聯繫匯率制度要求澳門的利率必須與香港進而與美國的利率保持一致，這意味着澳門 的貨幣供應在一定程度上受美國貨幣政策影響。考察當前匯率制度下，美國的貨幣政策所導致的 澳門貨幣供應的變化對通貨膨脹的影響因素發現，在澳門經濟發展較慢時期，美國的貨幣政策所 導致的澳門貨幣供應的變化對通貨膨脹的影響不大，當澳門經濟發展較快時，這一影響變得較為 顯著。這也從新的角度解釋了當前澳門通貨膨脹的原因。

The linked exchange rate system requires that the interest rate in Macau must be consistent with that in Hong Kong, and then with that in the U.S. It implicates that, to some extent, monetary supply in Macau must be affected by U.S monetary policy. This paper examines how the change of monetary supply in Macau that caused by U.S monetary policy affects inflation under the linked exchange rate system. The result shows that monetary supply in Macau caused by U.S monetary policy has less effect on inflation in period of depression but has more effect on inflation in a period of economic boom. The finding presents a new explanation of inflation in Macau.