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Capital stock and unemployment in Canada

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  • Ana Martínez-Cañete
  • Alfonso Palacio-Vera

Abstract

The purpose of this article is to test the proposition that capital stock relative to aggregate output was an important variable in the determination of the Canadian nonaccelerating inflation unemployment rate (NAIRU) in the period 1976Q1-2003Q4. We present new empirical evidence obtained from the use of Canadian time-series data that lends support to the claim that the aggregate capital-output ratio was a significant determinant of the NAIRU in the period considered. The evidence presented suggests that insofar as the aggregate capital-output ratio may be affected by changes in real interest rates, the stance of monetary policy was one determinant of the NAIRU in the period considered.

Suggested Citation

  • Ana Martínez-Cañete & Alfonso Palacio-Vera, 2011. "Capital stock and unemployment in Canada," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(1), pages 113-136.
    • Handle: RePEc:mes:postke:v:34:y:2011:i:1:p:113-136
    DOI: 10.2753/PKE0160-3477340105
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    Cited by:

    1. Chella, Namapsa & Phiri, Andrew, 2017. "Long-run cointegration between foreign direct investment, direct investment and unemployment in South Africa," MPRA Paper 82371, University Library of Munich, Germany.
    2. António Afonso & André Albuquerque, 2018. "Sovereign Credit Rating Mismatches," Notas Económicas, Faculty of Economics, University of Coimbra, issue 46, pages 49-70, July.
    3. Bruno Damásio & Diogo Martins, 2017. "Do Labour Market Reforms Pay Off? Unemployment and Capital Accumulation in Portugal," Working Papers Department of Economics 2017/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    4. Diogo Martins & Bruno Damásio, 2020. "One Troika fits all? Job crash, pro-market structural reform and austerity-driven therapy in Portugal," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(3), pages 495-521, August.
    5. Liu, De-chih, 2021. "The Unemployment Invariance Hypothesis: Does the Gender Matter?," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 62(2), pages 178-199, December.

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