E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
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A Simple Multivariate Filter for the Measurement of Potential Output
This paper examines techniques that have been used to estimate potential output and finds them wanting. We suggest a simple multivariate-filtering technique that is a generalization of the Hodrick-Prescott univariate filter. In univariate filters, only information about a variable itself is used in eliminating noise in order to obtain an estimate of the underlying trend. […] -
Wage and Price Dynamics in Canada
This paper examines wage and price dynamics in Canada with a view towards testing the implications of a wage-price dynamics, according to which unit labour costs are determined by a wage Phillips curve while prices are set as a markup over unit labour costs. This model is compared to an alternative model in which excess […] -
Some Evidence on Hysteresis and the Costs of Disinflation in Canada
This paper addresses the following questions: How large are the output costs of disinflation in Canada? Are these costs temporary, as predicted by natural-rate models, or are they permanent, as predicted by hysteresis models? Are the costs of disinflation higher at lower rates of inflation? Are they higher when the economy is at or below […] -
Regional Disparities in Wage and Unemployment Rates in Canada: A Review of Some Issues
In this report the author considers three issues relating to regional disparities in Canada. First, the size of regional disparities in unemployment and wage rates is examined together with the patterns in these disparities over time. Next, various theories related to the causes of regional disparities are reviewed, focussing on their predictions regarding regional disparities […] -
The NAIRU in Canada: Concepts, Determinants and Estimates
An important question that faces macroeconomic policy makers is whether the economy can absorb increases in aggregate demand without generating inflationary pressures. Many economists have found it useful to approach this issue by asking whether the economy is operating at a rate of unemployment consistent with inflation neither accelerating nor decelerating, all else being equal. […] -
The Investment Supply Response of Traded-Goods Industries
In this paper, the author uses neoclassical investment equations to examine investment behaviour in four groups of Canadian industries: export-oriented, import-competing, two- way-trade, and low-trade.
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