本文利用Frenkel and Rodriguez（1982）與Lai and Chang（2001）的理論模型為藍本，建構一個小型開放經濟體系物價目標區理論架構，使用Lai and Chang（2001）、Lai and Fang（2012）、Lai, Fang, and Chang（2008）的「蜜月效果新圖解法」與陳秀華（2004）、廖培賢（2018）的「最適目標區間新圖解法」來討論：一旦面臨來自總合供給面與貨幣市場需求面的不利衝擊時，貨幣當局物價目標區政策的實施是否對相關總體經濟變數具有穩定效果以及最適物價目標區間寬幅如何挑選的議題。本文的主要結論顯示：不管貨幣當局相對關心本國物價抑或本國產出水準的波動以及干擾種類的來源與資本移動程度相對大小，都須選擇最適物價目標區間為零的體制。

Using an open economy macroeconomic model based on the framework developed by Frenkel and Rodriguez (1982) and Lai and Chang (2001), this paper explores whether a price band policy imposed by the monetary authority has a stabilizing effect on macroeconomic variables and how the optimal price band should be selected. Assuming both aggregate supply side and money market demand side (domestic interest rate) disturbances, this paper concludes that regardless of the relative magnitude of capital mobility or whether the monetary authority cares more about fluctuations in domestic price or the output level, the monetary authority should adopt a fixed domestic price level strategy; in other words, the optimal price band is zero. This finding is found to be different from those proposed by Huang (2005) and Liaw (2018).