本文將 Dornbusch (1976) 模型的物價緩慢調整假定修改爲物價瞬時調整假定，並利用圖解的方式闡釋 Aoki (1985) 所提出的滙率錯向調整現象。由於物價瞬時調整的假定會使 Dornbusch 模型所呈現的馬鞍安定性質轉變爲全面不安定的性質，因此這個圖解分析除了能夠解說滙率調整型態之外，也有助於瞭解全面不安定的動態體系的性質。

This paper modifies the well-known Dornbush (1976) model to allow the instantaneous price adjustment in the goods market, and then uses a graphical illustration to shed light on the phenomenon of exchange-rate misadjustment proposed by Aoki (1985). It is found that the assumption of instantaneous price adjustment will make the dynamic property embodied in Dornbusch's model change from the saddle-point behavior to the global instability. As a consequence, this study not only can explain the evolu­tional patterns of exchange rates, but also can help us to understand the dynamic feature of the global instability, which is not discussed in the existing literature.