本文為一採行浮動匯率的小型開放經濟體系，在完全預期的預期模式下，我們設立一代表性個人最適化的通貨替代模型。我們採用的模型是以Liviatan (1981)貨幣進入效用函數的模型為基礎，納入Fisher (1983)視實質貨幣為可節省如勞動、資本等其它生產要素的一種投入要素，而將實質貨幣直接引入生產函數之概念，設立一最適化模型。藉以分析當本國貨幣成長率增加時，對外國貨幣名目存量、本國貨幣實質餘額、實質匯率水準等經濟變數的長期均衡與動態調整行為所產生的影響。本文得到不同於Liviatan (1981)的結果，即長期實質匯率水準會上升，而短期實質匯率水準，則有調整不足、錯向跳動和調整過度等現象。

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