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The Behavior of Money Stock under Interest Rate Control: Some Evidence for Canada

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  • Bordo, Michael D
  • Choudhri, Ehsan U
  • Schwartz, Anna J

Abstract

A widely held view of interest rate control is that under this policy the demand for M1 determines the behavior of the stock of M1. An alternative view is that under interest rate control the supply function of M1 is the residual quantity determined by the banking system given the levels of bank credit and nontransaction deposits chosen by the nonbank public. The authors find evidence in favor of the alternative view for the Canadian case, 1970-84. Copyright 1987 by Ohio State University Press.

Suggested Citation

  • Bordo, Michael D & Choudhri, Ehsan U & Schwartz, Anna J, 1987. "The Behavior of Money Stock under Interest Rate Control: Some Evidence for Canada," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(2), pages 181-197, May.
    • Handle: RePEc:mcb:jmoncb:v:19:y:1987:i:2:p:181-97
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    Cited by:

    1. Tobias F. Rötheli, 1990. "A Money-Market and Credit-Market Model of the Determination of the Interest Rate and the Price Level," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 126(IV), pages 521-534, December.
    2. Rockoff, Hugh & White, Eugene N., 2012. "Monetary Regimes and Policy on a Global Scale: The Oeuvre of Michael D. Bordo," MPRA Paper 49672, University Library of Munich, Germany, revised May 2013.
    3. Visser, H., 1989. "The demand for money," Serie Research Memoranda 0073, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    4. Michael D. Bordo, 1989. "Introduction to "Money, History, and International Finance: Essays in Honor of Anna J. Schwartz"," NBER Chapters, in: Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, pages 1-12, National Bureau of Economic Research, Inc.

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