自1976年國際貨幣基金(IMF) 的修改基本條款，國際貨幣制度由固定匯率改為浮動匯率的制度，促使匯率變動合法化。支持浮動匯率論者認為:透過價格機能將增加資源分配效率，平衡國際收支，提高國內貨幣政策的自主性。實際上，匯率的自由調整非但無法得到以上的優點，反而造成匯率大幅地波動。因此考慮在開放經濟下，大眾同時握有本國與外國貨幣，根據資產報酬率持有國內外貨幣，產生了通貨替代的理論命題。但也有學者嚐試以本國商品作為通貨膨脹的避險工具。並就開放經濟的特性，考慮外國通貨膨脹率的存在。本文擬以最適控制，分析小型開放經濟的兩部門三資產的模型中，本國及外國通貨膨脹率對實質匯率

與資產實質持有量的影響，進而探討其動態調整路徑。

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