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Characterizing Breadth in Canadian Economic Activity

Author

Listed:
  • Taylor Webley
  • Carla Valerio
  • Maureen MacIsaac

Abstract

Real growth in gross domestic product tends to be meaningfully higher when a large share of industries and demand components are growing—that is, when growth is broad across many fronts. We present a simple new indicator, the overall breadth indicator (OBI), to measure how widespread economic activity is in Canada, allowing us to place recent data in historical context. The relationship between the OBI and the output gap is strong contemporaneously and one quarter ahead. Beyond that, however, the signal from the OBI is less robust.

Suggested Citation

  • Taylor Webley & Carla Valerio & Maureen MacIsaac, 2020. "Characterizing Breadth in Canadian Economic Activity," Staff Analytical Notes 2020-1, Bank of Canada.
  • Handle: RePEc:bca:bocsan:20-1
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    References listed on IDEAS

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    1. Tony Chernis & Rodrigo Sekkel, 2018. "Nowcasting Canadian Economic Activity in an Uncertain Environment," Discussion Papers 18-9, Bank of Canada.
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    More about this item

    Keywords

    Business fluctuations and cycles;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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