隨著跨國貿易、全球化程度逐漸提升，國內通貨膨脹率除受到本國經濟活動影響外，亦可能受到國外景氣與外部價格變動所驅動。本文採用 1990 年第 1 季至2025 年第 1 季 35 個國家之季資料，透過動態追蹤資料分量迴歸與 Lin （2024）控制函數法，探討不同通膨分量下，國內外產出缺口對國內通膨之異質影響。實證結果顯示，國外產出缺口在低通膨分量下對國內通貨膨脹率具有顯著正向影響，其估計係數隨通膨分量上升而逐漸下降，至高分量時轉為不顯著；國內產出缺口亦主要在低分量下呈現正向且部分顯著之影響，並隨通膨分量提高而逐步減弱。此結果說明，在低通膨環境下，國外需求、進口成本與全球景氣變化對國內物價之影響相對較強，支持全球因素對通膨具有非線性關係之觀點；同時，國外因素並未完全取代國內經濟因素。

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