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It is generally accepted that convergence is well established for regional Canadian per capita outputs. The authors present evidence that long-run movements are driven by two stochastic common trends in this time series. This evidence casts doubt on the convergence hypothesis for Canada. Another...
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I show that the process of Canadian economic growth differs across disaggregates (provinces and industries), with little mobility in the cross-section ordering, ie the poor stay poor and the rich stay rich. In the steady-state, industry disaggregates display divergence. I find that a...
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Exchange rates have raised the ire of economists for more than 20 years. The problem is that few, if any, exchange rate models are known to systematically beat a naive random walk in out of sample forecasts. Engel and West (2005) show that these failures can be explained by the standard-present...
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