A prominent test of long-run monetary neutrality (LRMN) involves regressing long-horizon output growth on long-horizon money growth. We obtain limited support for LRMN with this test in long-annual Australian, Canadian, UK and US samples. Although empirical confidence intervals yield evidence in...

We investigate the influence of accreditation requirements on the speed of adjustment in the markets for eight building trades in 20 Canadian cities from 1971 to 2010. We aim to improve our understanding of how labour market institutions and regulations may impede adjustment in the markets for...

This paper provides a recursive empirical analysis of the scope for cost minimization in public debt management when the debt manager faces a given short-term interest rate dictated by monetary policy as well as risk and market impact constraints. It simulates the 'real-time' interest costs of...

The likelihood ratio (LR) test statistic for the test of a linear AR(1) model against the alternative of a Markov switching model does not possess the standard 2 distribution. Garcia (1998) derives the asymptotic distribution of the Sup LR test statistic under these non-standard conditions...

Over the past two decades there has been considerable growth in the number of new apprenticeship registrations in Canada. However, this has not been matched by a corresponding increase in the number of apprenticeship completions. As a result Canadian apprenticeship programs have seen declining...

Much research studies US inflation history with a trend-cycle model with unobserved components. A key feature of this model is that the trend may be viewed as the Fed’s evolving inflation target or long-horizon expected inflation. We provide a new way to measure the slowly evolving trend and...