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- Articles and reports: 11F0027M2010065Geography: CanadaDescription:
The purpose of this paper is twofold. First, the authors provide a detailed social accounting matrix (SAM), which incorporates the income and financial flows into the standard input-output matrix, for the Canadian economy for 2004. Second, they use the SAM to assess the strength of the real-financial linkages by calculating and comparing real SAM multipliers and financial social accounting matrix (FSAM) multipliers. For FSAM multipliers, financial flows are endogenous, whereas for real SAM multipliers they are not. The results show that taking into account financial flows increases the impact of a final demand shock on Canadian output. Financial flows also play an important role in determining the cumulative effect of an income shock or the availability of investment funds. Between 2008 and the first half of 2009, financial institutions shifted their investments toward government bonds, short-term paper, and foreign investments. This shift together with the fact that non-financial institutions were unwilling or unable to increase their financial liabilities, led to estimated declines in all GDP multipliers between 2008 and the first half of 2009 (2009H1). The main advantage of using the extended input-output analysis is that it provides a simple framework, with very few assumptions, which allows the assessment of the strength of real-financial linkages by means of multipliers. However, the methodology is subject to the Lucas critique, that as shocks shift prices, agents cannot adjust. Such a framework is, nevertheless, appropriate in short-term impact analysis such as this study.
Release date: 2011-05-20 - Articles and reports: 11F0027M2009058Geography: CanadaDescription:
This paper examines the different types of deflators that are used to compare volume estimates of national income and production across countries. It argues that these deflators need to be tailored to the specific income concept used for study. If the potential to spend concept is employed, a purchasing power deflator is needed. If a production based concept is used, a producing power deflator is necessary. The paper argues that present practice produces a hybrid deflator that fails both purposes when terms of trade shifts are large and offers a solution.
Release date: 2009-12-10 - 3. A Comparison of Canadian and U.S. Productivity Levels: An Exploration of Measurement Issues ArchivedArticles and reports: 11F0027M2005028Geography: CanadaDescription:
This paper examines the level of labour productivity in Canada relative to that of the United States in 1999. In doing so, it addresses two main issues. The first is the comparability of the measures of GDP and labour inputs that the statistical agency in each country produces. Second, it investigates how a price index can be constructed to reconcile estimates of Canadian and U.S. GDP per hour worked that are calculated in Canadian and U.S. dollars respectively. After doing so, and taking into account alternative assumptions about Canada/U.S. prices, the paper provides point estimates of Canada's relative labour productivity of the total economy of around 93% that of the United States. The paper points out that at least a 10 percentage point confidence interval should be applied to these estimates. The size of the range is particularly sensitive to assumptions that are made about import and export prices.
Release date: 2005-01-20 - Articles and reports: 11F0019M2003193Geography: CanadaDescription:
This paper outlines the size of the turnover in plants that have entered and exited the Canadian manufacturing sector during the three periods: 1973-1979, 1979-1988 and 1988-1997. It also examines the contribution of plant turnover to labour productivity growth in the manufacturing sector over the three periods. Plant turnover makes a significant contribution to productivity growth as more productive entrants replace exiting plants that are less productive. A disproportionately large fraction of the contribution of plant turnover to productivity growth is due to multi-plant or foreign-controlled firms closing down and opening up new plants. The plants opened up by multi-plant or foreign-controlled firms are typically much more productive than those opened by single-plant or domestic-controlled.
Release date: 2003-04-02
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- Articles and reports: 11F0027M2010065Geography: CanadaDescription:
The purpose of this paper is twofold. First, the authors provide a detailed social accounting matrix (SAM), which incorporates the income and financial flows into the standard input-output matrix, for the Canadian economy for 2004. Second, they use the SAM to assess the strength of the real-financial linkages by calculating and comparing real SAM multipliers and financial social accounting matrix (FSAM) multipliers. For FSAM multipliers, financial flows are endogenous, whereas for real SAM multipliers they are not. The results show that taking into account financial flows increases the impact of a final demand shock on Canadian output. Financial flows also play an important role in determining the cumulative effect of an income shock or the availability of investment funds. Between 2008 and the first half of 2009, financial institutions shifted their investments toward government bonds, short-term paper, and foreign investments. This shift together with the fact that non-financial institutions were unwilling or unable to increase their financial liabilities, led to estimated declines in all GDP multipliers between 2008 and the first half of 2009 (2009H1). The main advantage of using the extended input-output analysis is that it provides a simple framework, with very few assumptions, which allows the assessment of the strength of real-financial linkages by means of multipliers. However, the methodology is subject to the Lucas critique, that as shocks shift prices, agents cannot adjust. Such a framework is, nevertheless, appropriate in short-term impact analysis such as this study.
Release date: 2011-05-20 - Articles and reports: 11F0027M2009058Geography: CanadaDescription:
This paper examines the different types of deflators that are used to compare volume estimates of national income and production across countries. It argues that these deflators need to be tailored to the specific income concept used for study. If the potential to spend concept is employed, a purchasing power deflator is needed. If a production based concept is used, a producing power deflator is necessary. The paper argues that present practice produces a hybrid deflator that fails both purposes when terms of trade shifts are large and offers a solution.
Release date: 2009-12-10 - 3. A Comparison of Canadian and U.S. Productivity Levels: An Exploration of Measurement Issues ArchivedArticles and reports: 11F0027M2005028Geography: CanadaDescription:
This paper examines the level of labour productivity in Canada relative to that of the United States in 1999. In doing so, it addresses two main issues. The first is the comparability of the measures of GDP and labour inputs that the statistical agency in each country produces. Second, it investigates how a price index can be constructed to reconcile estimates of Canadian and U.S. GDP per hour worked that are calculated in Canadian and U.S. dollars respectively. After doing so, and taking into account alternative assumptions about Canada/U.S. prices, the paper provides point estimates of Canada's relative labour productivity of the total economy of around 93% that of the United States. The paper points out that at least a 10 percentage point confidence interval should be applied to these estimates. The size of the range is particularly sensitive to assumptions that are made about import and export prices.
Release date: 2005-01-20 - Articles and reports: 11F0019M2003193Geography: CanadaDescription:
This paper outlines the size of the turnover in plants that have entered and exited the Canadian manufacturing sector during the three periods: 1973-1979, 1979-1988 and 1988-1997. It also examines the contribution of plant turnover to labour productivity growth in the manufacturing sector over the three periods. Plant turnover makes a significant contribution to productivity growth as more productive entrants replace exiting plants that are less productive. A disproportionately large fraction of the contribution of plant turnover to productivity growth is due to multi-plant or foreign-controlled firms closing down and opening up new plants. The plants opened up by multi-plant or foreign-controlled firms are typically much more productive than those opened by single-plant or domestic-controlled.
Release date: 2003-04-02
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