Our contribution in this paper is threefold. First, we survey the empirical literature on consumption smoothing mechanisms of regional economic shocks. Second, building o[...]

In this paper, the authors survey some of the recent techniques proposed in the literature to measure the trend component of output or potential output. Given the reporte[...]

In this paper, we examine and compare twelve private and public sector models of the Canadian economy with respect to their paradigm, structure, and dynamic properties. T[...]

In this report, the authors examine and compare twelve private and public sector models of the Canadian economy with respect to their paradigm, structure, and dynamic pro[...]

There is widespread agreement that, in the United States, higher house prices raise consumption via collateral or possibly wealth effects. The presence of similar channel[...]

Files with names starting with "Input Data" include real-time data used to estimate output gaps. They also include inflation data used in the program titled "Program - in[...]

In this paper, the author uses structural vector autoregression methodology to decompose U.S. nominal interest rates into an expected inflation component and an ex ante r[...]

In a recent article, Faust and Leeper (1997) discuss reasons why inference from structural VARs identified with long-run restrictions may not be reliable. In this paper, [...]

The link between inflation and the output gap is central to the conduct of monetary policy. In this paper, we use a new real-time database for Canada to study various out[...]

In this paper, the authors examine how well the Hodrick-Prescott filter (HP) and the band-pass filter recently proposed by Baxter and King (BK) extract the business-cycle[...]