Monetary Policy Report - May 1995

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This is the first in a series of semi-annual reports by the Bank of Canada on Canadian monetary policy.

The report reflects the framework used by the Bank in its conduct of policy. This framework includes: (i) a clear policy bjective, (ii) a medium-term perspective (given the long lags for the full impact of monetary policy actions on the  economy) and (iii) a recognition that monetary policy works through both interest rates and the exchange rate.