在貨幣經濟學中，通貨膨脹福利成本的衡量是一個基礎議題。然而，不完全競爭市場的加碼 定價(獨占力)如何影響通貨膨脹的福利成本？為了分析這個問題，本計畫擬發展一個產品專 業化生產的勞動內生貨幣模型。在既存的文獻中，廠商的獨占程度與專業化生產的報酬皆反 映於相同的參數，若該參數產生變化，我們很難區分變化來是來自於市場的獨占因素，還是 因為專業化生產的變化所導致。有鑑於此，本計畫擬將專業化生產所導致的報酬變化從獨占 程度之中擷取出來。一方面從實事面討論貨幣當局如何調整名目貨幣供給成長率，來影響總 體經濟相關經濟變數。另一方面從規範面討論貨幣當局如何使用名目貨幣供給成長率矯正， 不完全競爭對經濟體系所產生的資源配置扭曲，並進一步討論獨占力對通貨膨脹福利成本的 影響效果。 The measurement of the welfare cost of inflation has been a fundamental issue in monetary economics. However, how do markups that reflect monopoly power of firms influence the welfare cost of inflation? To analyze this question, this project will develop a monetary production specialization model with elastic labor supply. In the literature, both monopoly power and return to specialization are characterized by the same parameter. It is difficult to distinguish that the parameter change is due to market imperfections or production specialization. Based on this fact, this project will separate production specialization from market imperfections, so that both effects can be recognized clearly. From the positive aspect, this project will examine whether the anchor of money supply growth rate set by the monetary authority governs macroeconomic variables. From the normative aspect, this project will deal with how the monetary authority sets its optimal policy to remedy market imperfections. Moreover, this project also will make an effort to examine how monopoly power influence the welfare cost of inflation.
