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The Effect of Canadian and U.S. M1 Announcements on Canadian Financial Markets: The Crow Years

Pierre Siklos () and J. Anusiewicz

Working Papers from Wilfrid Laurier University, Department of Economics

Abstract: This paper provides new evidence of the effect of weekly U.S. and Canadian M1 surprises on Canadian asset prices (stocks, T-bills, exchange rates) during the years John Crow was Governor of the Bank of Canada. In particular, we demonstrate the sensitivity of the evidence to the choice of econometric techniques. Our empirical results suggest that the Crow years marked an important change in monetary policy toward a more made in Canada policy. Consequently, US policy influences were relatively less important than in the past. Finally, international events associated, for example, with European Monetary System, produced unexpected effects in Canadian financial markets.

Keywords: FINANCIAL MARKET; ASSET PRICES (search for similar items in EconPapers)
JEL-codes: E44 C22 C32 (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:wlu:wpaper:97-3

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