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Essays in Monetary Economics (Collected Works of Harry Johnson) by Harry G. Johnson

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CHAPTER VI

ALTERNATIVE GUIDING PRINCIPLES FOR THE USE OF MONETARY POLICY IN CANADA*

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I.  INTRODUCTION

This paper is directed to the specific question: what should monetary policy seek to do in the Canadian economy?

Monetary policy as traditionally conceived is concerned with short-run economic stabilization, the damping of the business cycle. This function has come to be expressed customarily in terms of the pursuit of the two objectives of price stability and high employment. In so far as prices and general economic activity tend to move upwards or downwards together, these two objectives do not conflict, but are essentially the same: a monetary ...

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