C - Mathematical and Quantitative Methods
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IMPACT: The Bank of Canada’s International Model for Projecting Activity
We present the structure and features of the International Model for Projecting Activity (IMPACT), a global semi-structural model used to conduct projections and policy analysis at the Bank of Canada. Major blocks of the model are developed based on the rational error correction framework of Kozicki and Tinsley (1999), which allows the model to strike a balance between theoretical structure and empirical performance. -
Identifying Consumer-Welfare Changes when Online Search Platforms Change Their List of Search Results
Online shopping is often guided by search platforms. Consumers type keywords into query boxes, and search platforms deliver a list of products. Consumers' attention is limited, and exhaustive searches are often impractical.