Commodity price volatility is bad for macroeconomic performance. Virtually all empirical studies that document this negative relationship rely on the estimation of aggregate growth equations using cross-section evidence drawn from the post-1970 era. This paper uses a simulation model based on...

The main objective of this paper is to determine whether specialization in resource intensive production had a positive impact on the performance of the aggregate Canadian economy over the 1970-2005 period. Specialization is simply measured as the proportion of aggregate employment, the...

Over the twentieth century, Canada's energy, forestry, and mining industries played a substantial and increasing role in the growth and development of the aggregate economy. Despite the improving fundamentals that were underlying their increased contributions to the size, capital intensity, and...