本文建立一個納入以不動產為避險工具的通貨替代模型，據以分析通貨 膨脹對實質匯率(貿易財對非貿易財之相對價格)、不動產相對價格以及兩種通貨 實質存量的影響，並探討這些內生變數的動態調整路徑。我們的分析發現;通貨 與不動產之間的替代程度、兩種通貨之間的替代程度以及外國通貨需求的價格彈 性等參數的相對大小為影響長期變化與動態調整行為的關鍵因素。本文的研究進 一步指出:在某些參數結構下，本國與外國的貨幣增長率提高往往導致國內大眾 的實質外匯存且過多，從而引起本國通貨實質升值和不動產相對價格上漲的現象; 而在短期，這些變數可能調整過度，也可能調整不足，甚至可能錯向跳動，端視 模型的結構參數而定。

　　　　　This paper sets up a model of currency substitution with the real estate asan inflation hedge to study the effects of domestic and foreign inflation onthe real exchange rate, the price of inflation hedge and the stocks of domestic and foreign currency. It is found that the degree of currency substitution, the degree of substitution between domestic currency and inflationhedge and the own''price" elasticity of the demand for foreign currency arethe key elements to determine the dynamic and the long-run behavior of economic variables investigated. Furthermore, a rise in the growth rate of domestic and foreign money supply would lead to an increase in the stock of foreign currency, an appreciation of domestic currency and a higherrelative price of the real estate in the long run while those variables mayovershoot, undershoot or mis-jump in the short run depending on the structure parameter in the model.