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Stabilization of the Canadian Dollar: 1975-1986


  • Llad Phillips
  • John Pippenger


The authors extend their earlier work on Canadian intervention in the foreign-exchange market in three ways: (1) use daily data from 1975 to 1986 to see if results for the 1950s hold during the current float; (2) extend their original model to include both stock and flow versions of the foreign-exchange market; and (3) compare estimates using published Canadian holdings of U.S. dollars to estimates using actual intervention, which is confidential. Canadian authorities continue to lean against the wind, but their lagged response is longer and more variable. Published data effectively reflect intervention.

Suggested Citation

  • Llad Phillips & John Pippenger, 1993. "Stabilization of the Canadian Dollar: 1975-1986," Canadian Journal of Economics, Canadian Economics Association, vol. 26(2), pages 416-446, May.
  • Handle: RePEc:cje:issued:v:26:y:1993:i:2:p:416-46

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    References listed on IDEAS

    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Joel Fried, 1980. "The Intergenerational Distribution of the Gains from Technical Change and from International Trade," Canadian Journal of Economics, Canadian Economics Association, vol. 13(1), pages 65-81, February.
    3. Kareken, John & Wallace, Neil, 1977. "Portfolio autarky: A welfare analysis," Journal of International Economics, Elsevier, vol. 7(1), pages 19-43, February.
    4. Starrett, David A, 1972. "On Golden Rules, the "Biological Theory of Interest," and Competitive Inefficiency," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 276-291, March-Apr.
    5. Dornbusch, Rudiger, 1985. "Intergenerational and international trade," Journal of International Economics, Elsevier, vol. 18(1-2), pages 123-139, February.
    6. Krugman, Paul R, 1987. "Is Free Trade Passe?," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 131-144, Fall.
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    Cited by:

    1. Rogers, J. M. & Siklos, P. L., 2003. "Foreign exchange market intervention in two small open economies: the Canadian and Australian experience," Journal of International Money and Finance, Elsevier, vol. 22(3), pages 393-416, June.

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