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The Choice of Monetary Policy Instruments in Canada

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  • Gordon R. Sparks

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.

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  • Gordon R. Sparks, 1979. "The Choice of Monetary Policy Instruments in Canada," Working Paper 329, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:329
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    Cited by:

    1. Martin F. J. Prachowny, 1986. "Managed Exchange Rates," The Economic Record, The Economic Society of Australia, vol. 62(4), pages 442-450, December.
    2. Champagne, Julien & Sekkel, Rodrigo, 2018. "Changes in monetary regimes and the identification of monetary policy shocks: Narrative evidence from Canada," Journal of Monetary Economics, Elsevier, vol. 99(C), pages 72-87.

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