本文的目的是探討臺灣的管理浮動匯率制度在隔絕外衝擊對國內經濟的影響方面是否有較優越的功能。我們選擇將零限制條件加在變數間的短期關係上，而估計一個包含五個變睥的多變數結構式向量自我迴歸模型。這五個變數包括國際原油價格、美國與臺灣貨幣供給成長率差距、美國實質國民生產毛額、日本躉售物價指數及臺灣實質國民生產毛額。預測誤差變異數分解結果顯示，管理浮動匯率制度在隔絕國外衝擊對國內經濟影響力方面，可能有優的功能。然而，上述結余可能是由於兩個匯率制度期間的內外衝擊性質有明顯差異，而不必然是改採理浮動匯率制度的結果。我們進一步比較兩種匯率制度期間臺灣實質國民生產毛額對一單位國外衝擊的衝擊反應函數。我們發現，長期來說，管理浮動匯率級度在隔絕外衝擊對臺灣國內經濟的影響方面的確有較優越的功能。

　　　　　The purpose of this paper is to investigate whether floating exhange rates have the superior insulation properties in Taiwan. We estimated a structural VAR model using short-run identification restrictions. Our results of the forecast error variance decompositions support the superior insulation properties of floating exchange rates. We also examined the nature and magnititude of shocks. The results of impulse responses to Taiwan's real GNP to one unit shocks in the growth rates of oil price and U.S. real output, difference of growth rates of the U.S. and Taiwan money supply and the growth rate of Japanese prices all indicate that the floating exchange rate regime is more effective in insulating the economy form foreign disturbances than is the fixed rate regime.