本研究針對貨幣供給、政府支出以及具物價膨脹效果的消費者物價指數年增率，來探討台灣地區的物價膨脹受貨幣政策中的貨幣供給以及財政政策中的政府支出的相互關係。實證結果發現，當央行採取擴張性貨幣政策，增加流通在市場中的貨幣時，此些使貨幣供給增加的擴張性貨幣政策會造成物價過渡的上升而使經濟社會因為過渡的通貨膨漲而不穩定；若採取增加公共建設此一增加政府支出的擴張性財政政策僅會對通貨膨漲造成些微的影響。因此，當政府在取決於要採用擴張性貨幣政策或是財政政策來促成國民所得的提升時，吾人認為應採用擴張性財政政策以防止過渡通貨膨漲而造成不必要的金融危機。 The aim of this research is to investigate the dynamic relationship among money supply, government spending and inflation rate. The empirical finding is that the increment of money supply by the expansionary monetary policy will drag up the inflation rate, whereas the expansionary fiscal policy keeps the aggregate price in a comparative stable level. Therefore, this research concludes that when the government decides to implement the expansionary policy in order to increase the GDP, it should adopt fiscal policy rather than monetary policy to avoid the financial crisis caused by the hyperinflation.
