The Choice of Monetary Policy Instruments in Canada

Gordon Sparks

Working Paper from Economics Department, Queen's University

Abstract: This paper clarifies some issues involved in choosing monetary instruments by the Bank of Canada. The analysis generalizes Poole's model and considers the effect on income stability of controlling the interest rate, bank reserves or the exchange rate. The conclusions support using the interest rate as the instrument in the short run to achieve target growth rates of the money supply.

Pages: 21
Date: 1979
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