000	01991cam  2200361zi 4500
001	9.909478
003	CaOODSP
005	20221107181918
006	m     o  d f
007	cr |n|||||||||
008	220325t20222022oncd    ob   f|0| 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
043	|an-cn---
086	1 |aFB3-6/2022-6E-PDF
100	1 |aFeunou, Bruno, |eauthor.
245	10|aReal exchange rate decompositions / |cby Bruno Feunou, Jean-Sébastien Fontaine and Ingomar Krohn.
264	1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2022.
264	4|c©2022
300	|a1 online resource (ii, 45 pages) : |bcharts.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff discussion paper = |aDocument d'analyse du personnel, |x1914-0568 ; |v2022-6
500	|a"Last updated: March 22, 2022."
504	|aIncludes bibliographical references (page 45).
520	|a"We provide a novel daily decomposition of the real exchange rate that exploits a direct link between bond and foreign exchange (FX) markets. Real exchange rate dynamics can be attributed to changes in the expected future level of the exchange rate; cross-country differentials of expected inflation, yields and bond term premia; and an FX risk premium. Through a variance decomposition exercise, we find that the FX risk premium is the dominant component. Monetary policies and macroeconomic news announcements largely move the real exchange through changes in the FX risk premium"--Abstract.
650	0|aForeign exchange rates.
650	0|aMonetary policy.
650	6|aTaux de change.
650	6|aPolitique monétaire.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff discussion paper (Bank of Canada)|x1914-0568 ; |v2022-6.|w(CaOODSP)9.806273
856	40|qPDF|s1.86 MB|uhttps://publications.gc.ca/collections/collection_2022/banque-bank-canada/FB3-6-2022-6-eng.pdf