1990 年代金融危機以來，全球匯率轉嫁效果普遍下滑，使傳統擴張性貶值觀點受到挑戰，資產負債表效應也隨之受到關注。本文採用動態追蹤資料分量迴歸與 Lin (2024) 控制函數法，針對 1974 至 2022 年 82 國之季資料，探討不同通膨水準下的匯率轉嫁效果。實證結果顯示，匯率貶值的擴張效果在低通膨環境相對有限，但隨通膨上升將顯著增強；同時，高通膨環境亦會放大資產負債表效應，進而削弱匯率貶值對通膨的推升效果。

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