貨幣狀態指標為利率與匯率的加權平均，權數則決定於這兩個變數對總需求的相對影響力。這個指標既可用來衡量貨幣的鬆緊，又可用為貨幣政策的中間操作標的。近年來貨幣狀況指標已成為執行貨幣政策一個很重要的指標。例如：加拿大、紐西蘭與挪威的中央銀行皆以該指標作為貨幣操作標的。有許多政府機構與民間企業亦定期編製及發表各國的貨幣狀況指標。縱然如此，台灣卻忽視了這方面的研究。本文建立了一個單一方程式的模型來編製台灣第一套的貨幣狀態指標。本模型考量動態模型設定，非平穩性與結構變動，以確保實証結果的可信度。實証結果顯示貨幣狀態指標確能反應台灣貨幣的狀態。

　　　　　The monetary conditions index (MCI) is the weighted average of the interest rate and the exchange rate and is used as an indicator of monetary conditions as well as an intermediate operational monetary target. The weights aim to reflect the effects of these two variables on aggregate demand. Models relating these variables to output have been constructed to evaluate these weights. In recent times, the MCI has become an important indicator of the stance of monetary policy. For example, the central banks of Canada, New Zealand and Norway use the MCI as an operational target. Various organizations and businesses also regularly publish MC1s for numerous countries. Nonetheless, the concept and usefulness of the MCI have been mostly ignored in Taiwan. This paper therefore purports to be a first attempt to compile MC1s for Taiwan. To this end, we construct a single-equation reduced-form model for GDP with a specific focus on dynamic specification, nonstationarity, and parameter constancy. Thus, our estimation results are not subject to most of the criticisms spelled out by Eika, Ericsson and Nymoen. The empirical results show that our MC1s are capable of indicating the monetary stance in Taiwan.