Bank of Canada paper on exposure of foreign shocks
A Bank of Canada paper, published on Friday, looks at the effects international factors have on the Canadian economy and its export market.
Garima Vasishtha and Philipp Maier, the paper's authors, use a factor-augmented vector auto-regression model to analyse how global shocks such as commodity prices, foreign economic activity and foreign interest rates affect the Canadian economy.
Vasishtha and Maier find that Canada is primarily exposed to shocks to foreign activity and commodity prices, but
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