This paper provides new evidence of the effect of weekly U.S. and Canadian M1 surprises on Canadian asset prices (stocks, T-bills, exchange rates) during the years John Crow was Governor of the Bank of Canada. In particular, we demonstrate the sensitivity of the evidence to the choice of econometric techniques. Our empirical results suggest that the Crow years marked an important change in monetary policy toward a more made in Canada policy. Consequently, US policy influences were relatively less important than in the past. Finally, international events associated, for example, with European Monetary System, produced unexpected effects in Canadian financial markets.
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Paper provided by Wilfrid Laurier University, Department of Economics in its series Working Papers with number
97-3.
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