The CEP (Carleton Economic Papers) is the departmental working paper series. All such papers produced since 1971 are listed below by year of publication, most of which are downloadable. Please contact the department at should you require a scanned copy of a paper that is not yet linked to a downloadable PDF file.

2020–, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2001–2010, 1991–2000, 1981–1990, 1971–1980


Issue Author(s) Title
19-11 J. Stephen Ferris and Marcel-Cristian Voia Elections, Economic Outcomes and Policy in Canada: 1870 – 2015
19-10 Maya Papineau and Nicholas Rivers
Visualizing Energy Efficiency: A Picture is Worth More Than 1,022 Words (revised 26 May 2020; formerly titled “Visualizing Energy Efficiency: A Randomized Controlled Intervention”)
19-09 Christoph Görtz, Christopher Gunn and Thomas Lubik What Drives Inventory Accumulation? News on Rates of Return and Marginal Costs
19-08 Matthew D. Webb Finish It and It’s Free: An Evaluation of College Graduation Subsidies
19-07 Mumtaz Ahmad, John Fernald, and Hashmat Khan Returns to Scale in U.S. Production, Redux
19-06 Hashmat Khan, Jean-François Rouillard, and Santosh Upadhayaya Consumer Confidence and Household Investment
19-05 Joshua Brault and Hashmat Khan The Real Interest Rate Channel is Structural in Contemporary New-Keynesian Models
19-04 Christopher M. Gunn, Alok Johri, and Marc-André Letendre Charge-offs, Defaults and U.S. Business Cycles
19-03 J. Stephen Ferris What Happens When Voting Rules Change? The Case of New Zealand (revised 29 March 2020) – published in Constitutional Political Economy, Vol. 31, No. 3, (September 2020), pp. 267-291.
19-02 Zhiqi Chen and Heng Xu Private Labels and Product Quality under Asymmetric Information
19-01 Zhiqi Chen and Thomas W. Ross Buffer Joint Ventures


Issue Author(s) Title
18-13 Hashmat Khan and Matthew Strathearn Collusion and Antitrust Filings over the Business Cycle
18-12 Richard L. Carson Product Differentiation and Demand Elasticity – revised version: On the Nature of Equilibrium in Monopolistic Competition, published in International Journal of Business and Economics Research, Vol. 8, Isuue 2 (May 2019), pp. 65–68.
18-11 Dana Galizia Saddle Cycles: Solving Rational Expectations Models Featuring Limit Cycles (or Chaos) Using Perturbation Methods
18-10 Bharatee Bhusana Dash, J. Stephen Ferris and Stanley L. Winer Measuring Electoral Competitiveness: With Application to the Indian States – published in Electoral Studies, Vol. 62, (December 2019), pp. 1–21.
18-09 George Tridimas and
Stanley L. Winer,
On the Definition and Nature of Fiscal Coercion – forthcoming in Richard Wagner (ed.) James M. Buchanan: A Theorist of Political Economy and Social Philosophy, Palgrave Macmillan.
18-08 Hashmat Khan, Louis Phaneuf and Jean Gardy Victor Rules-Based Monetary Policy and the Threat of Indeterminacy When Trend Inflation Is Low (revised 8 March 2019) – forthcoming in the Journal of Monetary Economics.
18-07 Bharatee Bhusana Dash and J. Stephen Ferris Economic Performance and Electoral Volatility: Testing the Economic Voting Hypothesis on Indian States, 1957–2013 – forthcoming in Party Politics.
18-06 Guodong Chen, Minjoon Lee and Tong-yob Nam Forced Retirement Risk and Portfolio Choice
18-05 Christoph Görtz, Christopher Gunn and Thomas Lubik Taking Stock of TFP News Shocks: The Inventory Comovement Puzzle (revised 14 July 2018)
18-04 J. Stephen Ferris,
Stanley L. Winer, and
Derek E. H. Olmstead
A Dynamic Model of Political Party Equilibrium: The Evolution of ENP in Canada, 1870 – 2015 (revised 30 July 2019; formerly titled “A Dynamic Model of Political Party Equilibrium: The Evolution of ENP in Canada, 1870 – 2011”)
18-03 Joshua Brault and Hashmat Khan The Shifts in Lead-Lag Properties of the US Business Cycle (revised 18 July 2018, 1 Aug 2018, and 1 March 2019)– online Economic Inquiry, printed version forthcoming.
18-02 Miguel Casares, Hashmat Khan, and Jean-Christophe Poutineau The extensive margin and US aggregate fluctuations: A quantitative assessment (revised 4 September 2020; formerly titled “A Structural Analysis of US Entry and Exit Dynamics”)
18-01 Zhiqi Chen and Marcel-Cristian Voia Short-Term and Long-Term Margins of International Trade: Evidence from the Canada-Chile Free Trade Agreement – forthcoming in Frontiers of Economics in China.


Issue Author(s) Title
17-13 Hashmat U. Khan and Santosh Upadhayaya Does Business Confidence Matter for Investment? (revised 21 February 2018 and 20 March 2019) – forthcoming in Empirical Economics.
17-12 J. Stephen Ferris and Stanley L. Winer Does Political Competition affect Fiscal Structure? What time series analysis says for Canada, 1870–2015
17-11 Tomas Sjöström, Levent Ülkü and Radovan Vadovič Free to Choose: Testing the Pure Motivation Effect of Autonomous Choice
17-10 David B. Johnson and Matthew D. Webb An Experimental Test of the No Safety Schools Theorem
17-09 Samira Hasanzadeh Dissemination of Two Faces of Knowledge: Do Liberal-Democracy and Income-Level Matter?
(July 2017; revised 6 November 2017 and 18 December 2017)
17-08 Richard A. Brecher and Till Gross Unemployment and Income-Distribution Effects of Economic Growth: A Minimum-Wage Analysis with Optimal Saving (revised 14 July 2017)
17-07 Katrina Jessoe, Maya M. Papineau, and David Rapson Utilities Included: Split Incentives in Commercial Electricity Contracts (revised 27 May 2019)– forthcoming in The Energy Journal
17-06 Stanley L. Winer In Defense of Majoritarianism
17-05 Jean-Thomas Bernard, Ba Chu, Lynda Khalaf, and Marcel-Cristian Voia Non-standard Confidence Sets for Ratios and Tipping Points with Applications to Dynamic Panel Data
17-04 Hashmat U. Khan and Jean-François Rouillard Why Does Household Investment Lead Business Investment over the Business Cycle?: Comment
17-03 Timothy Grieder and Hashmat U. Khan Do Real Estate Shocks Affect Corporate Investment? (revised 29 December 2017; formerly titled “The Collateral Channel: How Real Estate Shocks Affect Corporate Investment:Comment”)
17-02 Zhiqi Chen and Gang Li Do Merger Efficiencies Always Mitigate Price Increases? – forthcoming in Journal of Industrial Economics
17-01 Luke Ignaczak and Marcel-Cristian Voia Duration Dependence in Employment: Evidence from the Last Half of the 20th Century


Issue Author(s) Title
16-15 Stanley L. Winer The Political Economy of Taxation: Power, Structure, Redistribution (revised version forthcoming in the Oxford Handbook of Public Choice)
16-14 J. Stephen Ferris and Bharatee B. Dash Expenditure Visibility and Voter Memory: A Compositional Approach to the Political Budget Cycle in Indian States, 1959 – 2012 – revised version published in Economics of Governance, Vol. 20, No. 2 (June 2019), pp. 129–157.
16-13 James G. MacKinnon and Matthew D. Webb The Wild Bootstrap for Few (Treated) Clusters (formerly titled “The Subcluster Wild Bootstrap for Few (Treated) Clusters”) – forthcoming in Econometrics Journal.
16-12 David B. Johnson and Matthew D. Webb Decision Making with Risky, Rival Outcomes: Theory and Evidence
16-11 James G. MacKinnon and Matthew D. Webb Randomization Inference for Differences-in-Differences with Few Treated Clusters
16-10 Kerry Nield and Ardyn T. Nordstrom Response Bias in Voluntary Surveys: An Empirical Analysis of the Canadian Census (revised 9 August 2016)
16-09 Hashmat U. Khan and Pythagoras Petratos Entrepreneurship and the Business Cycle: Stylized Facts from U.S. Venture Capital Activity
16-08 Nadav Ben Zeev and Hashmat U. Khan Investment-Specific News Dominates TFP News in Driving U.S. Business Cycles (revised 20 July 2016, 11 August 2016, and 12 October 2016)
16-07 Hashmat U. Khan and Jean-François Rouillard Household Borrowing Constraints and Residential Investment Dynamics (revised 6 November 2017, 25 July 2018) – forthcoming in the Journal of Economic Dynamics & Control.
16-06 Zhiqi Chen and Xiaoqiao Wang Specific Investment and Supplier Vulnerability: Theory and Evidence – revised version: Specific Investment and Supplier Vulnerability, published in Economics Letters, Vol. 151 (February 2017), pp. 16–18.
16-05 Afrasiab Mirza and Eric Stephens Securitization and Aggregate Investment Efficiency (revised 7 April 2016, 28 April 2016 and 24 January 2017)
16-04 Eric Stephens and James R. Thompson Information Asymmetry and Risk Transfer Markets
16-03 Miguel Casares and Hashmat U. Khan Business Dynamism and Economic Growth: U.S. Regional Evidence –revised version published in International Review of Entrepreneurship, Vol. 14, Issue 4 (2016), pp. 423–445.
16-02 Samira Hasanzadeh and Hashmat U. Khan Sources of Canadian Economic Growth (revised 16 October 2017) – forthcoming in Canadian Journal of Economics.
16-01 Hossein Kavand and Marcel-Cristian Voia Estimation of Health Care Demand and its Implication on Income Effects of Individuals (revised 26 June 2017; formerly titled “The Role of Model Specification in Estimating Health Care Demand”) – forthcoming chapter in Productivity and Inequality.


Issue Author(s) Title
15-10 Pinaki Chakraborty, Bharatee B. Dash, J. Stephen Ferris, and Stanley L. Winer The Privateness of Public Expenditure with Application to Indian States
15-09 Mihailo Radoman and Marcel-Cristian Voia Internal Promotion in Competitive Sports: Evidence from the English Premier League
15-08 J. Stephen Ferris and Marcel-Cristian Voia Political Parties in Canada: What Determines Their Entry, Exit and the Duration of Their Lives? –published in Party Politics, Vol. 26, No.5, (September 2020), pp. 543-554.
15-07 Hashmat U. Khan, Christopher R. Knittel, Konstantinos Metaxoglou, and Maya M. Papineau Carbon Emissions and Business Cycles (revised May 2016, May 2017, May 2018, and January 2019; formerly titled “How do Carbon Emissions Respond to Business-Cycle Shocks?”, August 2015)–forthcoming in Journal of Macroeconomics.
15-06 Zhiqi Chen, Hong Ding, and Zhiyang Liu Downstream Competition and the Effects of Buyer Power. – revised version published in Review of Industrial Organization, Vol. 49, No. 1 (August 2016), pp. 1–23
15-05 Maya M. Papineau Pre-Labeling Market Valuations in the U.S. Green Building Stock and the Causal Effect of Green Labels
15-04 Maya M. Papineau Setting the Standard: Commercial Electricity Consumption Responses to Energy Codes
15-03 Maya M. Papineau Energy Codes and the Landlord-Tenant Problem
15-02 Nadav Ben Zeev, Christopher M. Gunn, and Hashmat U. Khan Monetary News Shocks (revised August 2015, April 2016, October 2016 and February 2017)
15-01 Zhiqi Chen, Subhadip Ghosh, and Thomas W. Ross Denying Leniency to Cartel Instigators: Costs and Benefits.– revised version published in International Journal of Industrial Organization, Vol. 41 (July 2015), pp.19–29.


Issue Author(s) Title
14-14 Richard A. Brecher and Till O. Gross Employment Gains from Minimum-Wage Hikes under Perfect Competition: A Simple General-Equilibrium Analysis
14-13 J. Stephen Ferris and Marcel-Cristian Voia Does Aggregate Government Size Effect Private Economic Performance in Canada? revised version: Is the Aggregate Size of Government in Canada Too Large? Journal of Institutional and Theoretical Economics JITE, Vol. 173, No. 4 (December 2017), pp. 723–752
14-12 Zhiyang Liu and Zhiqi Chen Venture Capital Networks and Investment Performance in China, –revised version published in Australian Economic Papers, Vol. 53, Issue 1–2 (June 2014), pp. 97–111.
14-11 Zhiqi Chen and Gang Li Horizontal Mergers in the Presence of Capacity Constraints, – forthcoming in Economic Inquiry.
14-10 Zhiqi Chen and Afshan Dar-Brodeur Trade and Labour Standards: Will There Be a Race to the Bottom?
14-09 Ehsan U. Choudhri and Dalia S. Hakura The Exchange Rate Pass-Through to Import and Export Prices: The Role of Nominal Rigidities and Currency Choice
14-08 Miguel Casares and Hashmat U. Khan Entry, Exit, and Economic Growth: U.S. Regional Evidence
14-07 Christopher M. Gunn Overaccumulation, Interest, and Prices
14-06 Miguel Casares and Jean-Christophe Poutineau A DSGE Model with Endogenous Entry and Exit
14-05 Richard A. Brecher and Till O. Gross A Minimum-Wage Model of Unemployment and Growth: The Case of a Backward-Bending Demand Curve for Labor
14-04 Ehsan U. Choudhri and Antonio Marasco Asymmetric Technological Change in the Melitz Model: Are Foreign Technological Improvements Harmful?
14-03 Zhiqi Chen Supplier Innovation in the Presence of Buyer Power
14-02 Firouz Fallahi, Mohammad Karimi, and Marcel-Cristian Voia Are Shocks to Energy Consumption Persistent? Evidence from Subsampling Confidence Intervals
14-01 J. Stephen Ferris and Marcel-Cristian Voia The Effect of Federal Government Size on Private Economic Performance in Canada: 1870–2011 (revised 12 September 2014)
– revised version: The Effect of Federal Government Size on Private Economic Performance in Canada: 1870 –2011, Economic Modelling, Vol. 45, No. 2 (June, 2015), pp. 172–185


Issue Author(s) Title
13-10 Hashmat U. Khan and Abeer Reza House Prices and Government Spending Shocks – revised version published in Journal of Money, Credit and Banking, Vol. 49, No. 6 (September 2017), pp. 1247–1271.
13-09 Till O. Gross Capital Taxation, Intermediate Goods, and Production Efficiency
13-08 Till O. Gross Capital Tax Competition and Dynamic Optimal Taxation
13-07 Till O. Gross and Stéphane Verani Financing Constraints, Firm Dynamics, and International Trade
13-06 Till O. Gross Dynamic Optimal Taxation in Open Economies
13-05 Saikou Amadou Diallo and Marcel-Cristian Voia The Threat of Domestic Violence and Women’s Empowerment: The Case of West Africa (revised 21 November 2013; withdrawn for publication consideration elsewhere 24 February 2014; revised 14 December 2015; reinstated 13 January 2016)
13-04 Christopher M. Gunn Animal Spirits as an Engine of Boom-Busts and Throttle of Productivity Growth (revised 10 April 2015) – revised version in Journal of Economic Dynamics and Control, Vol. 57 (August 2015), pp. 24–53
13-03 Christopher M. Gunn and Alok Johri Fear of Sovereign Default, Banks, and Expectations-Driven Business Cycles
13-02 Christopher M. Gunn and Alok Johri An Expectations-Driven Interpretation of the “Great Recession”
13-01 Marcel-Cristian Voia and Mihailo Radoman Youth Training Programs and their Impact on Career and Spell Duration of Professional Soccer Players


Issue Author(s) Title
12-06 J. Stephen Ferris The Relationship Between Government Size and Economic Performance with Particular Application to New Zealand (revised 4 November 2013) – revised version: Government Size, Government Debt and Economic Performance with Particular Reference to New Zealand, Economic Record, Vol. 90, No. 290 (September 2014), pp. 365–381
12-05 Nadav Ben Zeev and Hashmat U. Khan Investment-Specific News Shocks and U.S. Business Cycles (revised 12 September 2013 and 15 May 2015; formerly titled “News Shocks About Future Investment-Specific Technology and Business Cycles”) – revised version forthcoming in Journal of Money, Credit and Banking
12-04 J. Stephen Ferris and Derek E. H. Olmstead Fixed versus Flexible Electoral Cycles with Application to the Recent Change by Canada’s Federal Government (revised 22 July 2013 and 1 December 2016; formerly titled “Fixed versus Flexible Electoral Cycles”) – revised version: Fixed versus Flexible Election Cycles: Explaining innovation in the Timing of Canada’s Election Term, Constitutional Political Economy, Vol. 28, No.2 (March 2017),
pp. 117–141
12-03 Hossein Kavand and J. Stephen Ferris An Oil-Driven Endogenous Growth Model
12-02 Zhiqi Chen, Horatiu A. Rus, and Anindya Sen Border Effects Before and After 9/11: Panel Data Evidence Across Industries, – revised version in World Economy, Vol. 39, issue 10 (October 2016), pp. 1456–1481.
12-01 Ingela Alger and Jörgen W. Weibull Homo Moralis: Preference Evolution under Incomplete Information and Assortative Matching (revised 14 May 2013)


Issue Author(s) Title
11-12 Mohammad Karimi and Marcel-Cristian Voia Currency Crises, Exchange Rate Regimes, and Capital Account Liberalization: A Duration Analysis Approach
11-11 Mohammad Karimi and Marcel-Cristian Voia Empirics of Currency Crises: A Duration Analysis Approach
11-10 Mohammad Karimi and Marcel-Cristian Voia Identifying Extreme Values of Exchange Market Pressure
11-09 J. Stephen Ferris, Stanley L. Winer, and Bernard Grofman Do Departures from Democratic Accountability Compromise the Stability of Public Finances? Keynesianism, Central Banking, and Minority Governments in the Canadian System of Party Government, 1867–2009
11-08 Ram Sahi and Najib Khan Evolution of India’s Electricity Market Deregulation and Private Sector Investment in the Power Sector (withdrawn permanently)
11-07 Richard A. Brecher and Zhiqi Chen Unemployment and Welfare Consequences of International Outsourcing under Monopolistic Competition – revised version in Canadian Journal of Economics, Vol. 47, No. 2 (May 2014), pp. 540–554
11-06 Hashmat U. Khan and Bae-Geun Kim Markups and Oil Prices in Canada (revised 12 October 2012; formerly titled “The Effects of Permanent Markup Shocks in Canada”)
11-05 Hashmat U. Khan and John Tsoukalas Effects of Productivity Shocks on Employment: U.K. Evidence (revised 11 August 2013)
11-04 Zhihong Chen and Zhiqi Chen Product Line Rivalry: A Further Analysis – revised version: Product Line Rivalry and Firm Asymmetry, Journal of Industrial Economics, Vol. 62, No. 3 (September 2014), pp. 417–435
11-03 Marcel-Cristian Voia and J. Stephen Ferris Do Canadian Business Cycle Peaks Predict Federal Election Calls? – revised version: Do Business Cycle Peaks Predict Election Calls in Canada? European Journal of Political Economy, Vol. 29, No. 7 (March 2013), pp. 102–118
11-02 Richard A. Brecher,
Zhiqi Chen, and Zhihao Yu
The Trouble with Offshoring: Static and Dynamic Losses in the Presence of Unemployment – revised version in The World Economy, Vol. 36, No. 5 (January 2013), pp. 1–11
11-01 Raúl Razo-Garcia The Duration of Intermediate Exchange Rate Regimes and Capital Controls (revised 17 October 2011)