本文首先澄清，在資本完全移動的固定匯率體系下，如果貨幣當局未實 施沖銷操作，Ramirez(1988)的政策搭配法則是無法運作的。同時，我們也發現， 只要引進貶值的貨幣效果，則他原先欲藉助適當的總體政策搭配來達成內在及外 在目標的建議方為可行。

　　　　　This paper clarifies that, under fixed exchange rates with perfectcapital mobility and no sterilization, Ramirez's (1988) original prescriptions of policy assignments are still not feasible. Moreove ,we find that his original suggestions concerning the mixture of appropriate macroeconomic policies to achieve both internal and external targets are tenable, provided that the monetary effect of devaluation enters the picture.