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Money Stock Targetting and Money Supply: A Closer Examination of the Data

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  • Wirjanto, T.S.
  • Amano, R.A.

Abstract

In 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.
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Suggested Citation

  • Wirjanto, T.S. & Amano, R.A., 1993. "Money Stock Targetting and Money Supply: A Closer Examination of the Data," Working Papers 9318, University of Waterloo, Department of Economics.
  • Handle: RePEc:wat:wpaper:9318
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    References listed on IDEAS

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    1. Bossert, Walter, 1993. "Continuous Choice Functions and the Strong Axiom of Revealed Preference," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 379-385, April.
    2. Amartya K. Sen, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Oxford University Press, vol. 38(3), pages 307-317.
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    Cited by:

    1. 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, vol. 1(1), May.

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    Keywords

    money ; money supply ; data analysis;

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