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Energy, the Exchange Rate, and the Economy; Macroeconomic Benefits of Canada'S Oil Sands Production

  • Tamim Bayoumi
  • Martin Mühleisen

This 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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File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=18917
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Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/70.

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Length: 23
Date of creation: 01 Mar 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/70
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  1. 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.
  2. Maurice Obstfeld & Kenneth Rogoff, 2001. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," International Trade 0012003, EconWPA.
  3. 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.
  4. Douglas Laxton & Paolo Pesenti, 2003. "Monetary Rules for Small, Open, Emerging Economies," NBER Working Papers 9568, National Bureau of Economic Research, Inc.
  5. 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.
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