本文將 Bertola and Caballero （ 1992 ）匯率重整的方法以淺顯易懂的方式 一般化後，求證蜜月效應之存續與匯率重整可能性間的關係，並進一步探討如果央行不僅重 整目標區之中心匯率，同時亦放寬目標區之寬幅時，密月效應與重整方向二者門的關係。 本文的結論如下：如果人們預期政府將採行具有安定力量的干預政策時，密月效應一定存在 ；反之如果人們預期政府將採行不安定力量的干預政策時，蜜月效應一定不存在。如果人們 的預期相當混雜（ mixed ），蜜月效應存在與石端視安定與不安定的力量孰大而定。 而安 定或不安定的力道大小又與人們的預期機率、政府干預的程度（重整的方向、干預基本要素 的最終點等）有關。
In this paper, we propose a more general form of realignment to show th at the honeymoon expectation of what would happen when the upperlimit is approaching. We not only consider more general forms of reglignment and intervention, but also consider the possibility of widening the band. In general, the existnce of a honeymoon effect depends not only on the structural parameters, but also on the direction of reglignment. If there is a possibility that a future policy change will bring the fundamental far from current band, then it would de-stabilize the exchange rate. The result the would depend on whether or not the stable factor outweighs the unstable one.
