Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions [...]

The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the [...]

We develop a closed economy model to study the interactions among sovereign risk premia, fiscal limits, and fiscal policy. The stochastic fiscal limits, which measure the[...]

This paper contributes to the debate on fiscal multipliers, in the context of a structural model. I estimate a micro-founded dynamic stochastic general equilibrium model,[...]

This paper introduces the CORE model, a prototype for a new quarterly model of the Canadian economy, designed for projections and policy analysis with focus beyond the ve[...]

The domestic capital markets of the major industrial countries have become more closely integrated over the last two decades, a by-product of regulatory and technological[...]

There are many models of fiscal policy in the economic literature and each has been based on a particular set of assumptions concerning the interaction of policy variable[...]