Inventory investment is an important component of the Canadian business cycle. Despite its small average size – less than 1 per cent of output – it exhibits volatile procyclical fluctuations, accounting for almost one-third of output variance. Procyclicality of inventories is somewhat...

ToTEM – the Bank of Canada’s principal projection and policy-analysis model for the Canadian economy – is extended to include inventories. In the model, firms accumulate inventories of finished goods for their role in facilitating the demand for goods. The model is successful in matching...

Die folgende Dissertation hat zwei Teile. Das Thema des ersten Teils ist die Rolle von Freiheit in normativer und positiver Ökonomik. Dieser Teil beschäftigt sich mit Fragen, wie: "Wie kann man Freiheit in ökonomischen Modellen messen?", "Wie kann man Institutionen schaffen, die Individuen...