Title page for etd-0526117-150512


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URN etd-0526117-150512
Author Chih-hsien Su
Author's Email Address No Public.
Statistics This thesis had been viewed 5589 times. Download 315 times.
Department Economics
Year 2016
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The Impact of Tourism Receipt Fluctuations on Taiwan's Macroeconomy
Date of Defense 2017-06-09
Page Count 51
Keyword
  • tourism receipt
  • dynamic stochastic general equilibrium model
  • exchange rate regime
  • small open economy
  • Abstract In recent years, the Taiwanese government has actively promoted the tourism industry, but the decline of tourists from China, starting from the second half of 2016, led to a sharp decline in tourism receipts. This paper constructs a small open dynamic stochastic general equilibrium model, calibrated to Taiwanese economy, to study the macroeconomic effects of tourism receipt fluctuations. It finds that the decline of tourism receipts has negative effect on total output. A managed exchange rate regime, which does not allow the exchange rate to depreciate in response to the tourist receipts decline has bigger negative effect on total output. When the elasticity of substitution between labor of two sectors is higher, the negative macroeconomic effects can be mitigated. We also investigate the effect of the tourist subsidy policy, and find that although it helps the tourism industry, the effectiveness of the policy is small. As the subsidy is financed by government debt, fiscal adjustments in later periods can lower overall output.
    Advisory Committee
  • Juin-Jen Chang - chair
  • Chih-Yu Yang - co-chair
  • Shu-Chun S. Yang - advisor
  • Files
  • etd-0526117-150512.pdf
  • indicate access worldwide
    Date of Submission 2017-06-26

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