In this paper, we offer one possible way to estimate a key feature of the Bank of Canada s main macroeconomic model, the Quarterly Projection Model or QPM. The key feature which is the focus of this study is the so-called short-run equilibrium values or SREQs which link the dynamic portion of...

This paper compares the performance of simple inflation targeting (IT) and price-level path targeting (PLPT) rules to stabilize the macroeconomy, in response to a series of shocks, similar to those seen in Canada and the United States over the 1983 to 2004 period. The analysis is conducted in a...

In this second contribution to the Symposium included in this volume on Future Productivity in Canada, Tiff Macklem of the Bank of Canada compares sources of recent productivity growth in Canada and the United States. Macklem sees aggregate labour productivity growth in Canada advancing at...