E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
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World Real Interest Rates: A Global Savings and Investment Perspective
Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. This paper explores possible shifts in global savings and investment that have led to this fall in the world real interest rate. -
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. -
The Macroeconomic Effects of Non-Zero Trend Inflation
The authors study the macroeconomic effects of non-zero trend inflation in a simple dynamic stochastic general-equilibrium model with sticky prices. -
Working Time over the 20th Century
From 1870 to 2000, the workweek length of employed persons decreased by 41 per cent in industrialized countries. -
Modelling and Forecasting Housing Investment: The Case of Canada
The author proposes and evaluates econometric models that try to explain and forecast real quarterly housing expenditures in Canada. Structural and leading-indicator models of the Canadian housing sector are described. -
MUSE: The Bank of Canada's New Projection Model of the U.S. Economy
The analysis and forecasting of developments in the U.S. economy have always played a critical role in the formulation of Canadian economic and financial policy. Thus, the Bank places considerable importance on generating internal forecasts of U.S. economic activity as an input to the Canadian projection. -
Intertemporal Substitution in Macroeconomics: Evidence from a Two-Dimensional Labour Supply Model with Money
The hypothesis of intertemporal substitution in labour supply has a history of empirical failure when confronted with aggregate time-series data. -
Uninsured Idiosyncratic Production Risk with Borrowing Constraints
The author analyzes a general-equilibrium model of a heterogeneous agents economy in which the agents are subject to borrowing constraints and uninsurable idiosyncratic production risk. -
La fonction de production et les données canadiennes
This study has two aspects. First, the author examines the theoretical properties of the constant elasticity of substitution (CES) production function and the implications of this formulation for the properties of a structural macroeconomic model.