本文有鑑於文獻上對效率工資理論之研究，僅侷限於解釋為何勞動市場會呈現持續非自願性失業現象、貶值效果以及對不同匯率制度的財金政策相對有效性等議題的探討，但於總體經濟的政策搭配議題將會呈現如何的結果，則殊少論述。因而本文將以Mundell（1963）模型為分析基礎，進一步納入Solow（1979）及Lindbeck and Snower（1989）所強調的效率工資理論，模型兼顧了總合供給面及總合需求面，據以探討在固定匯率與管理浮動匯率制度下「政策搭配」的議題，我們選取財政政策與匯率政策為政策工具，以追求充分就業產出及理想外匯存底為內、外均衡的政策目標，將如何完成政策搭配？是否Ramirez（1988）的建議再度可行呢？本文的分析得到以下結論：
當勞動市場呈現名目工資僵固時，無論在固定匯率或管理浮動匯率，財政政策與匯率政策作政策仍無法作政策搭配，此結果與Lai,Chang,and Chu（1990）指出Ramirez（1988）之缺失相同。而當勞動市場納入效率工資理論時，無論在固定匯率或管理浮動匯率，財政政策與匯率政策皆可作政策搭配，以達到內外均衡目標。此結論完全改善Ramirez（1988）之缺失，亦推翻了Mundell（1963）財政政策與匯率政策無法作政策搭配的論點，可知效率工資理論在政策搭配上之重要性。

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第一章 緒論
第一節 研究動機與目的－－－－－－－－－－－－－－－1
第二節 本文架構. －－－－－－－－－－－－－－－－－ 5
註釋 －－－－－－－－－－－－－－－－－－－－－－－6
第二章 理論模型的建立 －－－－－－－－－－－－－－－－7
註釋 －－－－－－－－－－－－－－－－－－－－－－－13
第三章 固定匯率之政策搭配
第一節 固定匯率且工資僵固之政策搭配 －－－－－－－14
第二節 固定匯率且效率工資之政策搭配 －－－－－－－19
註釋 －－－－－－－－－－－－－－－－－－－－－－26
第四章 管理浮動匯率之政策搭配
第一節 管理浮動匯率且工資僵固下之政策搭配 －－－－28
第二節 管理浮動匯率且效率工資下之政策搭配 －－－－32
第五章 結論 －－－－－－－－－－－－－－－－－－－－－39
【數學附錄】 －－－－－－－－－－－－－－－－－－－ 41
【參考文獻】－－－－－－－－－－－－－－－－－－－－ 44

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