Three questions are explored: (1) Has there been an upward drift in the full employment-unemployment rate in the United States? (2) If so, what are the causes of such a drift? (3) What are the prospects with respect to any change in the full employment-unemployment rate between now and 1980? The...

In this paper we assess Inflation Targeting with a unique treatment and control group of strictly Latin American countries. We estimate a small Dynamic Stochastic General Equilibrium model to determine whether economic behavior within an economy fundamentally changes under Inflation Targeting....

In 2011, Canada's business sector multifactor productivity (MFP) index, as estimated by Statistics Canada, was below that for 1977, a third of a century earlier. Over these years, public policies were enacted to try to improve Canada's productivity. Yet the nation's MFP continued to fall,...