Money Stock Targetting and Money Supply: A Closer Examination of the Data
AbstractIn a recent paper Mercenier and Sekkat (1988) use a linear-quadratic model to examine the willingness of a monetary authority in a small open economy to target its exchange rate. Based on their empirical results, the authors conclude that the Bank of Canada has displayed a willingness to use the money supply to target the Canada-U.S. exchange rate. We re-examine their empirical results using a different estimation approach and with different assumptions about the forcing process of the exogenous variables. We also extend the sample period to include more recent observations. While we find some weak evidence to support their conclusion, the results, in general, suggest that a linear-quadratic model may not be a particularly useful representation of the assumed exchange rate targeting by a monetary authority. Copyright 1996 by John Wiley & Sons, Ltd.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by University of Waterloo, Department of Economics in its series Working Papers with number 9318.
Length: 20 pages
Date of creation: 1993
Date of revision:
money ; money supply ; data analysis;
Other versions of this item:
- Amano, Robert A & Wirjanto, Tony S, 1996. "Money Stock Targeting and Money Supply: A Closer Examination of the Data," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 11(1), pages 93-104, Jan.-Feb..
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Nelson, Edward, 2005.
"Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand,"
822, University Library of Munich, Germany.
- Edward Nelson, 2005. "Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand," International Journal of Central Banking, International Journal of Central Banking, International Journal of Central Banking, vol. 1(1), May.
- Edward Nelson, 2004. "Monetary policy neglect and the Great Inflation in Canada, Australia, and New Zealand," Working Papers, Federal Reserve Bank of St. Louis 2004-008, Federal Reserve Bank of St. Louis.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Pat Gruber).
If references are entirely missing, you can add them using this form.