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A Comparison of Twelve Macroeconomic Models of the Canadian Economy
In this report, the authors examine and compare twelve private and public sector models of the Canadian economy with respect to their paradigm, structure, and dynamic properties. These open-economy models can be grouped into two economic paradigms. -
March 21, 2003
Market Consultations—December 2002: Summary of Comments
Overall, market participants agreed that domestic borrowing programs are operating smoothly and participants have also reacted positively to potential program initiatives and adjustments that the Bank of Canada and the Department of Finance are considering for 2003/04. -
March 21, 2003
Debt Management Strategy: Market Consultations for 2003/04 - Summary of Comments
In December 2002, officials from the Department of Finance and the Bank of Canada consulted with market participants on a number of issues related to domestic debt programs. Comments received were taken into consideration in the development of the debt strategy for 2003/04. -
March 18, 2003
The Benefits of Sound Economic Policies
Canada and Italy share many similar characteristics. We both belong to the G-7, and we are among the smaller members of that group. Our two economies vary greatly from region to region, both in terms of structure and strength. -
March 12, 2003
Website Awards Event
It has become almost a cliché to point out that "Internet time moves faster than normal time." But I'm reminded of that observation as I accept this award - an award for achievement in a medium that barely existed ten years ago. -
March 12, 2003
Meeting Global Challenges: The Importance of Sound Economic Policies
We are facing a time of great economic and political uncertainty. While economic activity is close to potential in Canada, most other countries are facing very weak demand and lacklustre economic prospects. And, of course, there is the overriding prospect of a war in Iraq. -
March 4, 2003
Bank of Canada raises overnight rate target by 1/4 percentage point to 3 per cent
The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 3 per cent. -
Testing the Stability of the Canadian Phillips Curve Using Exact Methods
Postulating two different specifications for the Canadian Phillips curve (a purely backwardlooking model, and a partly backward-, partly forward-looking model), the authors test for structural breaks in the parameters of the equation. In each case, they account for the possibilities that: (i) breaks can be discrete, or continuous, and (ii) available data samples may be too small to justify using asymptotically valid structural-change tests. -
Valuation of Canadian- vs. U.S.-Listed Equity: Is There a Discount?
The authors examine how the valuation multiples assigned to the equity of Canadian-listed firms compare with the equity of comparable firms listed in the United States. They find that Canadian-listed firms trade at a discount to U.S.-listed firms across a range of valuation measures.