BIS Review 82/1998  -9-  this economic-stabilizer characteristic of targets in response to demand shocks, and the helpful role of the top and bottom of the range in communicating the way in which the Bank responds to such shocks, the Bank has recently been giving more emphasis to the target range than was the case initially.
Moreover, to the extent that explicit targets and their successful achievement give Canadian monetary policy more credibility, the Bank of Canada has more potential room for manoeuvre in dealing with demand shocks.