本文將供給面效果(supply side effect)與銀根緊縮效果(tight money effect) 納入賴景昌(1985) (Lai(1990)的模型中1，從供給面決定產出的一般均衡模型 出發，在商品市場與勞動市場短期都有價格僵固性的假定下，使用流動性偏好理 論來討論貨幣供給增加對名目利率與匯率在中立干預政策的雙元匯率制度與浮動 匯率制度的動態調整過程的差異，結果發現：(一)雙元匯率制度下匯率的調整途 徑較賴景昌(1985)(或Lai(1990))，彭武添與廖培賢(1989)多出了四種途徑， 名目利率則多出了一種途徑，但調整途徑仍採非循環式調整。(二)浮動匯率制度 下匯率的調整途徑較賴景昌(1985)(或Lai(1990))，彭武添與廖培賢(1989)多出了 八種途徑，名目利率則多出了二種途徑。(三)如果匯率預期呈現靜態預期、資本 在國際間又有完全移動性，而且貨幣市場中的銀根緊縮效果也非常強烈時，則流 動性偏好理論依舊可適用於浮動匯率制度與雙元匯率制度，有別於賴景昌(1985) (或Lai(1990))的結論。(四)雙元匯率制度與浮動匯率制度下，匯率的動態調整 決定因素或條件不再相同，有別於賴景昌(1985)(或Lai(1990))，彭武添與廖培賢 (1989)的結論。 This paper introduces the supply side effects and the tight money effects into Lai's (1985)(1990) model under the general equilibrium model of aggregate supply determines output, we assumes both the goods market and labor market have price rigidity in the short run, use the liquidity preferences theory to show the impact differences of an increased money supply on exchanges rates and interets rates under the two teir and flexible exchange rate regimes. We find:(1)The conditions of exchnage rates dynamic adjustment under the two exchange rate regimes are different (2)There are more than four kinds adjustment paths of exchange rates under two-teir exchange rates system, the adjustment channels are noncyclical (3)There are more than eight kinds adjustment paths of exchange rates under flexible exchange rates regimes, the adjustment channels are cyclical and noncyclical.(4)If exchange rates expectations are regressive, the international capital mobility is perfect and the tight money effect is very strong, then the liquidity preferences theory can still hold in two teir and flexible exchange rate regimes.
