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Aggregate Wealth in Canada

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  • R. Tiff Macklem

Abstract

This paper describes a comprehensive measure of aggregate private-sector wealth in Canada that includes both human and nonhuman wealth. Wealth and its components are measured at a quarterly frequency from 1963 to 1994. Human wealth is computed as the expected present value of aggregate labor income net of government expenditures using a finite-state Markov approximation to an estimated bivariate VAR for the real interest rate and net income growth. Nonhuman wealth is constructed by consolidating the assets and liabilities of the various sectors of the economy. To the extent possible, assets and liabilities are measured at market value.

Suggested Citation

  • R. Tiff Macklem, 1997. "Aggregate Wealth in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 30(1), pages 152-168, February.
  • Handle: RePEc:cje:issued:v:30:y:1997:i:1:p:152-68
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    Cited by:

    1. Enrique López & Andrés Salamanca, 2009. "El efecto riqueza de la vivienda en Colombia," Coyuntura Económica, Fedesarrollo, December.
    2. Les OXxley & Ttrinh Le & John Gibson, 2008. "Measuring Human Capital: Alternative Methods and International Evidence," Korean Economic Review, Korean Economic Association, vol. 24, pages 283-344.
    3. Mireille Laroche & Marcel Mérette & G. C. Ruggeri, 1999. "On the Concept and Dimension of Human Capital in a Knowledge-Based," Canadian Public Policy, University of Toronto Press, vol. 25(1), pages 87-100, March.
    4. Dagum, Camilo & Slottje, Daniel J., 2000. "A new method to estimate the level and distribution of household human capital with application," Structural Change and Economic Dynamics, Elsevier, vol. 11(1-2), pages 67-94, July.
    5. Hasan Bakhshi, 2000. "The sensitivity of aggregate consumption to human wealth," Bank of England working papers 108, Bank of England.
    6. William Crowder & Mark Wohar, 2004. "A cointegrated structural VAR model of the Canadian economy," Applied Economics, Taylor & Francis Journals, vol. 36(3), pages 195-213.
    7. Braeu, Rebecca, 2010. "Consumption tilting and the current account: Evidence from Canada," International Review of Economics & Finance, Elsevier, vol. 19(2), pages 304-312, April.
    8. Ren, Yu & Yuan, Yufei & Zhang, Yang, 2014. "Human capital, household capital and asset returns," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 11-22.

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