本文以後凱因斯理論為基礎，並以1978-2004年台灣總體經濟資料，進行結構性向量模型（SVAR）的估計分析，探討貨幣政策對所得分配的影響。主要研究結論有三：（一）、貨幣政策影響資本階級內產業資本家與金融資本家間的所得分配；緊縮性的貨幣政策使金融資本所得分配提高，對產業資本家的所得產生不利的影響，進而影響投資及勞動雇用，導致階級間所得重分配偏向資本階級的效果。（二）、工資所得份額的增加對產業資本所得份額雖出現極短暫之不利衝擊，然而旋即轉成有利之影響，整體而言，工資份額的增加對資本所得份額出現有利但並不顯著的影響。（三）、失業的增加有利資本所得的分配。在高失業率的情形下，產業資本家相對勞動者優渥的物質條件使其預備較多的議價空間，因此失業率的提高對產業資本所得份額有短期之有利影響。

Building upon the post-Keynesian macroeconomic theories, this thesis estimates a structural vector autoregression (SVAR) model for Taiwan to investigate the impact of monetary policy on income distribution. Several conclusions were drawn from this study: First, high interest rate induced by tight money policy has an unfavorable impact on the income shares of the wage-income earners and has favorable impact for the income shares of the capitalists as a whole. However, it also produces a redistributive effect within the capitalist class, redistributing income from the industrial capitalists toward the financial capitalists. Next, an increase in wage-income share has a brief and minor contemporaneous negative impact on industrial capital-income share. However, it soon turns into favorable impact to the capitalist income share, although the impact is still minor. Finally, increase in unemployment rate in Taiwan produces favorable contemporaneous impact on capital-income share.

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