本文係以Zhang (2000)模型為基礎，利用現金交易成本作為引入貨幣的方式，建立一個貨幣內生成長模型，並分析釘住名目利率指標對經濟成長率的影響。同時，考量Hahn (1991)與Eriksson (1995)的研究指出勞動工時有減少趨勢的事實，我們引入Turnovsky (2000)對於休閒選擇的設定，修正效用函數及生產函數。經過比較之後，我們將兩個模型所獲致的結論歸納如下：

一、在不考慮勞動供給決策的內生成長模型下，我們的分析發現，當央行提高名目利率指標時，依據通貨-所得比的名目利率彈性與跨時消費替代彈性的相對大小，決定均衡的消費-資本比對名目利率的比較靜態關係為正向或負向。在通貨-所得比的名目利率彈性較小的情況下，均衡的消費-資本比將增加，若是相反的情況均衡的消費-資本比將減少。並且經濟成長率在靜止均衡時等於均衡的實質貨幣餘額成長率及實質資本成長率，名目利率指標與均衡經濟成長率間的關係恆為負向。

二、在考慮勞動供給決策的內生成長模型下，我們的分析發現，當央行提高名目利率指標時，依據勞動對名目利率反應程度的大小，決定均衡的消費-資本比對名目利率的比較靜態關係為正向或負向。在勞動對名目利率反應程度較大的情況下，均衡的消費-資本比將減少，若是相反的情況均衡的消費-資本比將增加。並且央行調升名目利率對均衡成長率的的影響，也端視勞動對名目利率反應程度的大小而定：若勞動對名目利率反應程度較大則均衡的經濟成長率將會上升；若是相反的的情況均衡的經濟成長率將下降。

Beginning with the paper of Zhang (2000), we develop a pecuniary transactions cost (TC) approach to build up a monetary endogenous growth model and examine the principal relationships and results concerning nominal interest rate targeting and growth. Meanwhile, according to Hahn (1991) and Eriksson (1995) pointed out there has been a trend decline in labor supply, we introduce the labor-leisure choice of Turnovsky (2000) to amend the utility function and the production function. In the comparison of two macro-models, we can conclude:

1. Under the inelastic labor supply endogenous growth model, if the central bank raises the nominal interest rate targeting will damage to the growth rate.

2. Under the elastic labor supply endogenous growth model, if the central bank raise the nominal interest rate targeting will induce ambiguous effect of the growth rate depending on the labor-leisure choice reaction of nominal interest rate, the bigger reaction may get the higher growth rate.

第一章 緒論
第一節 研究動機 6
第二節 文獻回顧 8
第三節 本文架構 10

第二章 名目利率指標與內生成長：勞動供給外生化
第一節 代表性個人 11
第二節 政府與中央銀行 13
第三節 動態傳遞過程與靜止均衡分析 14
第四節 名目利率指標的比較靜態與宣示效果 20
圖形分析 25

第三章 名目利率指標與內生成長：勞動供給內生化
第一節 代表性個人、政府與央行 31
第二節 動態傳遞過程與靜止均衡分析 33
第三節 名目利率指標的比較靜態與宣示效果 40
圖形分析 45

第四章 結論 50
附錄A 52
附錄B 53
參考文獻 54

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