<?xml version="1.0" encoding="UTF-8"?>
<data>
<terms url="https://www.bankofcanada.ca/terms/"></terms>
<groupDetail>
    <label>a. US specification, ECI</label>
    <description><![CDATA[ECI is the US Employment Cost Index. LFS is the Labour Force Survey; and SEPH is the Survey of Employment, Payrolls and Hours. Major wage settlements is the average negotiated wage adjustment in collective bargaining agreements. Initial conditions refers to the contribution of pre-pandemic data.

Bernanke and Blanchard (2023), Statistics Canada and Bank of Canada calculations]]></description>
    <link>https://www.bankofcanada.ca/?p=239093</link>
</groupDetail>
<seriesDetail>
<series id="SAN_BOUN20240501_C5A_S1">
<label>Initial condition</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="SAN_BOUN20240501_C5A_S2">
<label>Vacancy-to-unemployment ratio</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="SAN_BOUN20240501_C5A_S3">
<label>Energy prices</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="SAN_BOUN20240501_C5A_S4">
<label>Food prices</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="SAN_BOUN20240501_C5A_S5">
<label>Shortages</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="SAN_BOUN20240501_C5A_S6">
<label>Productivity growth</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="SAN_BOUN20240501_C5A_S7">
<label>Residuals</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="SAN_BOUN20240501_C5A_S8">
<label>Actual data</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
</seriesDetail>
<observations>
<o d="2019-10-01"><v s="SAN_BOUN20240501_C5A_S1">2.55</v><v s="SAN_BOUN20240501_C5A_S3">1.11</v><v s="SAN_BOUN20240501_C5A_S4">-0.03</v><v s="SAN_BOUN20240501_C5A_S5">-0.04</v><v s="SAN_BOUN20240501_C5A_S6">-0.15</v><v s="SAN_BOUN20240501_C5A_S7">-0.17</v><v s="SAN_BOUN20240501_C5A_S8">3.27</v></o>
<o d="2020-01-01"><v s="SAN_BOUN20240501_C5A_S1">2.33</v><v s="SAN_BOUN20240501_C5A_S2">0.00</v><v s="SAN_BOUN20240501_C5A_S3">-3.79</v><v s="SAN_BOUN20240501_C5A_S4">-0.07</v><v s="SAN_BOUN20240501_C5A_S5">0.84</v><v s="SAN_BOUN20240501_C5A_S6">-0.10</v><v s="SAN_BOUN20240501_C5A_S7">0.02</v><v s="SAN_BOUN20240501_C5A_S8">-0.76</v></o>
<o d="2020-04-01"><v s="SAN_BOUN20240501_C5A_S1">2.58</v><v s="SAN_BOUN20240501_C5A_S2">-0.16</v><v s="SAN_BOUN20240501_C5A_S3">-3.08</v><v s="SAN_BOUN20240501_C5A_S4">0.97</v><v s="SAN_BOUN20240501_C5A_S5">0.86</v><v s="SAN_BOUN20240501_C5A_S6">-0.46</v><v s="SAN_BOUN20240501_C5A_S7">-2.47</v><v s="SAN_BOUN20240501_C5A_S8">-1.77</v></o>
<o d="2020-07-01"><v s="SAN_BOUN20240501_C5A_S1">2.59</v><v s="SAN_BOUN20240501_C5A_S2">-1.35</v><v s="SAN_BOUN20240501_C5A_S3">1.41</v><v s="SAN_BOUN20240501_C5A_S4">-0.41</v><v s="SAN_BOUN20240501_C5A_S5">2.29</v><v s="SAN_BOUN20240501_C5A_S6">-0.57</v><v s="SAN_BOUN20240501_C5A_S7">0.75</v><v s="SAN_BOUN20240501_C5A_S8">4.71</v></o>
<o d="2020-10-01"><v s="SAN_BOUN20240501_C5A_S1">2.54</v><v s="SAN_BOUN20240501_C5A_S2">-1.22</v><v s="SAN_BOUN20240501_C5A_S3">1.24</v><v s="SAN_BOUN20240501_C5A_S4">0.18</v><v s="SAN_BOUN20240501_C5A_S5">0.05</v><v s="SAN_BOUN20240501_C5A_S6">-0.55</v><v s="SAN_BOUN20240501_C5A_S7">0.82</v><v s="SAN_BOUN20240501_C5A_S8">3.07</v></o>
<o d="2021-01-01"><v s="SAN_BOUN20240501_C5A_S1">2.63</v><v s="SAN_BOUN20240501_C5A_S2">-0.13</v><v s="SAN_BOUN20240501_C5A_S3">3.20</v><v s="SAN_BOUN20240501_C5A_S4">-0.20</v><v s="SAN_BOUN20240501_C5A_S5">0.56</v><v s="SAN_BOUN20240501_C5A_S6">-0.62</v><v s="SAN_BOUN20240501_C5A_S7">-1.08</v><v s="SAN_BOUN20240501_C5A_S8">4.37</v></o>
<o d="2021-04-01"><v s="SAN_BOUN20240501_C5A_S1">2.63</v><v s="SAN_BOUN20240501_C5A_S2">-0.67</v><v s="SAN_BOUN20240501_C5A_S3">0.47</v><v s="SAN_BOUN20240501_C5A_S4">0.31</v><v s="SAN_BOUN20240501_C5A_S5">4.36</v><v s="SAN_BOUN20240501_C5A_S6">-0.55</v><v s="SAN_BOUN20240501_C5A_S7">1.88</v><v s="SAN_BOUN20240501_C5A_S8">8.43</v></o>
<o d="2021-07-01"><v s="SAN_BOUN20240501_C5A_S1">2.64</v><v s="SAN_BOUN20240501_C5A_S2">-0.36</v><v s="SAN_BOUN20240501_C5A_S3">1.64</v><v s="SAN_BOUN20240501_C5A_S4">0.13</v><v s="SAN_BOUN20240501_C5A_S5">-0.16</v><v s="SAN_BOUN20240501_C5A_S6">-0.43</v><v s="SAN_BOUN20240501_C5A_S7">1.63</v><v s="SAN_BOUN20240501_C5A_S8">5.10</v></o>
<o d="2021-10-01"><v s="SAN_BOUN20240501_C5A_S1">2.67</v><v s="SAN_BOUN20240501_C5A_S2">0.38</v><v s="SAN_BOUN20240501_C5A_S3">2.77</v><v s="SAN_BOUN20240501_C5A_S4">0.47</v><v s="SAN_BOUN20240501_C5A_S5">1.89</v><v s="SAN_BOUN20240501_C5A_S6">-0.44</v><v s="SAN_BOUN20240501_C5A_S7">2.14</v><v s="SAN_BOUN20240501_C5A_S8">9.89</v></o>
<o d="2022-01-01"><v s="SAN_BOUN20240501_C5A_S1">2.68</v><v s="SAN_BOUN20240501_C5A_S2">0.49</v><v s="SAN_BOUN20240501_C5A_S3">3.99</v><v s="SAN_BOUN20240501_C5A_S4">0.71</v><v s="SAN_BOUN20240501_C5A_S5">0.35</v><v s="SAN_BOUN20240501_C5A_S6">-0.30</v><v s="SAN_BOUN20240501_C5A_S7">1.35</v><v s="SAN_BOUN20240501_C5A_S8">9.27</v></o>
<o d="2022-04-01"><v s="SAN_BOUN20240501_C5A_S1">2.70</v><v s="SAN_BOUN20240501_C5A_S2">0.77</v><v s="SAN_BOUN20240501_C5A_S3">3.23</v><v s="SAN_BOUN20240501_C5A_S4">0.80</v><v s="SAN_BOUN20240501_C5A_S5">0.64</v><v s="SAN_BOUN20240501_C5A_S6">0.13</v><v s="SAN_BOUN20240501_C5A_S7">1.70</v><v s="SAN_BOUN20240501_C5A_S8">9.97</v></o>
<o d="2022-07-01"><v s="SAN_BOUN20240501_C5A_S1">2.73</v><v s="SAN_BOUN20240501_C5A_S2">0.82</v><v s="SAN_BOUN20240501_C5A_S3">-3.78</v><v s="SAN_BOUN20240501_C5A_S4">0.99</v><v s="SAN_BOUN20240501_C5A_S5">0.02</v><v s="SAN_BOUN20240501_C5A_S6">0.22</v><v s="SAN_BOUN20240501_C5A_S7">1.44</v><v s="SAN_BOUN20240501_C5A_S8">2.45</v></o>
<o d="2022-10-01"><v s="SAN_BOUN20240501_C5A_S1">2.75</v><v s="SAN_BOUN20240501_C5A_S2">0.63</v><v s="SAN_BOUN20240501_C5A_S3">-1.26</v><v s="SAN_BOUN20240501_C5A_S4">0.67</v><v s="SAN_BOUN20240501_C5A_S5">0.70</v><v s="SAN_BOUN20240501_C5A_S6">0.21</v><v s="SAN_BOUN20240501_C5A_S7">-0.41</v><v s="SAN_BOUN20240501_C5A_S8">3.29</v></o>
<o d="2023-01-01"><v s="SAN_BOUN20240501_C5A_S1">2.77</v><v s="SAN_BOUN20240501_C5A_S2">0.67</v><v s="SAN_BOUN20240501_C5A_S3">-1.05</v><v s="SAN_BOUN20240501_C5A_S4">0.41</v><v s="SAN_BOUN20240501_C5A_S5">0.04</v><v s="SAN_BOUN20240501_C5A_S6">0.34</v><v s="SAN_BOUN20240501_C5A_S7">0.56</v><v s="SAN_BOUN20240501_C5A_S8">3.75</v></o>
<o d="2023-04-01"><v s="SAN_BOUN20240501_C5A_S1">2.79</v><v s="SAN_BOUN20240501_C5A_S2">0.61</v><v s="SAN_BOUN20240501_C5A_S3">-1.08</v><v s="SAN_BOUN20240501_C5A_S4">0.22</v><v s="SAN_BOUN20240501_C5A_S5">-0.14</v><v s="SAN_BOUN20240501_C5A_S6">0.26</v><v s="SAN_BOUN20240501_C5A_S7">0.02</v><v s="SAN_BOUN20240501_C5A_S8">2.69</v></o>
</observations>
</data>