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Wilfrid Laurier University Leaf
September 15, 2014
 
 
Canadian Excellence

Pierre Siklos




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email: Pierre Siklos
phone: 226.772.3159 BSIA

 

Documents


Pierre Siklos

2007-01 EC: Revisiting the Coyne Affair: A Singular Event That Changed the Course of Canadian Monetary History (working paper)


P. Siklos

published: 2007 | Research publication | Working Paper - Economics

ABSTRACT: The Coyne affair is the greatest institutional crisis faced by the Bank of Canada in its history. The crisis took place in 1959-1961 and led to the resignation of the Governor, once he was cleared of any wrongdoing. The crisis eventually resulted in a major reform of the Bank of Canada. The paper highlights the critical role played by the directive in central banking legislation. Archival and empirical evidence is used to assess the performance of monetary policy throughout the 1950s. In doing so, a real-time dataset is constructed for both Canada and the US that permits estimation of reaction functions. I find that the case against James Coyne is 'not proven'.

Download: PDF (281k)    Revisiting_the_Coyne_Affair_02_2007.pdf

revised Mar 6/07

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