , 0<ψ
0 < , 10 < <
α1
, (A2) 我們將式(A2)代回式(A1)，可得本國的淨生產函數為：1
y=
ψ
0A k mα α −α αβn , (A3) 仔細觀察式(A3)與正文中的式(2.3)，兩者的函數形式具有一致性；因此，我們可 以直接推論，不論貨幣藉由交易成本的概念進入經濟體系，或是透過生產函數直 接參與經濟體系，這兩種方法都具有一致性。附錄 B
附錄 C
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