Abstract

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The present study illustrates the differential impact on regional economies of relative price changes stemming from commodity price movements, exchange rate changes and changes in international manufactured goods prices. It focuses on Canadian provinces, which are a large, geographically distributed federation of regional economies with widely differing economic bases. In this regard, the study illuminates an important method for examining regional economic performance that is particularly well suited to federations such as Russia or the European Monetary Union, or to large countries such as the United States.

Keywords: economic growth, real income, terms of trade