DISTRIBUTE LAGS, INTEREST RATE EXPECTATIONS, AND THE IMPACT OF THE MONETARY POLICY: AN ECONOMETRIC ANALYSIS OF A CANADIAN EXPERIENCE.
In this article the author studies the effect of a shift in monetary policy away from a program of pegged bond yields, which occurred along with an important structural reform in the Canadian monetary sector, on the ability of the monetary authorities to use the general instruments of monetary contr...
| Publicado en: | American Economic Review Vol. 57; no. 2; pp. 444 - 462 |
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| Formato: | Artículo |
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American Economic Association
May67
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4494056&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4494056 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: May67 vid: 57 iid: 2 pid: 22 pub: American Economic Association artinfo: ui: 4494056 ppf: 444 ppct: 18 formats: tig: atl: DISTRIBUTE LAGS, INTEREST RATE EXPECTATIONS, AND THE IMPACT OF THE MONETARY POLICY: AN ECONOMETRIC ANALYSIS OF A CANADIAN EXPERIENCE. aug: au: Shapiro, Harold T. affil: University of Michigan. su: Monetary policy Economic stabilization Interest rates Economic policy Economic reform Econometrics Demand function Canadian economy Canada sug: subj: Canada Monetary policy Economic stabilization Interest rates Economic policy Economic reform Econometrics Demand function Canadian economy ab: In this article the author studies the effect of a shift in monetary policy away from a program of pegged bond yields, which occurred along with an important structural reform in the Canadian monetary sector, on the ability of the monetary authorities to use the general instruments of monetary control for short-run stabilization policy. Section I describes briefly the main characteristics of the Canadian monetary sector and the structural reform on which this study centers attention. Section II develops and estimates the parameters of those relationships necessary to test my hypothesis. In general it is found that, although the structural reform and the sharp accompanying change in monetary policy had no important effects on the demand function for money balances and in particular on the lag structure of this relation, it did, indeed, affect the formation of interest rate expectations in a way that makes it more difficult to use monetary control for cyclical stabilization, It is also argued that the Treasury-Federal Reserve accord may have had a similar effect in the U.S. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1967 holdings: @attributes: islocal: N |
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