本文主要探討不確定性衝擊在考慮利率因素下對台灣經濟體系的影響，使用之不確定性指標為Hsu, et al.（2018）依循 Jurado （2015）方式編成的台灣總體不確定性指標，樣本資料期間1995 年1 月-2018 年9 月，又自2008年金融海嘯分為海嘯前以及海嘯後兩個時期，使用Interacted-VAR 估計係數再以一般化衝擊反應函數探討這兩個時期不確定性帶來的不對稱影響，實證結果顯示海嘯後相比海嘯前實體經濟及就業狀況受到不確定性衝擊的負面影響皆更強烈且持續期間更久，物價方面也呈現緊縮的狀態，金融業隔夜拆款利率無法像海嘯前受到衝擊後迅速調降，隨後雖然有明顯的降幅卻無法抵銷不確定性帶來的負面影響。

The main purpose of this paper is to analyze the impacts of the uncertainty shock before and after the 2008 financial crisis. To do that, we use Interacted-VAR model to estimate the relationship between the macro uncertainty and the economics of Taiwan. Results show that the output, price
and unemployment rate are affected greatly by uncertainty after 2008.

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