This paper examines the meaning and usefulness of the concept of a New Economy. This construct, which first began to appear in the media in the mid-1990s, is utilised today with a variety of definitions and intentions. Having identified three possible denotations or orientations relating to its...

This paper provides three perspectives on long-run growth rates of labor productivity (LP) and of multi-factor productivity (MFP) for the U. S. economy. It extracts statistical growth trends for labor productivity from quarterly data for the total economy going back to 1952, provides new...

This paper provides three perspectives on long-run growth rates of labor productivity (LP) and of multi-factor productivity (MFP) for the U. S. economy. It extracts statistical growth trends for labor productivity from quarterly data for the total economy going back to 1952, provides new...

This paper was prepared for the National Statistics Council, which advises the chief statistician of Canada on the full range of Statistics Canada's activities, particularly on overall program priorities

This paper examines the challenges that the manufacturing sector has faced over the last half century - focusing on both long- and short-term performance. It first examines whether there is evidence that this sector is in long-term decline. The paper also investigates how the industry has...

Usually, current Financial Crisis of 2008 is compared to the Great Depression of 1929. But there are some evidences that our current financial crisis has much more similarities and analogies to the crisis initiated by the panic in 1907. A brief analysis of both crises is presented. This analysis...

The macroeconomic effects of random shocks to output, the terms of trade, and the real interest rate are examined using an intertemporal equilibrium model of a small open, endowment economy. Equilibrium stochastic processes are computed numerically and compared with actual stylized facts. The...

A large body of cross-country empirical evidence identifies monetary policy and trade integration as key determinants of business cycle co-movement. Partially consistent with this, many argue that the re-emergence of the gold standard allowed for the global transmission of a deflationary shock...

This paper explores the interaction between the Great recession triggered by the US subprime mortgages crisis and the twin crisis of macroeconomics. We argue that a major determinant of the subprime crisis and its dire consequences has been an approach to economics that is unable to deal with...

This paper revisits Canada’s pioneering experience with a flexible exchange rate over the period 1950–62. It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open-economy model of the Canadian economy. The model...