Staff research, Publications
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Long-Term Determinants of the Personal Savings Rate: Literature Review and Some Empirical Results for Canada
This paper examines the structural determinants of the personal savings rate in Canada over the last 30 years, using cointegration techniques. The main finding is that the real interest rate, expected inflation, the ratio of the all-government fiscal balances to nominal GDP, and the ratio of household net worth to personal disposable income are the most […] -
January 29, 2000
Annual Report 1999
The Canadian economy regained strong momentum in 1999 as the U.S. economy remained vigorous, the global economy recovered, and commodity prices moved upwards. -
January 16, 2000
Bank of Canada Review - Winter 1999–2000
Cover page
Coins from Y1K
The largest of these coins is about the size of a twenty-five cent piece. They form part of the National Currency Collection, Bank of Canada.
Photography by James Zagon.
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GAUSS™ Programs for the Estimation of State-Space Models with ARCH Errors: A User's Guide
State-space models have long been popular in explaining the evolution of various economic variables. This is mainly because they generally have more economic content than do others in their class of parsimonious models (for example, VARs). Yet, in spite of their advantages, use of these models until recently was limited by the assumption that all […] -
The Employment Costs of Downward Nominal-Wage Rigidity
In this paper, we use firm-level wage and employment data to address whether there is evidence of downward nominal-wage rigidity, and whether that rigidity is associated with a reduction in employment. We describe an estimation bias that can result when estimating reduced-form wage and employment equations and suggest a way of controlling for that bias. […]
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