Energy, the Exchange Rate, and the Economy; Macroeconomic Benefits of Canada’s Oil Sands Production
Tamim Bayoumi and
Martin Mühleisen ()
No 06/70, IMF Working Papers from International Monetary Fund
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.
Keywords: Canada; Balance of payments; Commodity prices; Exchange rates; Exports; Oil production; Foreign exchange; Energy Trade, Exchange Rate Models, Macroeconomic Modeling, exchange rate, oil sands, real exchange rate, crude oil, Resource Booms, Energy and the Macroeconomy, (search for similar items in EconPapers)
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