本文考慮一個折舊率內生化的實質景氣循環(Real Business Cycle, RBC) 模型, 在油價衝擊之下, 能源的使用與資本利用率密切相關, 而內生化折舊率會受到資本利用率的影響,進一步使資本累積變動。本文探討經濟體系面臨油價衝擊時, 政府有能源補貼政策是否能夠減緩對能源使用、消費、勞動、產出及投資等總體變數所造成之影響。根據衝擊反應函數顯示, 政府補貼之後, 國內能源價格比國際能源價格便宜時, 對於產出、能源使用、資本利用率、資本、民間消費和投資的下降幅度比政府未補貼時較少。從福利分析中, 可發現政府對國內油價實施補貼時, 可提升整體效用水準。

This paper studies a RBC model with energy to investigate whether energy subsidy policy can mitigate the negative impact from energy price shocks. The major feature
of the model is that energy usage affects the capital utilization rate, which in turn endogenously determines the depreciation rate. With energy subsidy, the reductions
in capital utilization and output are smaller at the impact of higher energy price. This result supports the finding that full subsidization can suppress the negative impact on key macroeconomic variables and improve the welfare of households.

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