過去，美國政府因為實施量化寬鬆政策而大舉購入債券，使得債務大幅增加。隨著國內經濟復甦， 美國開始準備賣出債券，造成債券價格下降，同時，為防止套利，利率必需同步走升。因應美國即將步 入升息，全球主要國家央行的貨幣政策，勢必隨之進行調整。 本研究主要以 Aghion, Bacchetta and Banerjee(2000)模型為基礎，將外國利率由固定改為浮動，討論 當外國利率變動，使國內廠商可貸資金減少，對本國廠商資金運用造成影響。進而導致產出減少且貨幣 數量遽減，對本國通貨造成衝擊。同時探究當本國通貨受到衝擊時，應採取的最適解決之道。藉此解釋 美國升息，對台灣經濟的影響。 結果發現，當美國升息，對台灣通貨造成衝擊時，應實施緊縮性貨幣政策。且當本國廠商具備兩種 特性：(1)廠商的次期貸款占實質財富比率，對外國利率變動的彈性很小。(2)廠商生產所需資金來源，大 部分都是來自外國貸款時，緊縮性貨幣政策效果更加明顯。

The US government bonds in the past years while increasing the debt significantly. Nowadays, the US government is preparing to sell bonds which will lead the bond price to drop. Therefore, to prevent the interest arbitrage, interest rate must increase simultaneously. With this action by the US, the central banks of countries worldwide will also adjust accordingly. This research is based on Aghion, Bacchetts and Banerjee (2000) model to change foreign interest rate from fixed to floatable. When foreign interest rate is changing, it might affect the loans as well as the balance sheet for domestic companies which might further result in decreased output and currency drop. This research also studies when the currency is impacted, the proper solution to explain the effect to Taiwan economy due to interest rate hike of the US. Simply put, when Fed increases rate and affects the currency in Taiwan, we should exercise tight monetary policy which justifies the effectiveness in the research, especially for those domestic companies which funds majorly come from loans of foreign countries.