本文將Lai(1992)的模型予以延伸，併入單純雙元匯率與雙元浮動匯率兩種匯率 制度，借以比較總體經濟政策於此二種不同?S率制度下的相對有效性，於推縯過程中，我們 發現：(一 ) 在單純雙元匯率制度下，商業匯率的上揚會壓縮國內的產出，亦即具有緊縮性 的產出效果。(二 ) 不論是擴張性財政政策或貨幣政策的實施，在單純雙元匯率制度下的產 出效果，都要較在雙元浮動匯率制下來得有效。 This paper extends the Lai's (1992) model into dual exchange rate systems. Its prpose is to compare the relative effectiveness of macroeconomic policy. We find: (1) In pure daul exchange rate systems, the increase of commerical exchange rete will depress domestic ortput, i.e. which owns the contractive output effect. (2) Regardless of expansionary fiscal policy or monetary policy, the output effect under pure dual exchange rate systems will dominate the output effect under dual floating exchange rate systems.
