本篇論文擬延伸Blanchard and Fischer (1989)的封閉經濟模型為小型開放經濟模型，主要的特色在於允許長、短期本國債券同時流通於經濟体系，以及資本於國際間為不完全的移動，且維持國際收支均衡的條件下，進而探討外匯當局採行浮動匯率與中立干預的雙元匯率不同体制下，政府財政支出的擴張將如何影響匯率與長、短期債券利率，是否造成債券市場資產持有型態的轉變，並據以比較此兩種匯率制度有何差異性。
本篇論文共分為四章，第一章為緒論，第二章將延伸Blanchard and Fischer (1989)的封閉經濟模型為小型開放經濟的浮動匯率模型，據以探討預料到恆常性財政支出擴張對於匯率與長、短期債券利率的影響及經濟体系的動態調整路徑。第三章將於中立干預的雙元匯率制度模型下，進而探討預料到恆常性財政支出擴張對於金融匯率與長、短期債券利率的影響以及經濟体系如何由原均衡過渡到新均衡之動態調整路徑之分析。第四章則為本文的結論。

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目 錄
第一章 緒論 1
本章註釋 3
第二章 浮動匯率制度模型
第一節 模型設定 4
第二節 長期均衡及動態特質之分析 5
第三節 政策的宣示效果 10
本章註釋 22
第三章 中立干預的雙元匯率制度模型
第一節 模型設定 30
第二節 長期均衡及動態特質之分析 31
第三節 政策的宣示效果 36
本章註釋 45
第四章 結論 50
參考文獻 52

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