Geoffrey Dunbar is a Director in the International Economic Analysis Department. His research interests include applied econometrics and the macroeconomic implications of demographic change. He received his PhD in economics from Queen’s University.
We propose an uncovered expected returns parity (URP) condition for the bilateral spot exchange rate. URP implies that unilateral exchange rate equations are misspecified and that equity returns also affect exchange rates. Fama regressions provide evidence that URP is statistically preferred to uncovered interest rate parity (UIP) for nominal bilateral exchange rates between the US dollar and six countries (Australia, Canada, Japan, Norway, Switzerland and the UK) at the monthly frequency.
A novel dataset from the Bank of Canada is used to estimate the deposit functions for banknotes in Canada for three denominations: $1,000, $100 and $50. The broad flavour
of the empirical findings is that denominations are different monies, and the structural estimates identify the underlying sources of the non-neutrality.
Resource shares, defined as the fraction of total household spending going to each person in a household, are important for assessing individual material well-being, inequality and poverty. They are difficult to identify because consumption is measured typically at the household level, and many goods are jointly consumed, so that individual-level consumption in multi-person households is not directly observed.
We use data from the Survey of Financial Security and the Survey of Household Spending to estimate the incidence and extent of income under-reporting in Canada in 1998 and 2004. We estimate that the proportion of households under-reporting income is roughly 35 to 50 per cent in both years.
"Seasonal adjustment, demography, and GDP growth," Canadian Journal of Economics, Canadian Economics Association, Vol. 46(3), pages 811-835, August 2013.
"Working parents and total factor productivity growth," Journal of Population Economics, (with Stephen Easton). Springer, Vol. 26(4), pages 1431-1456, October 2013.
"The Family and Medical Leave Act and the labor productivity of parents," Economics Letters, Elsevier, Vol. 118(2), pages 334-336, 2013.
"Returns-to-scale and the equity premium puzzle," Journal of Economic Dynamics and Control, Elsevier, Vol. 37(9), pages 1736-1754, 2013.
"Children's Resources in Collective Households: Identification, Estimation, and an Application to Child Poverty in Malawi," (with Arthur Lewbel and Krishna Pendakur), American Economic Review, American Economic Association, Vol. 103(1), pages 438-71, February, 2013.