關於財政政策的有效性，是否與其融資的方式無關，一直為財政與經濟爭論的焦點。直到Barro於1974年提出"Are government bonds net wealth?"一文中，進一步闡述李嘉圖等質定理的真義，又引起學者的廣泛討論。李嘉圖等質定理的意義是說在政府支出既定之下，政府以課稅或發行公債來籌措財源，對總體經濟影響的效果相同，與融資的方式無關。因為現在若以發行公債代替課稅來融通政府赤字，消費者會察覺未來的租稅負擔將增加，才足以償還公債的利息及本金，因此減稅以用發行公債來融通政府支出，不會改變私人部門的跨期預算限制式，對消費、產出、利率水準及投資不會造成影響。但許多學者認為李嘉圖等質定理所隱含的假設並不切實際，若將其基本假設放鬆，往往導致李嘉圖等質定理不成立。假設的不同會得到不同的結果，所以欲探討李嘉圖等質定理是否成立，可能必須從實證分析著手。 　　本論文是從理論面的探討，並將其原始假加以放鬆，以求李嘉圖等質定理理論之擴充。進而利用台灣總體經濟資料從事實證分析，檢定租稅、政府公債餘額及赤字等經濟變數，對私人消費支出的影響。實證結果顯示李嘉圖等質定理在我國並不成立，表示政府融資的方法對總體經濟會有不同的影響，以課稅或發行公債來融通政府支出，兩者的效果並非全然相等，故在財政政策工具的運用上，必須審慎考慮當前的經濟情勢，以及欲達成的政策目的，而採用不同的融資方法。

傳統貿易理論認為，在完全競爭下的補貼政策，僅有扭曲資源分配，造成貿易條件惡化的效果。晚進的理論討論存在做中學效果時，政府採取補貼政策可以使國家福利增加。然而，卻鮮少進一步討論，若存在政策性互動時，補貼政策是否仍可以帶來福利的增長。本文延伸具有做中學效果的李嘉圖模型，考慮對稱兩國的策略性互動，藉以說明採取補貼政策後，兩國之福利均可增加，補貼政策並非百害而無一利。且存在混合策略，兩國均有一定機率均不補貼、都採取補貼政策或只有一國補貼。

本文利用納入外生性切割技術之李嘉圖模型，探討生產流程切割、垂直分工、福利及政府政策之間的關係。文章的第一個部份假定切割技術的取得是外生給定，藉由上述設定，本文首先探討外生性提高生產流程切割程度會如何影響兩國的分工型態及福利水準。文中除了指出兩國的生產技術及勞動稟賦差異是關鍵因素外，切割程度提高會如何影響生產階段在兩國之間的移動是另一個探討重點。相較於切割技術的外生給定，文章的第二個部份則假定生產流程切割方式為模型內生決定，除了藉此探討是否存在單一切割技術能夠替兩國帶來最高福利，還是兩國會各自偏好不同的切割技術外，亦探討本國廠商基於極小化成本所選擇的切割技術，是否同時也是提高兩國福利的最適選擇，以及本國政府是否能夠藉由限制特定生產階段外移，來迫使本國廠商採行有利於本國福利提高的切割方式。

經濟學派對資本主義內在問題的認識不清，造成其錯失業問題的錯誤理解。將經濟發展與失業問題混為一談，誤以為經濟發展就能解決失業問題。事實上，失業人口與產業後備軍的存在，正好方便資本主義的再生產。認識上的錯誤，非但無法解決失業問題，反而是造成更多的失業人口，並成為資產階級追求超額利潤的理論基礎。正是將資本主義生產方式視為永恆、自動均衡的完善系統的世界觀，所以在政策上與理論上便受限於這樣的世界觀。而不思考其他的可能性，這也是資產階級意識型態的侷限性。本論文從馬克思政治經濟學批判的研究出發,有別於主流經濟學,對台灣的失業問題從不同的立場與世界觀來思考>

思及當前捉襟見肘的財政窘境，無可避免地，債台高築的臺灣實陷入飲鴆止渴般以債養債之無限迴圈中，導致政府政策效能不彰、社會福利運作生弊亦無可厚非；於『公共債務法』之財政規範下，臺灣業已瀕臨法定舉債門檻，故不論是對短期政府支出之排擠、扭曲性稅率之稽徵抑或對長期經濟成長的斲傷，皆是身為中華民國國民真正惶悚不安之所在。 職是之故，本研究係採用一納入政府財政部門及貨幣當局之擴充『實質景氣循環模型』，藉以Sidrauski（1967）所提出的貨幣效用函數為出發點，將實質餘額引進理論模型，並透過計量操作捕捉實證期間起於西元1971年第一季迄至2007年第四季之政府政策函數，過程中，我們不難發現政府購買性支出及稅率皆存在相當的持續性，且對政府未償公債餘額之高低作出某種程度的反應。亦即，若政府實施公債融通政策，俾使期初公債餘額較高之際，則本期甚或往後各期的政府支出將遭受抑制和排擠，尤有甚者，政府勢必擬以提高未來稅率以茲挹注該債務之還本付息所造成的財政缺口；是以，本研究著眼於引進公債餘額對政府支出及稅率存在反饋作用下，財政政策與貨幣政策之總體效果及各總體變數之動態調整過程的風貌。即便公債發行或賒借為政府提供一財務週轉工具以裨益財政政策保有更靈活之彈性，然據模型所產生的結果顯示，就長期而論，政府必須維持一穩定之未償公債餘額，即公債水準具備『均數復歸』性質，而該財政目標係透過削減未來政府支出、調整扭曲性稅率及鑄幣稅融通政策方得以達成預算平衡，準此，該設定將造成公債融通之減稅政策對經濟體系具有實質效果，『公債融通』管道亦『非中立性政策』，從而傳統『李嘉圖等值定理』於本模型中無法成立。 就政策面層次而言，本研究試圖放寬『反饋法則』與政策係數之設定，以檢視透過不同程度之政府支出、稅率甚至貨幣供給途徑的改變來平衡因增加公債發行所造成的財政赤字，對經濟體系之長短期效果有何迥異處；是文亦藉由衝擊反應函數分別探討於政府支出增加、減稅措施及貨幣擴張之下，政策的傳遞機制與各總體變數之動態性質，顯然地，就高債務比率前提下，當政府戮力於刺激景氣而欲積極實施立竿見影的總體經濟政策之際，卻常因狃於急效而欲速不達，非但政策效果有限，亦可能使體系落入更為不景氣的田地，從而，財政惡化不啻為經濟危機的導火線也就不言而喻。再者，貨幣政策對體系之實質變數具有一定程度的作用，是故，本模型於短期內無法一窺『貨幣中立性』之堂奧，唯長期始得以復見。總括言之，政府亟須奉『健全財政』為圭臬，擬定政策時更得戒慎恐懼，並適切權衡利弊得失，以茲裨益有更具信心的經濟表現。 此外，本研究亦透過『效準』實驗以評估模型『配適度』之良窳，即便於反覆疊代法下，該模擬表現係瑕瑜互見而不盡完美，卻也大抵符合景氣循環之『典型化特徵』；然就實質景氣循環模型所為人詬病之勞動市場一隅而論，引進公債之反饋法則下的財政政策操作，無疑地改善了傳統工時與工資率動輒高度正相關之本質，從而獲致相對較低之理論相關係數，亦朝實證資料所呈現工時與工資率存在幾近零相關甚或低度負相關之表徵更邁進一大步。 / With current financial difficulties beyond government capability, it is inevitable that the already deep-in-debt Taiwan opted for momentary relief by paying debt through debt financing and ended up in an infinite loop, causing spiral-down performances in government policies and faulty operations of social welfare instruments. Taiwan has been on the verge of reaching the statutory upper limit of debt financing according to “The Public Debt Act” regulations and all nationals are becoming anxious about such impacts as crowding out of short-run government spending, levying of distorting taxes, and damages on long-run economic growth. To better understand the debt’s impacts, this research uses the “Real Business Cycle Model” extended by taking government treasury agency and monetary institution into account. Starting with Money In Utility Function (MIUF) as proposed by Sidrauski (1967) to introduce real money balance into the theoretical model and, in the process of econometric manipulation, to detect empirical governmental policy functions in the period between the first quarter, 1971 and the fourth quarter, 2007, it is not hard to discover that there are considerable persistence in both government purchases and tax rates, with manifestation of certain degree of responses to the total amount of outstanding bonds the government has yet to pay. In other words, a governmental bond financing policy designed to render high initial bonds outstanding tends to cause suppression and crowding out of government spending in current and even later periods. Furthermore, the government is bound to plan on raising taxes in the future in order to cut financial deficit gap caused by paying back the principles and interests of the debt. Therefore, this study focuses on presenting the macroeconomic effects of fiscal policies and monetary policies, as well as the dynamic adjustment processes of macroeconomic variables based on the impact of feedback effect of bonds outstanding on government spending and tax rates. Even thought public bonds issuance or debt financing serves as a governmental fiscal instrument for financial turnover to ensure flexibility of fiscal policies, our model shows that the government should, from a long-run perspective, maintain a stable amount of bonds outstanding. Put in a different way, the level of bonds outstanding shows “mean-reverting” characteristics which rely on future government spending cut, distorting tax adjustment and seigniorage financing policy to achieve balance of budget. As a result, such setup would cause the bond-financing backed tax deduction policies to create practical effects on economies and, as the bond financing instruments are “Non-Neutrality” policies, would render the “Ricardian Equivalence Theorem” invalid in our model. In the policy aspect, this study tries to relax both “feedback rules” and setup of policy parameters for investigating the differences between long-run and short-run effects on the economy by different degrees of changes in government spending, tax rates and even money supply channels which are used to balance the fiscal deficit caused by increased bond issuance. This article also studies, through the impulse response function, the policy propagation mechanism and the dynamics of key macroeconomic variables under the situation of government spending increase, tax deduction and monetary expansion. It is obvious that the government, in the case of high debt ratios and when making all endeavors to spur economy by implementing macroeconomic policies aimed for instant results, is accustomed to seeking quick fixes only to achieve very limited effects, sometimes even to drive the economy into further recession. It is therefore evident that fiscal degradation could lead to economic disaster. Moreover, as the monetary policies have certain degrees of influence on real variables of the economy, this model will not be able to clearly analyze the “neutrality of money” in such a short period of time. The effect will only reveal in the long run. In summary, the government should keep “sound finance” as the highest guiding principle and be extremely cautious in formulating policies in order to weigh all pros and cons discreetly, thus help to achieve a benefiting economic performance that generates more confidence. Furthermore, this study assesses “goodness of fit” of the model through a “calibration” experiment. Although the simulation results show, under recursive method, intermingled good and poor occasions that are beyond satisfaction, they generally agree with the “typical characteristics” of business cycles. However, in the aspect of long-criticized labor market of the real business cycle model, the fiscal policy operation under feedback rules with introduction of public debts for sure has greatly improved on the conventional intrinsic property of high correlation between labor hours and real wage rates, by delivering a relatively low theoretical correlation coefficient, which is a big step towards the empirical results of almost zero or even weakly negative correlation between labor hours and real wage rates.