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Energy, the Exchange Rate, and the Economy: Macroeconomic Benefits of Canada’s Oil Sands Production
Author:
Mr. Tamim Bayoumi
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Mr. Martin Mühleisen
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Series:
IMF Working Papers
Volume/Issue:
Volume 2006: Issue 070
Language:
English
Publication Date:
01 Mar 2006
DOI:
https://doi.org/10.5089/9781451863307.001
ISBN:
9781451863307
ISSN:
1018-5941
Pages:
23
Keywords:
WP; exchange rate; commodity; export
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2006: Issue 070