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Some Canadian-U.S Evidence on the Insulating Properties of a Flexible Exchange Rate

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  • David Backus
  • Anthony Kilduff

Abstract

The relations between Canadian and U.S. prices and output are compared during fixed and flexible exchange rate regimes. Correlations are high at all frequencies for all three regimes. The results suggest that the insulation potential of a flexible exchange rate is weak and/or that the Bank of Canada has failed to exploit the opportunity for independent monetary policy afforded by a flexible rate.

Suggested Citation

  • David Backus & Anthony Kilduff, 1983. "Some Canadian-U.S Evidence on the Insulating Properties of a Flexible Exchange Rate," Working Papers 542, Queen's University, Department of Economics.
  • Handle: RePEc:qed:wpaper:542
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    References listed on IDEAS

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    1. Godfrey, Leslie G & McAleer, Michael & McKenzie, Colin R, 1988. "Variable Addition and LaGrange Multiplier Tests for Linear and Logarithmic Regression Models," The Review of Economics and Statistics, MIT Press, vol. 70(3), pages 492-503, August.
    2. Russell Davidson & James G. MacKinnon, 1985. "Testing Linear and Loglinear Regressions against Box-Cox Alternatives," Canadian Journal of Economics, Canadian Economics Association, vol. 18(3), pages 499-517, August.
    3. Michelis, Leo, 1999. "The distributions of the J and Cox non-nested tests in regression models with weakly correlated regressors," Journal of Econometrics, Elsevier, vol. 93(2), pages 369-401, December.
    4. Godfrey, L. G. & Pesaran, M. H., 1983. "Tests of non-nested regression models: Small sample adjustments and Monte Carlo evidence," Journal of Econometrics, Elsevier, vol. 21(1), pages 133-154, January.
    5. Russell Davidson & James MacKinnon, 2002. "Fast Double Bootstrap Tests Of Nonnested Linear Regression Models," Econometric Reviews, Taylor & Francis Journals, vol. 21(4), pages 419-429.
    6. Godfrey, L. G., 1998. "Tests of non-nested regression models some results on small sample behaviour and the bootstrap," Journal of Econometrics, Elsevier, vol. 84(1), pages 59-74, May.
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