Productivity
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Trade and Market Power in Product and Labor Markets
Trade liberalizations increase the sales and input purchases of productive firms relative to their less productive domestic competitors. This reallocation affects firms’ market power in their product and input markets. I quantify how the labour market power of employers affects the distribution and size of the gains from trade. -
Allocative Efficiency and the Productivity Slowdown
In our analysis of the US productivity slowdown in the 1970s and 2000s, we find that a significant portion of this deceleration can be attributed to a lack of improvement in allocative efficiency across sectors. Our analysis further identifies increased sector-level volatility as a major contributor to this lack of improvement in allocative efficiency. -
December 15, 2020
Strengthening our exports
Governor Tiff Macklem talks about the importance of trade and exports to Canada’s economic recovery. He also talks about steps policy-makers and business can take to attract investment and improve competitiveness. -
December 15, 2020
Trading for a sustainable recovery
Governor Tiff Macklem talks about how important trade is for the economic recovery. He discusses what policymakers and business leaders can do to encourage growth in trade. -
November 12, 2020
Helping the economy after the COVID‑19 pandemic
The pandemic won’t last forever. Senior Deputy Governor Carolyn A. Wilkins talks about what the economy will need once we’re past the COVID-19 crisis. -
November 12, 2020
Exploring life after COVID-19: the far side of the moon
Senior Deputy Governor Carolyn A. Wilkins discusses what the economy will need once we’re past the COVID-19 crisis. -
Assessing Global Potential Output Growth: October 2020
This paper presents updated estimates of potential output growth for the global economy through 2022. Global potential output growth is expected to decline sharply in the aftermath of the COVID-19 pandemic and recover partially by the end of the projection horizon of the October 2020 Monetary Policy Report. -
Earnings Dynamics and Intergenerational Transmission of Skill
How are your past, current and future earnings related to those of your parents? We explore this by using 37 years of Canadian tax data on two generations. -
Potential output in Canada: 2020 reassessment
After COVID-19, we expect potential output growth to stabilize around 1.2 percent. This is lower than the 2010–18 average growth of 1.8 percent. Relative to the April 2019 reassessment, the growth profile is revised down. Given the unknown course of the pandemic, uncertainty around these estimates is higher than in previous years.