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Unemployment in Canada and the United States

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  • John McCallum

Abstract

Reduced-form unemployment equations containing aggregate demand, structural, and frictional variables are estimated for Canada and the United States. Post-1981 increases in unemployment rates are explained almost entirely by aggr egate demand variables, although structural/sectoral variables make i mportant contributions to changes in the gap between the two countrie s' unemployment rates. For both countries, the results support the fo llowing "monetarist" propositions: monetary variables are the prime determinants of the business cycle, exogenous investment shocks are typically of minor importance, and macro policy has tended to be dest abilizing.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 20 (1987)
Issue (Month): 4 (November)
Pages: 802-22

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Handle: RePEc:cje:issued:v:20:y:1987:i:4:p:802-22

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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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Cited by:
  1. Cahill, Miles B., 2000. "Exploring the interaction between efficiency wages and labor market frictions," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 40(1), pages 121-137.
  2. R. F. Lucas, 1989. "The Bank of Canada and Zero Inflation: A New Cross of Gold?," Canadian Public Policy, University of Toronto Press, vol. 15(1), pages 84-93, March.
  3. Manfred Keil & Louis Pantuosco, 1998. "Canadian and US Unemployment Rates: A Comparison Based on Regional Data," Canadian Public Policy, University of Toronto Press, vol. 24(s1), pages 38-55, February.
  4. Samson, Lucie, 1988. "Chocs sectoriels et chômage," L'Actualité Economique, Société Canadienne de Science Economique, Société Canadienne de Science Economique, vol. 64(4), pages 532-544, décembre.
  5. Kevin Lang & Jay Zagorsky, 1998. "Why are Canadian and US Unemployment Rates So Highly Correlated?," Canadian Public Policy, University of Toronto Press, vol. 24(s1), pages 56-71, February.
  6. repec:fth:prinin:352 is not listed on IDEAS
  7. Heisz, Andrew & Baker, Michael & Corak, Miles, 1996. "Unemployment in the Stock and Flow," Analytical Studies Branch Research Paper Series 1997097e, Statistics Canada, Analytical Studies Branch.
  8. repec:fth:prinin:297 is not listed on IDEAS
  9. McCallum, John, 1988. "Les taux de chômage canadien et américain dans les années 1980 : un test de trois hypothèses," L'Actualité Economique, Société Canadienne de Science Economique, Société Canadienne de Science Economique, vol. 64(4), pages 494-508, décembre.

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