translate English to French: We find that Canadian interest rates react very little to Canadian macroeconomic news and are significantly affected by U.S. macroeconomic news, which indicates that international influences on the Canadian fixed-income markets are important.
We then test the hypothesis that all the lagged coefﬁcients are jointly equal to zero, using a Wald test. This hypothesis can be rejected at the 1 per cent level for Canadian CPI excluding food and energy; in all other cases, this hypothesis cannot be rejected at the 5 per cent level. e