貨幣需求在總體經濟學中一直扮演著重要的角色。同時，貨幣與貨幣性資

產間替代之研究亦是一般貨幣經濟學者關心的課題之一。因為瞭解了這層

關係後，對於如何定義貨幣、貨幣總計數之衡量及貨幣政策的制定等，將

會有所助益。傳統的貨幣需求分析，實質貨幣餘額需求為實質所得( 產

出 )，預期通貨膨脹率與名目利率的函數。但實證結果顯示，使用這些變

數對於貨幣需求的預測或是制定、評估貨幣政策時，並不十分有用。近來

，許多學者嘗試以符合個體基礎的方式來估計貨幣需求。然而，大部份的

實證結果亦是令人沮喪。本論文將回顧估計貨幣需求的一般化個體─經濟

計量方法，並嘗試使用較新的個體─經濟計量模型─漸近理想化模型(

The Asymptotically Id eal Model)來估計台灣地區的貨幣需求。同時也

討論下列問題：ぇ貨幣性資產間的替代性╱互補性。えAIM 與Translog貨

幣需求系統之比較。ぉ效用最大化條件之比較。お一階AIM貨幣需求系統

之動態分析。實證研究的主要結果如下：LTL、HTL貨幣需求系統，不但違

反滿足效用函數彎曲性的必要條件且與需求法則相違背。由一階 AIM貨幣

需求系統估計之彈性值發現，活期儲蓄存款加郵局存簿儲金與活期存款、

郵局劃撥儲金呈現淨互補的關係，印證了交易性存款與儲蓄性存款彼此替

代性不高的現象。就滿足效用最大化條件而言，一階AIM貨幣需求系統滿

足Regular ity條件的情況仍優於LTL、HTL貨幣需求系統。就一階AIM貨幣

性資產成長率之模擬而言，通貨淨額加支票存款之實際與模擬成長率配適

的最佳，其餘次之。

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[9]廖俊男(1 992) , 「 貨幣與經濟活動之實證分析.」央行季刊，十四
卷四期。
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[1]簡濟民(1992) • 「 台灣地區貨幣需求函數之實證研究一誤差修正模
型之應用.」央行李刊，十四卷三期。
[12] 邱正雄、侯德潛(1992) • 「 金融自由化下之物價、貨幣與貨幣政策
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