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Slow Growth, Unemployment and Debt: What Happened? What Can We Do?

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Abstract

Canada has now almost eliminated inflation, but it is still struggling with a slow productivity growth, high and persistent unemployment, and large fiscal and external deficits. This essay reviews the identifiables causes and consequences of this evolution, and draws a number of lessons for the future of the economy and of the economic research. A three-part macroeconomic policy package is put forward, based on fiscal discipline, cooperative monetary discipline, and a fixed exchange rate with the U.S. dollar. Maintenant presque débarassé de l'inflation, le Canada est encore aux prises avec un progès très lent de sa productivité, un taux de chômage élevé et persistant et des taux d'endettement public et extérieur croissants. Le présent essai passe en revue les causes et les conséquences identifiables de ces évolutions récentes et en tire quelques enseignements utiles pour l'avenir de l'économie et de la recherche économique. Un plan d'action macroéconomique en trois points est enfin proposé: discipline budgétaire, action concertée pour le maintien de la stabilité des prix, et taux de change fixe par rapport au dollar américain.

Suggested Citation

  • Pierre Fortin, 1993. "Slow Growth, Unemployment and Debt: What Happened? What Can We Do?," Cahiers de recherche CREFE / CREFE Working Papers 23, CREFE, Université du Québec à Montréal.
    • Handle: RePEc:cre:crefwp:23
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    More about this item

    Keywords

    Unemployement; deficits; growth; Canada;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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