Romer(1993)指出因未預期貨幣擴張將會造成實質匯率貶值，而實質匯率貶值所帶來的貿易條件惡化傷害在開放體系下較大，導致經濟體系越開放的國家越無實施擴張性貨幣政策的誘因。準此，貿易越開放的經濟體系，其通貨膨脹水準越低並伴隨較小產出-通貨膨脹抵換。本文依照Romer (1993)所選的非中央集權114國，採用1961至2007年的樣本，實證發現當考量了匯率制度，貿易開放程度並非最主要影響通貨膨脹與產出-通貨膨脹抵換的原因，匯率制度扮演了決定通貨膨脹與產出-通貨膨脹抵換高低更重要的角色。

The negative relationship between trade openness and inflation was found by Romer(1993). Romer points that the unexpected monetary expansion will give rise in real exchange rate depreciation which is more harmful in open economy. Concerning this effect, monetary authority will have less incentive to operate expansionary monetary policy and result in lower inflation in open economy. According to Romer (1993), this paper extends the sample period from 1961 to 2007, finding after controlling exchange rate regimes, trade openness does not play a role to explain inflation; however, Exchange rate regimes act a key variable to account for cross-country inflation dynamics.

壹 中文文獻
侯俊宇(2009)，”開放性、犧牲比率與通貨膨脹：工具變數分量迴歸模型之應用”，
國立政治大學經濟研究所。
林馨怡和陳佩玗(2010)，”通貨膨脹與貿易開放性之關係¬¬－分量迴歸於追蹤資料
的應用”，中央研究院經濟研究所，經濟論文，第38卷第1期，1-32。

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