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19 Results

IMF-Supported Adjustment Programs: Welfare Implications and the Catalytic Effect

Staff Working Paper 2007-22 Carlos De Resende
The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF). He uses a model where an endogenous borrowing constraint, set up by international lenders who will never lend more than a debt ceiling, forces the borrowing economy to always choose repayment over default.
Content Type(s): Staff research, Staff working papers Topic(s): International topics JEL Code(s): F, F3, F32, F33, F34, F4, F41

Nominal Rigidities and Exchange Rate Pass-Through in a Structural Model of a Small Open Economy

Staff Working Paper 2003-29 Steve Ambler, Ali Dib, Nooman Rebei
The authors analyze exchange rate pass-through in an estimated structural model of a small open economy that incorporates three types of nominal rigidity (wages and the prices of domestically produced and imported goods) and eight different structural shocks. The model is estimated using quarterly data from Canada and the United States.

Does Exchange Rate Policy Matter for Growth?

Previous studies on whether the nature of the exchange rate regime influences a country's medium-term growth performance have been based on a tripartite classification scheme that distinguishes between pegged, intermediate, and flexible exchange rate regimes.

Canada's Exchange Rate Regime and North American Economic Integration: The Role of Risk-Sharing Mechanisms

Staff Working Paper 1999-17 Zahir Antia, Ramdane Djoudad, Pierre St-Amant
Our contribution in this paper is threefold. First, we survey the empirical literature on consumption smoothing mechanisms of regional economic shocks. Second, building on the work of Asdrubali et al. (1996), we present evidence on the role played by various smoothing mechanisms for specific economic shocks affecting Canadian provinces. Third, we assess whether smoothing mechanisms […]
Content Type(s): Staff research, Staff working papers Topic(s): Exchange rate regimes, Exchange rates JEL Code(s): F, F3, F33, F36, G, G1, G15

Optimal Currency Areas: A Review of the Recent Literature

Staff Working Paper 1999-16 Robert Lafrance, Pierre St-Amant
This paper surveys the recent literature on optimal currency areas (OCAs). Topics that are covered include theoretical developments in the context of general-equilibrium models and empirical work on shocks asymmetry and adjustment mechanisms. Issues relating to the endogeneity of OCA criteria, the role of exchange rate flexibility in promoting greater macroeconomic stability, and the links […]
Content Type(s): Staff research, Staff working papers Topic(s): Exchange rate regimes JEL Code(s): E, E4, E42, F, F3, F33

Some Implications of International Financial Integration for Canadian Public Policy

Technical Report No. 57 William White
The domestic capital markets of the major industrial countries have become more closely integrated over the last two decades, a by-product of regulatory and technological change. This paper considers some of the implications of those changes for Canadian public policy. While no profound implications are found for Canadian macroeconomic policies, which probably reflects a long […]
Content Type(s): Staff research, Technical reports Topic(s): International topics JEL Code(s): E, E5, E50, F, F3, F33, H, H3, H30

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
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