Proceedings of a conference held by the Bank of Canada, November 2004

Introduction

Introduction
Lawrence Schembri

Abstracts/Résumés

Session 1: Financial Market Linkages

The Expected Marginal Rate of Substitution in the United States and Canada
Andrew K. Rose

Discussion: Eric Santor

Is There a Quantity Puzzle Within Countries? An Application Using US and Canadian Data
Jean Imbs

Discussion: Linda Goldberg

General Discussion

Session 2: Exchange Rate Determination in a Global Setting

Multilateral Adjustment and the Canadian Dollar
Jeannine Bailliu, Ali Dib, and Lawrence Schembri

Discussion: Paul Masson

NEMO: An Equation for the Canadian Dollar
John F. Helliwell, Ramzi Issa, Robert Lafrance, and Qiao Zhang

Discussion: Rebecca Driver

General Discussion

Session 3: Current Account Dynamics

Terms of Trade and Current Account Fluctuations: Evidence from Canada
Hafedh Bouakez and Takashi Kano

Discussion: Gregor Smith

The Current Account and the Interest Rate Differential in Canada
Martin Boileau and Michel Normandin

Discussion: Talan B. Iscan

General Discussion

Session 4: Real Linkages: Canada and the Rest of the World

Growth and Integration: The Emergence of China and India and the Implications for Canada
Brigitte Desroches, Michael Francis, and François Painchaud

Discussion: Steven Kamin

Economic Integration in Europe: Its Effects on Canada
Richard Cameron, Denise Côté, and Christopher Graham

Discussion: Marcel Fratzscher

General Discussion

John Kuszczak Memorial Lecture

Canada’s Exchange Rate: New Evidence, a Simple Model, and Policy Implications
Charles Engel

General Discussion

Session 5: Real Linkages: Canada and the United States

Regional and Industrial Business Cycle Fluctuations in Canada: A North American Perspective
Marc-André Gosselin, René Lalonde, Jean-François Perrault, and Gerald Stuber

Discussion: Tamin Bayoumi

Aspects of Canadian and US Business Cycles
Graham Voss

Discussion: Jean-François Perrault

Economic Integration, the Business Cycle, and Productivity in North America
Roberto Cardarelli and M. Ayhan Kose

Discussion: Eva Ortega

General Discussion

Policy Panel: Canada's Role in International Macroeconomic Policy

Discussion 1: Mark Carney

Discussion 2: John F. Helliwell

Discussion 3: William R. White

The Participants

Bank topic index: Balance of payments and components, Business fluctuations and cycles, Development economics, Exchange rates, Financial markets, Interest rates, International topics, Market structure and pricing, Productivity