The Choice of Monetary Policy Instruments in Canada: An Extension

Peter Sephton ()

Canadian Journal of Economics, 1987, vol. 20, issue 1, 55-60

Abstract: W. Poole (1970) and Gordon Sparks (1979) used fixed-price models to examine the relative merits of various monetary policy instruments. This paper extends the discussion to a flex-price model. It illustrates that bank reserve accounting systems have no effect on the choice of interest-rate or exchange-rate instruments. The author shows that income is sheltered from financial innovation when a reserve instrument is used in conjunction with lagged reserve accounting.

Date: 1987
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