Kevin Clinton

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Staff Working Papers

On Commodity-Sensitive Currencies and Inflation Targeting

Staff Working Paper 2001-3 Kevin Clinton
Two aspects of the recent monetary history of Canada, Australia, and New Zealand stand out: the sensitivity of their dollars to prices of resource-based commodities, and inflation targeting. This paper explores various aspects of these phenomena.

Implementation of Monetary Policy in a Regime with Zero Reserve Requirements

Staff Working Paper 1997-8 Kevin Clinton
Monetary policy can be implemented effectively without reserve requirements as long as cost incentives ensure a predictable demand for settlement balances. A central bank can then achieve the level of short-term interest rates that it desires, using market-oriented instruments only.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Monetary policy implementation JEL Code(s): E, E5, E52