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An aggregate model of the Canadian

By Manfred Keil and James Symons

Abstract

The paper develops and estimates a small equilibrium model of the Canadian post-war labour market. The framework is imperfect competition in product and labour markets which, we argue, is forced upon us by the empirical fact that real wages do not on their own explain the business cycle. The benefits and the terms of trade. These variables, together with demand side-effects (best measured, we argue, by the real interest rate), are then used to account for the path of Canadian unemployment. A pleasing feature of the model is that it is quite econometrically stable over the turbulent ''80s

Topics: HB Economic Theory
Publisher: Centre for Economic Performance, London School of Economics and Political Science
Year: 1991
OAI identifier: oai:eprints.lse.ac.uk:21129
Provided by: LSE Research Online
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