A Re-Examination of the Monetary Model of Exchange Market Pressure: Canada, 1963-1988
重新检验了Girton和Roper的两国货币模型在加拿大的表现，扩展了动态设定，发现国内信贷增长对外汇市场压力有负向影响，并验证了汇率与储备变动之间的权衡关系。
In re-evaluating the performance of the Girton and Roper (1977) two-country monetary model of exchange-market pressure (EMP) for Canada, estimates are provided for an extended specification that allows for unrestricted dynamics. Results show the hypothesized negative effect of domestic credit growth on EMP to be supported throughout. The relevance both of the dynamics and of the hypothesized unitary tradeoff between exchange rate and international reserve movements for Bank of Canada policy is demonstrated for the sequence of fixed and floating exchange rate regimes contained in the 1963:1-1988:1 sample.