This paper looks at the changing nature of regulation making with a special emphasis on the role that economists should play. It focuses specifically on the processes used to develop regulations. It argues that the traditional process for regulation making is breaking down and that the quality...

In this paper the authors consider both the transitional and long-run implications of one aspect of changing Canada's constitutional structure--dividing the federal debt. They argue that it may be very difficult to agree on a division formula and particular regions may have strong incentives to...

In this paper, the author uses a simple but powerful technique to examine two models of the term structure for an open economy. Cointegration tests using two data sets for Canada and the United States support the open economy model based on uncovered interest parity as an explanation for the...

Many explanations have been advanced for the apparent breakdown of monetary exchange-rate model s in the late 1970s. This paper shows that the initial empirical supp ort enjoyed by the models was an illusion created by the failure to a ccount for exchange-rate nonstationarity and the arbitrary...

In this paper the authors examine the consequences of using cost minimization as the goal of public debt management in a small open economy (SOE). Authorities are assumed to minimize interest costs subject to constraints on their ability to refinance at different maturities, and the information...