【PPT精品课件】货币金融学7版英文课件--17-大学课件2.pptxVIP

Chapter 17Tools of Monetary Policy? 2005 Pearson Education Canada Inc.OverviewSo far we derived a multiplicative relation between M and MBM = m ? MB and discussed three monetary policy tools that the Bank of Canada can use to manipulate i and M. These tools areopen market operationsBank of Canada advances, andgovernment deposit shiftingIn recent years, however, the Bank conducts policy by setting an operating band for the overnight interest rate ior and targeting ior at the midpoint of the band. In doing so, the Bank permits M to do whatever necessary to keep ior on target.? 2005 Pearson Educa