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Unemployment in Canada and the United States

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  • John McCallum

Abstract

Reduced-form unemployment equations containing aggregate demand, structural, and frictional variables are estimated for Canada and the United States. Post-1981 increases in unemployment rates are explained almost entirely by aggr egate demand variables, although structural/sectoral variables make i mportant contributions to changes in the gap between the two countrie s' unemployment rates. For both countries, the results support the fo llowing "monetarist" propositions: monetary variables are the prime determinants of the business cycle, exogenous investment shocks are typically of minor importance, and macro policy has tended to be dest abilizing.

Suggested Citation

  • John McCallum, 1987. "Unemployment in Canada and the United States," Canadian Journal of Economics, Canadian Economics Association, vol. 20(4), pages 802-822, November.
    • Handle: RePEc:cje:issued:v:20:y:1987:i:4:p:802-22
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    Citations

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    Cited by:

    1. Cahill, Miles B., 2000. "Exploring the interaction between efficiency wages and labor market frictions," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 121-137.
    2. Samson, Lucie, 1988. "Chocs sectoriels et chômage," L'Actualité Economique, Société Canadienne de Science Economique, vol. 64(4), pages 532-544, décembre.
    3. Michael Baker & Miles Corak & Andrew Heisz, 1998. "The Labour Market Dynamics of Unemployment Rates in Canada and the United States," Canadian Public Policy, University of Toronto Press, vol. 24(s1), pages 72-89, February.
    4. David Card & W. Craig Riddell, 1993. "A Comparative Analysis of Unemployment in Canada and the United States," NBER Chapters, in: Small Differences That Matter: Labor Markets and Income Maintenance in Canada and the United States, pages 149-190, National Bureau of Economic Research, Inc.
    5. Kevin Lang & Jay Zagorsky, 1998. "Why are Canadian and US Unemployment Rates So Highly Correlated?," Canadian Public Policy, University of Toronto Press, vol. 24(s1), pages 56-71, February.
    6. Manfred Keil & Louis Pantuosco, 1998. "Canadian and US Unemployment Rates: A Comparison Based on Regional Data," Canadian Public Policy, University of Toronto Press, vol. 24(s1), pages 38-55, February.
    7. Heisz, Andrew & Baker, Michael & Corak, Miles, 1996. "Unemployment in the Stock and Flow," Analytical Studies Branch Research Paper Series 1997097e, Statistics Canada, Analytical Studies Branch.
    8. McCallum, John, 1988. "Les taux de chômage canadien et américain dans les années 1980 : un test de trois hypothèses," L'Actualité Economique, Société Canadienne de Science Economique, vol. 64(4), pages 494-508, décembre.
    9. R. F. Lucas, 1989. "The Bank of Canada and Zero Inflation: A New Cross of Gold?," Canadian Public Policy, University of Toronto Press, vol. 15(1), pages 84-93, March.
    10. Maria J. Hanratty & Rebecca M. Blank, 1990. "Down and Out in North America: Recent Trends in Poverty Rates in the U.S. and Canada," NBER Working Papers 3462, National Bureau of Economic Research, Inc.
    11. Paul R. Blackley, 1997. "The Short‐Run Relationship Between Sectoral Shifts and U.S. Labor Market Fluctuations," Southern Economic Journal, John Wiley & Sons, vol. 64(2), pages 486-502, October.

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