Econometrica: Sep 1973, Volume 41, Issue 5
Stabilization of the Canadian Dollar: 1952-1960
John E. Pippinger, Llad PhillipsIn this paper we construct a model that describes the behavior of the foreign exchange market and Exchange Fund. Cross-spectral and regression analysis of daily data are used to show that official intervention contributed significantly to the short-run stability of Canadian exchange rates.
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