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This study identifies a long-run equilibrium relationship among important information variables with stochastic trends for monetary policy in Canada. The variables serve as both target policy variables for the domestic macroeconomy and reaction variables to external economic disturbances. The parameters of the cointegrated vector of information variables are found to be quite stable. A Markov-switching cointegrated VAR model captures two stochastic policy regimes with low- and high-variances.doi:10.5296/rae.v10i3.13223 fatcat:tyd2cbbndfduvauz5tyo2fgfdy