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Canadaa€™s macroeconomic and policy performance has continued to outshine most other industrial countries, and its outlook remains favorable. The new government has pledged to maintain the strong social consensus in favor of fiscal surpluses, while aiming at enhancing incentives. The new budget should ensure that a prudent fiscal framework is maintained. The favorable domestic and external environment will boost the economya€™s long-term growth potential. While the financial system appears well placed to support growth, there is still room to furthering its efficiency and resilience.and are tested for the existence of structural breaks or parameter instability around the dates of major changes in ... econometric models of aggregate demand increasingly used by central banks to conduct monetary policy analysis. In particular, the paper studies the impact of the ratio of direct to indirect finance on the interest rate sensitivity of aggregate demand. ... transmission in the period before the structural break, monetary impulses do not have a statistically significant impact onanbsp;...

Author:International Monetary Fund
Publisher:International Monetary Fund - 2006-06-16


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