Elekdag, Selim; Lalonde, René; Laxton, Douglas; Muir, Dirk - Bank of Canada - 2007
We develop a five-region version (Canada, an oil exporter, the United States, emerging Asia and Japan plus the euro … prices with large effects on the terms of trade of oil-exporting versus oil-importing countries (in particular, emerging Asia … regions such as emerging Asia. In addition, we study the implications of higher taxes on gasoline that are used to reduce …