本文主要在研究台灣零售利率反應政策利率或官方利率變動的轉嫁效果，其中分別以放款利率以及存款利率代表零售利率，以隔夜拆款利率代表政策利率或官方利率。研究過程同時以時間數列之ARDL共整分析以及動態異質追蹤資料模型進行討論，實證結果顯示政策利率變化影響存款利率的效果小於一，具有不完全轉嫁效果。至於放款利率反應政策利率變化的效果則大於一。不論以時間數列或追蹤資料模型進行分析，以上的推論皆可以成立，這顯示本文的實證結果具有穩健性。

This research examines the degree of pass-through and adjustment speed of retail interest rates in response to changes in policy rate or offical rate in Taiwan. By employing both the ARDL Cointegration model and Dynamic Heterogeneous Panel Model, the empirical results show the pass through from policy rate to deposit rate is less than one or incomplete and that for loan rate is greate than one. The above conclusions held under both the time series and panel data analysis indicate the inferences proposed in this research are robust.

壹、緒論	                              1
第一節、	研究動機與目的	            1
第二節、	臺灣金融機構之概況            4 
貳、文獻回顧	                     7
第一節、	跨國與單一國家文獻回顧	   7
第二節、	不完全轉嫁之原因	            9
第三節、	計量模型文獻回顧	           11
參、研究方法及模型設定	           14
第一節、	ARDL BOUNDS TESTING APPROACH 15
第二節、	MG、PMG、DFE	           18
肆、實證分析	                    21
第一節、	資料來源與描述	           21
第二節、	ARDL共整分析	           25
第三節、	MG、PMG、DFE結果分析	  39
伍、結論	                              51
REFERENCE                           	  56
中文部分：	                    56
西文部分：	                    56

王冠閔，2007，「零售利率非對稱性的轉嫁調整與衝擊反應分析：中國大陸與台灣的實證研究」，中華管理評論國際學報，第10 卷3 期。
李顯儀，2007，「金融商品─理論與實務」，新陸書局股份有限公司，四版，140-150。
楊雅惠，2011，「貨幣銀行學」，三民書局股份有限公司，增訂四版，85-98。
郭恆慶，2005，「金融市場」，前程書局，282-302。
Altavilla C. and Landolfo L., 2005, “Do central banks act asymmetrically? Empirical evidence from the ECB and the Bank of England”, Applied Economics, Vol. 37, No. 5, 507 – 519.
Andrea Zaghini, and Serena Lamartina, 2011, “Increase Public Expenditure: Wagner’s Law in OECD Countries”, German Economic Review,12(2), 149-164.
Badi H. Baltagi & James M. Griffin & Weiwen Xiong, 2000, “To Pool Or Not To Pool: Homogeneous Versus Hetergeneous Estimations Applied to Cigarette Demand,” The Review of Economics and Statistics, MIT Press, vol. 82(1),117-126, February.
Bergin Paul R., and Feenstra Robert C., 2009, “Pass-Through of Exchange Rate and Competition between Floaters and Fixers”, Journal of Money, Credit and Banking, Vol. 41, No. 1.
Bilge Kagan Ozdemir, 2009, “Retail Bank Interest Rate Pass-Through: the Turkish Experience”, International Research Journal of Financial and Economics, Issue 28, 1450-2887.
Bredin, Don & O’Reilly, Gerard, 2001. “An Analysis of the Transmission Mechanism of Monetary Policy in Ireland,” Research Technical Papers 1/RT/01, Central Bank of Ireland.
Burkhard Raunig & Johann Scharler, 2007.“Money market uncertainty and retail interest rate fluctuations: A cross-country comparison,” Economics working papers 2007-04, Department of Economics, Johannes Kepler University Linz, Austria.
Cramton, Peter & Gibbons, Robert & Klemperer, Paul, 1987. “Dissolving a Partnership Efficiently,” Econometrica, Econometric Society, vol. 55(3),  615-32.
Davidson J. E. H., Hendry, D. F., Srba, F., and Yeo, S, 1978, “Econometric Modelling of the Aggregate Time-Series Relationship Between Consumers’ Expenditure and Income in the United Kingdom”, Economic Journal, 88, 661-692.
de Bondt, G., 2005, “Interest rate pass-through: empirical results for the euro area”, German Economic Review, 6, 1, 37-78
de Graeve F., de Jonghe O., and Vennet R. V., 2007, “Competition, transmission and bank pricing policies: Evidence from Belgian loan and deposit markets”, Journal of Banking and Financial, 31, 259-278.
Fitzpatrick Don Bredin Trevor, and Reilly Gerard O, 2002, “Retail Interest Rate Pass-Through: the Irish Experience”, The Economic and Social Review, Economic and Social Studies, vol. 33(2), 223-246.
Fuertes A.M., Heffernan, S., 2009, “Interest Rate Transmission in the UK: A Comparative Analysis across Financial Firms and Products”, International Journal of Finance & Economics, 14(1), 45-63; [Peer Reviewed]
Gambacorta L., and Iannotti S., 2005, “Are there asymmetries in the response of bank interest rates to monetary shocks?”, Applied Economics, 39, 2503-2517.
Halil İbrahim Aydın, 2011, “Interest Rate Pass-Through in Turkey”, International Research Journal of Financial and Economics, Issue 57.
Hartmann, Philipp & Manna, Michele & Manzanares, Andres, 2001."The Microstructure of the Euro Money Market," CEPR Discussion Papers 3081, C.E.P.R. Discussion Papers.
Haque, N. U., and Montiel, P., 1989, “Consumption in Developing Countries: Tests for Liquidity Constraints and Finie Horizons”Review of Economics and Statistics, 71, 408-415.
Horváth Roman, and Podpiera Anca, 2009, “Heterogeneity in Bank Pricing Policies: The Czech Evidence”, Czech National Bank , Research Department in its series Working Papers.
James Payne & George Waters, 2008. “Interest rate pass through and asymmetric adjustment: evidence from the federal funds rate operating target period,”Applied Economics, Taylor and Francis Journals, vol. 40(11), 1355-1362.
Joseph E. Stiglitz, and Andrew Weiss, 1981, “Credit Rationing in Markets with Imperfect Information”, The American Economic Review, Volume 71, Issue 3, 393-410.
Kwapil, Claudia & Scharler, Johann, 2010, “Interest rate pass-through, monetary policy rules and macroeconomic stability,” Journal of International Money and Finance, Elsevier, vol. 29(2), 236-251.
Liu M.-H., Margaritis D., and Tourani-Rad A., 2008, “Monetary policy transparency and pass-through of retail interest rates”, Journal of Baking and Financial, 32, 501-511.
Mallick S., and Marques H., 2011, “Data frequency and exchange rate pass-through: Evidence from india’s exports”, International Review of Economics and Finance, 19, 13-22.
Mester, Loretta J. and Anthony Saunders (1995) “When Does the Prime Rate Change,” Journal of Banking and Finance 19, 743-64.
Pesaran M. H., and Smith R. P., 1995, “Estimating Long-Run Relationships From Dynamic Heterogeneous Panels”, Journal of Econometrics, 68, 79-113.
Pesaran M. H., Shin Y., and Smith R. P., 1997,“Pooled Estimation of Long-Run Relationships in Dynamic Heterogeneous Panel”, DAE Working Papers Amalgamated Series 9721, University of Cambridge.
Pesaran M. H., Shin Y., and Smith R. P., 1999,  “Bounds Testing Approaches to the Analysis of Long Run Relationship”, Unpublished manuscript, University of Cambridge (http://www.econ.cam.ac.uk/faculty/pesaran).
Pesaran M. H.,Shin Y., andSmith R. P., 1999,  “Pooled Mean Group Estimation of Dynamic Heterogeneous Panel”, Journal of the American Statistical Association, Vol. 94, No 446, 621-634.
Pesaran M. H., Shin Y., and Smith R. P., 2001,“Bounds Testing Approaches to the Analysis of Level Relationships”, Journal of Applied Econometrics, 16, 289-326.
Sander, Harald & Kleimeier, Stefanie, 2006, “Convergence of interest rate pass-through in a wider euro zone?,” Open Access publications from Maastricht University urn:nbn:nl:ui:27-14387, Maastricht University.
Wang K.-M. and Lee Y-M., 2010, “Finance, investment and growth: nonlinear time series evidence from 10 Asian economies”, Applied Economics Letters, Volume  17, 1350-4851.
Wang K.-M. and Lee Y-M., 2009, “Market Volatility and Retail Interest Rate Pass-Phrough”, Economic Modelling, 26, 1270-1282.
Wang K.-M. and Thi T.-B. N., 2011, “Asymmetric pass-through and risk of interest rate: an empirical exploration of Taiwan and Hong Kong”,  Applied Economics, 42, 659-670.