Money stock targeting and money supply: A closer examination of the data
重新审视了Mercenier和Sekkat（1988）关于加拿大银行通过货币供给盯住加元兑美元汇率的结论，采用不同估计方法和假设，并延长样本期，发现支持该结论的证据较弱，线性二次模型可能不适用于描述汇率目标行为。
In a recent paper Mercenier and Sekkat (1988) use a linear-quadratic model to examine the willingness of a monetary authority in a small open economy to target its exchange rate. Based on their empirical results, the authors conclude that the Bank of Canada has displayed a willingness to use the money supply to target the Canada—US exchange rate. We re-examine their empirical results using a different estimation approach and with different assumptions about the forcing process of the exogeneous variables. We also extend the sample period to include more recent observations. While we find some weak evidence to support their conclusion, the results, in general, suggest that a linear-quadratic model may not be a particularly useful representation of the assumed exchange rate targeting by a monetary authority.