中文摘要：

本文在开放框架下，基于结构突变的视角对纳入汇率（特别是在考虑到了汇率结构突变的情况下）及国外利率等因素的我国货币需求函数稳定性进行了研究。结果发现：在样本期内，人民币名义有效汇率确实在2003年4月和2005年9月两个时点发生了结构突变；而且这两次结构突变对货币需求函数的结构产生了显著不同的影响，表现在人民币名义有效汇率在2003年4月前以及2003年4月至2005年9月前均未能对广义货币需求产生实质性的影响，而在2005年9月后却对广义货币需求产生了显著的正向影响。尽管如此，；12率的这种结构变化对货币需求函数造成的影响仍未能改变货币需求函数的稳定性，即在开放框架下我国仍然存在着稳定的货币需求函数。这一结果为我国合理地确定货币供应量，并以此影响宏观经济等带来有价值的参考。

英文摘要：

Based on the perspective of structural changes, this article studies the stability of money demand function of china＇ s accounting exchange rate（especially the structural changes of exchange rate） and interest of foreign countries in the open framework. The results show that, first, the nominal exchange rate of RMB certainly has two stiuctural changes within the sample period. Second, the influences caused by the two structural changes are completely different. Such as the nominal exchange rate of RMB doesn＇ t make a substantive influence on the money demand function before the first structural change and between the first structural change and the second structural change, while the second structural change makes an obvious positive effect on money demand. Although, The influence by structural changes of exchange rate doesn＇t change the stability of money demand function, so our country still has a stability money demand function in the open framework. The results give a valuable reference to our country how to rationally define money supply so as to influence our macro economy.