ESTIMATING EXCHANGE MARKET PRESSURE AND THE DEGREE OF EXCHANGE MARKET INTERVENTION FOR CANADA

• 成果类型: Article
• 署名作者: WEYMARK, DN
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/0022-1996(95)01389-4
• 发表日期: 1995
• 页码: 273-295
• 关键词: Exchange market pressure; EXCHANGE MARKET INTERVENTION; BANK OF CANADA POLICY

摘要

This article illustrates the method by which measures of exchange market pressure and the degree of intervention can be obtained and applied as tools for policy analysis. Using a fairly simple model of a small open economy with rational expectations, quarterly measures of exchange market pressure and the degree of intervention are calculated for the Canadian economy over the period 1975 to 1990. A subset of these calculated values is then employed to analyze the Bank of Canada's conduct of exchange rate policy over the period 1981 to 1984.