EMPIRICAL-EVIDENCE ON THE STRENGTH OF THE MONETARY TRANSMISSION MECHANISM IN CANADA - AN AGGREGATE APPROACH

• 成果类型: Article
• 署名作者: DUGUAY, P
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)90013-2
• 发表日期: 1994
• 页码: 39-61
• 关键词: INFLATION AND BUSINESS CYCLES; EFFECTS OF MONETARY POLICY; Open economy macroeconomics

摘要

This paper examines the transmission of monetary policy in Canada. It emphasizes the transmission through interest rates and the exchange rate rather than through changes in monetary aggregates and provides empirical evidence on the strength of these channels using a highly aggregated structural model. Implications of these structural equations for the dynamic effects of monetary policy are explored through a simulation analysis.