John Murray - Latest

• Dollarization in Canada: The Buck Stops There

  Technical Report No. 90 John Murray, James Powell

  The sharp depreciation of the Canadian dollar and the successful launch of the euro have spawned an animated debate in Canada concerning the potential benefits of formally adopting the U.S. dollar as our national currency.

  Content Type(s): Staff research, Technical reports Topic(s): Exchange rate regimes JEL Code(s): E, E3, E32, F, F3, F33, F36

• International Financial Crises and Flexible Exchange Rates: Some Policy Lessons from Canada

  Technical Report No. 88 John Murray, Mark Zelmer, Zahir Antia

  This paper examines the behaviour of the Canadian dollar from 1997 to 1999 to see if there is any evidence of excess volatility or significant overshooting. A small econometric model of the exchange rate, based on market fundamentals, is presented and used to make tentative judgments about the extent to which the currency might have been systematically over- or undervalued.

  Content Type(s): Staff research, Technical reports Topic(s): Exchange rate regimes, Exchange rates JEL Code(s): F, F3, F31

• Excess Volatility and Speculative Bubbles in the Canadian Dollar: Real or Imagined?

  Technical Report No. 76 John Murray, Simon van Norden, Robert Vigfusson

  Greater intervention by the public sector is often proposed as a solution to the increased speculation and excessive price volatility thought to characterize today's competitive world financial system.

  Content Type(s): Staff research, Technical reports Topic(s): Exchange rates JEL Code(s): C, C4, C40, F, F3, F31

• Measuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence

  Technical Report No. 53 John Murray, Mark Zelmer, Shane Williamson

  When the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has […]

  Content Type(s): Staff research, Technical reports Topic(s): Exchange rates JEL Code(s): F, F3, F31, G, G1, G14

• International Interest Rate Linkages and Monetary Policy: A Canadian Perspective

  Technical Report No. 52 John Murray, Ritha Khemani

  This paper examines the implications of increased international capital mobility and asset substitutability for domestic monetary policy in a small open economy such as Canada. Alternative definitions of international financial market integration are presented and tested in the context of two popular macro models. In the main, results suggest that interest rate relationships in Canada […]

  Content Type(s): Staff research, Technical reports Topic(s): Interest rates, International topics JEL Code(s): E, E5, E50, F, F3, F33

• A VAR Analysis of Economic Interdependence: Canada, the United States, and the Rest of the World

  Technical Report No. 46 John Kuszczak, John Murray

  The authors use vector autoregression (VAR) modelling techniques to examine the response of the domestic economy to foreign influences and to quantify some of the concepts and relationships relating to economic interdependence. Particular attention is given to the dynamic behaviour and interactions of the U.S. and Canadian economies over the past twenty years. Extensive empirical […]

  Content Type(s): Staff research, Technical reports Topic(s): International topics JEL Code(s): F, F1, F15, F4, F41