According to Mundell (1963), if one country is under perfect capital mobility, and the monetary authority does…

Question

According to Mundell (1963), if one country is under perfect capital mobility, and the monetary authority does not implement sterilized intervention, then _____ policy together with _____ exchange rate regime has the biggest effect on output.
(A) monetary, floating
(B) monetary, fixed
(C) fiscal , floating
(D) fiscal, fixed

Accepted Answer

正確答案為 A。 在資本完全移動的 Mundell-Fleming 模型中，浮動匯率下的貨幣政策對產出最具擴張效果，而固定匯率下的貨幣政策則完全無效。 (A) 【浮動匯率貨幣政策】在資本完全移動與浮動匯率下，擴張性貨幣政策會使國內利率下降，引發資本外流與本幣貶值，進而大幅提升淨出口與產出，政策效果極大。 (B) 【固定匯率貨幣政策】在固定匯率下，貨幣政策完全無效。央行為了維持匯率，必須在外匯市場進行干預，導致貨幣供給量最終回到原水準，無法影響產出。

According to Mundell (1963), if one country is under perfect capital mobility, and the monetary authority does not implement sterilized intervention, then _ policy together with _ exchange rate regime has the biggest effect on output.

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