1990 / November

預料到的干擾與錯向調整：幾何圖形的分析
Anticipated Shocks and Misadjustment: A Graphical Illustration

研究論文 Research Article

賴景昌, 張文雅
Ching-chong Lai, Wen-ya Chang

107-123

本文將 Dornbusch (1976) 模型的物價緩慢調整假定修改爲物價瞬時調整假定，並利用圖解的方式闡釋 Aoki (1985) 所提出的滙率錯向調整現象。由於物價瞬時調整的假定會使 Dornbusch 模型所呈現的馬鞍安定性質轉變爲全面不安定的性質，因此這個圖解分析除了能夠解說滙率調整型態之外，也有助於瞭解全面不安定的動態體系的性質。

This paper modifies the well-known Dornbush (1976) model to allow the instantaneous price adjustment in the goods market, and then uses a graphical illustration to shed light on the phenomenon of exchange-rate misadjustment proposed by Aoki (1985). It is found that the assumption of instantaneous price adjustment will make the dynamic property embodied in Dornbusch's model change from the saddle-point behavior to the global instability. As a consequence, this study not only can explain the evolu­tional patterns of exchange rates, but also can help us to understand the dynamic feature of the global instability, which is not discussed in the existing literature.

Abstract full PDF text