此外，在比較同期間美國與台灣2個國家的結構轉變點時，可以發現台灣的2個結構性轉變點均落後美國，且2國的結構性轉變點發生的期間是相近的，歸咎其原因，由於過去台灣對美國的貿易依存度非常高，造成美國對台灣的總體經濟變數影響性非常大，故結構性轉變點相近。 In this study, I employ the multiple structural change approach of Bai and Perron (2003) to investigate the monetary policy reaction functions of U.S. and Taiwan. Empirical results indicate overwhelming evidence in support of structural breaks in both countries. Moreover, in general, the monetary authorities in both countries adopt countercyclical policies in order to curb high inflation and promote economic growth rate. Furthermore, because of President Reagan’s special monetary policy, we find that there was a positive relationship between the unemployment rate and the federal fund rate in the U.S. I also find that from 1984 to 1992 the stagflation happened in Taiwan and the monetary authority sacrificed the economic growth for curbing inflation.
