在傳統總體經濟理論中，物價是由貨幣供需的均衡所決定，所以過去認為，只要中央銀行不採取搖擺的貨幣政策就足以達到物價穩定的目標。到了近代，開始有學者體認物價的穩定必須仰賴貨幣政策與財政政策搭配才能達成，而不獨是貨幣政策單方面的控制；雖然如此，一般仍將貨幣政策視為較重要的部分，財政政策僅是用以輔助的配角。透過對政府跨期預算限制式的不同解讀，晚近出現了所謂「物價水準的財政理論」(Fiscal Theory of the Price Level, FTPL)，認為就穩定物價的目標而言，財政政策與貨幣政策一樣重要。一經濟體在某段期間可能是貨幣政策居主導地位，而在另外的時期，則是財政政策較為強勢；依主導政策的不同而有所謂「李嘉圖時期」(Ricardian regime)與「非李嘉圖時期」(Non-Ricardian regime)的分別。Canzoneri、Camby與Diba於2001年給出李嘉圖時期成立的條件，並根據該條件利用VAR進行實證研究，歸結美國1951-95年的財政政策較符合李嘉圖時期之特徵。本文應用馬可夫轉換向量自迴歸模式(Markov-Switching Vector Autoregression, MS-VAR)對美國1964-2004的資料進行分析，發現1982年以前應為非李嘉圖時期，此時點介Woodford(1998)指出的1980年以及Favero與Monacelli(2003)所歸結的1987年之間。另外，台灣資料的實證研究發現，1988-89年後，財政政策表現符合非李嘉圖時期所描述的情況，其時點咸認為是台灣經濟的轉型期。由於FTPL在台灣經濟文獻中尚付之闕如，本文主要貢獻在於對該理論作簡明的介紹與整理，並透過實證分析檢視台灣過去是否發生過FTPL所強調的非李嘉圖時期。

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