Staff research

• The NAIRU in Canada: Concepts, Determinants and Estimates

  Technical Report No. 50 David Rose

  An important question that faces macroeconomic policy makers is whether the economy can absorb increases in aggregate demand without generating inflationary pressures. Many economists have found it useful to approach this issue by asking whether the economy is operating at a rate of unemployment consistent with inflation neither accelerating nor decelerating, all else being equal. […]

  Content Type(s): Staff research, Technical reports Topic(s): Labour markets JEL Code(s): E, E2, E24

• An Analysis of the Information Content of Alternative Credit Aggregates

  Technical Report No. 49 Leslie Milton

  This study evaluates the information content of 25 measures of credit with respect to three macroeconomic variables—nominal spending, real spending and prices. Initially, simple descriptive techniques are used to assess the contemporaneous and leading relationships between the credit aggregates and the three goal variables. Next, bivariate vector autoregression models are constructed by regressing each of […]

  Content Type(s): Staff research, Technical reports Topic(s): Credit and credit aggregates JEL Code(s): E, E5, E51