O - Economic Development, Technological Change, and Growth

• November 19, 2015

  Is Slower Growth the New Normal in Advanced Economies?

  Bank of Canada Review - Autumn 2015 Abeer Reza, Subrata Sarker

  This article reviews and examines some of the main explanations for the slow growth that many advanced economies continue to experience seven years after the 2007–09 global financial crisis. Does this muted recovery reflect just a prolonged cycle in the aftermath of a financial crisis? Is it due to a structural inadequacy of demand leading to a long-lasting liquidity trap? Or is it largely supply side in nature, reflecting demographic and technological factors?

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): International topics, Potential output, Recent economic and financial developments JEL Code(s): F, F0, F01, F4, F43, O, O4, O40

• Revisiting the Macroeconomic Impact of Oil Shocks in Asian Economies

  Staff Working Paper 2015-23 Juncal Cunado, Soojin Jo, Fernando Perez de Gracia

  This paper analyzes the macroeconomic impact of oil shocks in four of the largest oil-consuming Asian economies, using a structural vector autoregressive model. We identify three different types of oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-specific demand shock.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): E, E3, E32, O, O5, O53, Q, Q4, Q43

• A New Data Set of Quarterly Total Factor Productivity in the Canadian Business Sector

  Staff Working Paper 2015-6 Shutao Cao, Sharon Kozicki

  In this paper, a quarterly growth-accounting data set is built for the Canadian business sector with the top-down approach of Diewert and Yu (2012). Inputs and outputs are measured and used to estimate the quarterly total factor productivity (TFP).

  Content Type(s): Staff research, Staff working papers Topic(s): Productivity JEL Code(s): D, D2, D24, F, F4, F43, O, O4, O47