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Canadian monetary policy and the US federal funds rate

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  • H. Sonmez Atesoglu
  • John Smithin

Abstract

This article examines the empirical relation between the Canadian overnight rate and the US federal funds rate over the period 1975 to 2005. There is evidence of cointegration in the earlier part of the period from 1975 to 1988, but not in the post-1988 period to date. The inference is that the Bank of Canada has been pursuing monetary policy independently of the USA at least during the 1988 to 2005 period.

Suggested Citation

  • H. Sonmez Atesoglu & John Smithin, 2008. "Canadian monetary policy and the US federal funds rate," Applied Economics Letters, Taylor & Francis Journals, vol. 15(11), pages 899-904.
  • Handle: RePEc:taf:apeclt:v:15:y:2008:i:11:p:899-904
    DOI: 10.1080/13504850600905048
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    1. Thomas J. Courchene, 1982. "Recent Canadian Monetary Policy: 1975-81, Reflections of a Monetary Gradualist," Working Papers 505, Queen's University, Department of Economics.
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