Abstract
A widely held view of interest rate control is that under this policy the demand for M1 determines the behavior of the stock of M1. An alternative view is that under interest rate control the supply function of M1 is the residual quantity determined by the banking system given the levels of bank credit and nontransaction deposits chosen by the nonbank public. The authors find evidence in favor of the alternative view for the Canadian case, 1970-84. Copyright 1987 by Ohio State University Press.
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