Energy, the Exchange Rate, and the Economy: Macroeconomic Benefits of Canada's Oil Sands Production
AbstractThis paper describes potential benefits from Canada's expanding oil sands production, higher energy exports, and further improvements in the terms of trade. Contrary to the previous Canadian exchange rate literature, this paper finds that both energy and nonenergy commodity prices have an influence on the Canadian dollar, and some upward pressure on the exchange rate would therefore be expected. Model results suggest, however, that the impact on other tradable goods exports is limited.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 06/70.
Date of creation: 01 Mar 2006
Date of revision:
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Postal: International Monetary Fund, Washington, DC USA
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-08-05 (All new papers)
- NEP-ENE-2006-08-05 (Energy Economics)
- NEP-INT-2006-08-05 (International Trade)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tamim Bayoumi & Hamid Faruqee & Douglas Laxton & Philippe D Karam & Alessandro Rebucci & Jaewoo Lee & Ben Hunt & Ivan Tchakarov, 2004. "GEM: A New International Macroeconomic Model," IMF Occasional Papers 239, International Monetary Fund.
- Jaewoo Lee & Hamid Faruqee & Tamim Bayoumi, 2005. "A Fair Exchange? Theory and Practice of Calculating Equilibrium Exchange Rates," IMF Working Papers 05/229, International Monetary Fund.
- Laxton, Douglas & Pesenti, Paolo, 2003.
"Monetary rules for small, open, emerging economies,"
Journal of Monetary Economics,
Elsevier, vol. 50(5), pages 1109-1146, July.
- Douglas Laxton & Paolo Pesenti, 2003. "Monetary Rules for Small, Open, Emerging Economies," NBER Working Papers 9568, National Bureau of Economic Research, Inc.
- Douglas B. Reynolds, 2005. "The economics of oil definitions: the case of Canada's oil sands," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 29(1), pages 51-73, 03.
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