本論文使用美國1951年Q1至2023年Q4的季資料，並應用貝氏結構向量自我迴歸模型估計不同聯準會主席之貨幣政策法則。實證結果顯示，Martin時期聯準會積極面對通膨，而對產出缺口反應較溫和，且對兩變數反應受利率平滑效果壓縮程度較大。Burns時期對產出缺口反應亦較溫和，而對通膨反應程度上升，此時期政策反應受利率平滑效果壓縮程度較小。Volcker時期政策動機與Burns時期相似，聯準會欲快速調整利率至理想值。另外，此時期聯準會對實質經濟活動反應程度大幅上升。Greenspan時期對產出缺口與通膨亦有積極反應，然而政策反應被壓縮程度大於Volcker時期。我們也發現，自Bernanke時期開始，聯準會之貨幣政策較難使用一般政策法則詮釋。

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