Kevin Clinton - Latest
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From Monetary Policy Instruments to Administered Interest Rates: The Transmission Mechanism in Canada
The authors investigate interest-rate aspects of the transmission mechanism of monetary policy instruments in Canada, focussing on the stability of the relationships between some key interest rates and the instruments of monetary policy. To determine what shifts may have occurred in recent years, they describe movements in rate differentials, apply cointegration tests and estimate error-correction […] -
International Capital Mobility and Asset Substitutability: Some Theory and Evidence on Recent Structural Changes
This study examines different aspects of the international integration of capital markets. In particular, it attempts to determine whether the changes in controls and regulatory policies that have occurred in the past decade have been associated with a greater degree of market integration.