台灣屬於小型開放經濟體系，在全球化及自由化的趨勢下，國內總體經濟環境無法避免國外衝擊的影響。因此，本文以台灣為例，探研開放經濟體系貨幣政策對國內經濟活動之影響以及隔絕國外衝擊之效果。
　　自1973年布列頓森林協定（Bretton Woods system）崩潰後，各國紛紛放棄過去之固定匯率制度，改採浮動匯率，我國亦於1978年7月10日起逐步改變固定匯率制度，採取機動匯率，實施匯率自由化。然而在機動匯率制度之初，匯率仍是央行政策操作的工具，直至1989年4月放棄中心匯率制度後，我國匯率制度乃與世界主要工業國家的制度趨向一致，然外匯自由化的結果，國國內部門不免因而受國際金融市場波動而起伏。
　　本文依據我國匯率制度變遷過程，區分為三個樣本區間，建立一包含七個變數的結構化向量自我迴歸（structural vector autoregression，SVAR）模型進行估計分析，再以衝擊反應函數（impulse reaction function）及預測誤差變異數分解（forecast error variance decomposition）等方法，研析貨幣政策及國外衝擊對主要經濟變數之影響。
　　本文研究顯示貨幣政策在固定匯率制度時期較管理浮動匯率制度時期更能夠達到央行穩定物價的政策目標，而就隔絕國外經濟衝擊能力而言，浮動匯率制度下貨幣政策的隔絕效果較固定匯率時期為佳。

　　For a small open economy like Taiwan it is highly impossible for being able to be free from international economic disturbances. This thesis employs a structural vector auto regressive (SVAR) model to investigate policy performance for the Taiwanese economy under exchange rate regimes. Experiments were made using the estimated SVAR model to simulate policy shocks and various foreign economic shocks. Typical impulse response function analysis and forecast error decomposition were then used to evaluate the model performance for alternate shocks.
　　This thesis has two major conclusions. First, monetary policy performs better under fixed exchange regime than it is under managed-float regime. Second, the Taiwanese model insulated foreign disturbances better under floating exchange rate regime than was in pegged exchange rate regime.

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朱雲鵬、許嘉棟等編：《梁國樹先生論文集—貨幣金融》，（台北：台灣大學，初版，2002年7月）。

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賴惠子：〈台灣地區貨幣政策信用傳遞管道之探討〉，《經濟研究》，第38卷第1期（2002），頁57-95。

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