This paper uses the Auerbach-Kotlikoff Dynamic Simulation Model to compare the projected demographic transitions in Canada and the United States. The simulation model determines the perfect foresight transition path of an economy in which individuals live to age 75. The model's preferences are...

Who invents? This is a central question to understanding possible barriers to entry in the innovation process. To address it, we match the Annual Report of the Commissioner of Patents from 1870 to 1940 to the corresponding U.S. Federal Population Censuses. This matching procedure provides a rich...

Equity in housing is a major component of household wealth in the United States. Steady gains in housing prices over the last several decades have generated large potential gains in household wealth among homeowners. Mankiw and Weil (1989) and McFadden (1993b) have argued that the aging of the...

In comparing Canada with the U.S., we first simulate the U.S. demographic transition, treating the U.S. as a closed economy. The time path of interest rates obtained from the U.S. simulations are then used in the Canadian simulations. In the Canada simulations, Canada is assumed to be an open...

The demographic cliff around the world -- Following Japan into a coma economy -- Why real estate will never be the same -- A look at public and private debt -- A brief history of financial bubbles -- Commodity prices : the Achilles' heel of emerging countries -- Investment strategies for the...