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Macklem - Limits To Which Mon Pol Can Diverge With US

CANADA
  • Q on US-linkages and how it factors into Canadian decision making
  • Macklem: Another important difference with the US is that the commodity sector is quite a bit bigger in Canada than in the US. The commodity cycle can be quite different. We have a flexible exchange rate that does help absorb the differences. Our cycles are often quite similar, certainly through Covid. There have been other episodes though where mon pol diverges somewhat with the US. There are limits as to how far it can diverge, but we have our own currency which absorbs the differences to allow us to gear monetary policy to what we need to do in Canada.
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