本研究運用內生轉換迴歸模型(endogenous switching regression model)以及64個國家的跨國資料，來探討在不同貨幣政策機制下貿 易開放對通膨的影響。實證結果顯示在非通膨目標制的國家中，存 在著貿易開放與通膨之間的負向關係，但這種負向關係卻並未得見 於實施通膨目標制的國家。此外，如以往文獻所示，這項貿易開放與通膨之間的負向關係在開發中未實施通膨目標制的國家更加顯著。但在已開發國家族群中，無論是否實施通膨目標制的國家，開放以及通膨間的負向關係都不復見。以上的實證結果也通過一連串的敏感性檢測，因而顯示出我們實證結果的強固性。 By applying an endogenous switching regression model to a large sample of 64 countries, this article explores whether the effect of trade openness on inflation is influenced by the adoption of inflation targeting (IT). The result indicates that, while there exists a significant and negative impact of openness on inflation in the non-IT countries, the effect is negligible in the IT economies. In addition, consistent with the literature that IT is most effective in developing economies, the above differential inflation effect of trade openness across IT and non-IT regimes is only present in the developing subsample, and not the developed counterpart. Finally, our finding is robust to a variety of sensitivity checks, including alternative measures of inflation, indicators of openness, error distributions, and samples.
