NDLI: Variations Across Canadian Regions in the Sensitivity to U.S. Monetary Policy

Content Provider	Springer Nature Link
Author	Potts, Todd Yerger, David
Copyright Year	2010
Abstract	This paper contributes to the research on regional economic responses to monetary policy shocks in two ways. First, rather than just model the Canadian economy at the national level, we examine the impact of monetary policy shocks across five separate Canadian regions. The second extension of the literature is our focus upon estimating the impact from both Canadian and U.S. monetary policy shocks upon regional Canadian economic activity. The findings are broadly consistent with results from previous research modeling the national Canadian economy, but noteworthy regional differences are observed. Eastern Canadian regions, defined as Ontario (ON), Quebec (QU), and Atlantic (AT), exhibit greater sensitivity to Canadian monetary policy shocks than do Western Canadian regions. We also find that U.S. monetary policy shocks have a discernable impact on Canadian regional economic activity, but the impact varies across regions. For the three Eastern Canadian regions ON, QU, and AT, there is a significant impact upon regional economic activity from a U.S. monetary policy shock, but not for the two Western Canadian regions Prairie (PR) and West (WE). Moreover, the impact on ON, QU, and AT from a fed funds shock is quite similar to the impact from a shock to the Canadian Bank Rate.
Starting Page	443
Ending Page	454
Page Count	12
File Format	PDF
ISSN	01974254
Journal	Atlantic Economic Journal
Volume Number	38
Issue Number	4
e-ISSN	15739678
Language	English
Publisher	Springer US
Publisher Date	2010-09-24
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models Monetary Policy International Policy Coordination and Transmission General Regional Economics Vector autoregression Impulse response function Monetary policy Canadian regional employment Public Finance & Economics International Economics Microeconomics Macroeconomics/Monetary Economics Economics general
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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