Please describe the Taylor rule. Is the Taylor rule a rule as envisioned by monetarists?
Why has it become more popular among monetary policymakers? What are its
implications for monetary policy if used exclusively by policymakers in the future?
(12%)
[Mundell-Fleming Model] (13%)
(1) What exchange rate system does Central Bank of Taiwan currently use? Please
briefly explain it and discuss its advantages and disadvantages. (3%)
(2) Assuming Central Bank of Taiwan pegs the exchange rate at a certain level, please
use graphs to discuss the effect of the monetary policy and the fiscal policy on the
economy, respectively. (5%)
(3) Assuming Central Bank of Taiwan does not intervene the exchange rate at all,
please use graphs to discuss the effect of the monetary policy and the fiscal policy
on the economy, respectively. (5%)
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