2009-08-012024-05-17https://scholars.lib.ntu.edu.tw/handle/123456789/687174摘要：自從 Kydland and Prescott (1977) and Barro and Gordon (1983) 的研究 之後, 經濟政策的法則與權衡 (rule vs. discretion) 的概念有了新的意義。 以貨幣政策為例,法則是指央行以有計畫的, 系統性的方式, 而非隨機的或讓 民眾措手不及的方法執行其政策。目前,經濟學者普遍認為法則優於權衡, 而且貨幣政策應該透明化。不過, 經濟學者對於什麼是最適法則尚無共識。 以美國的貨幣政策為對象, 文獻上最有名的例子是 Taylor (1993) 所提出的利率法則, McCallum (1999) 則提出以準備貨幣為操作目標的法則。台灣目前貨幣政策的 操作方法表面上看來與英美日及歐元區國家類似, 但實際上大不相同。 本研究的目的是由法則的角度分析台灣1981年以來貨幣政策的操作, 並檢討台灣的貨幣政策制度。<br> Abstract: The revolutional studies of Kydland and Prescott (1977) and Barro and Gordon (1983) give a newmeaning to the concept of rule versus discretion. In monetary policy, rule means the central bank conducts policy in a systematic manner, and not in random or in ways unexpected to the public. Economists now regard rule is preferred to discretion, and that monetary policy should be transparent. However, there is still no consensus as to what is the optimal rule. The Taylar rule, proposed by Taylor (1993), is probably the most well-known monetary policy rule which uses interest rate as instrument. McCallum (1999) has suggested another rule based on reserve money growth. e operations of Taiwan`s monetary policy is actually quite di&#154;erent from that of the U.S., Japan, and the Euro area. In this study, we will analyze Taiwan’s mone- tary policy since 1981 from the perspective of policy rule. We will also analyze the current monetary policy operational system, and propose changes for improvement.貨幣政策法則貨幣法則法則與權衡透明化Monetary policy rulemonetary policyrule versus discretiontransparency