E3 - Prices, Business Fluctuations, and Cycles
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The Role of Debt and Equity Finance over the Business Cycle
The authors show that debt and equity issuance are procyclical for most listed U.S. firms. -
ToTEM: The Bank of Canada's New Quarterly Projection Model
The authors provide a detailed technical description of the Terms-of-Trade Economic Model (ToTEM), which replaced the Quarterly Projection Model (QPM) in December 2005 as the Bank's principal projection and policy-analysis model for the Canadian economy.