Completed Working Papers

17. Collateral Shocks: A Dominant Source of U.S. Business Cycles? (with Mamoon Kader). December 2023.

16. Consumer Confidence and Household Investment (with Jean-François Rouillard and Santosh Upadhayaya). Revise and Resubmit: Economic Inquiry. ONLINE APPENDIX.

15. The Welfare and Distributional Consequences of Corporate Tax Cuts in Open Economies (with Mamoon Kader, Minjoon Lee, and Raul Razo-Garcia).  Revise and Resubmit: Journal of Money, Credit and Banking.

14. G-multipliers in Canada: How Large? And Why? (with Fabrice Dabiré, Patrick Richard, and Jean-François Rouillard), November 2023. Under review.

13. Large Firms and the Cyclicality of US Labour Productivity (with Joshua Brault). October 2023.

12. The Behavior of the Aggregate U.S. Wage Markdown (with Konstantinos Metaxoglou). May 2023.

11. Indebted Demand in a Two Period Consumption-Saving Model (with Joshua Brault). December 2021.

10. Some International Evidence on Inequality, Demographics, and Long-term Interest Rates (with Joshua Brault). Updated: November 2021.

9. Macroeconomic Fluctuations Without Indeterminacy (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). February 2021.

8. Is Unconventional Monetary Policy Stabilizing? Evidence From the Great Recession and Recovery Years (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). July 2020.

7. A Tale of Two Major Postwar Business Cycle Episodes  (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). April 2020.

6. Returns to Scale in U.S. Production, Redux (with Mumtaz Ahmad and John Fernald). September 2019.

5. Collusion and Antitrust Filings over the Business Cycle (with Matthew Strathearn). December 2018.

4. Do Real Estate Shocks Affect Corporate Investment? (with Timothy Greider). December 2017.

3. Why Does Household Investment Lead Business Investment Over the Business Cycle?: Comment. (with Jean-François Rouillard).   December 2016.

2. Investment-Specific News Dominates TFP News in Driving US Business Cycles. (with Nadav Ben Zeev). September 2016.

1. Entrepreneurship and the Business Cycle: Stylized Facts from U.S. Venture Capital Activity. (with Pythagoras Petratos). September 2016


29. Did US Business Dynamism Recover in the 2010s? (with Asier Aguilera-Bravo and Miguel Casares).  Economics Letters, Volume 211, February 2022, 110247.

28. COVID-19 Pandemic and Economic Scenarios for Ontario (with Miguel Casares and Paul Gomme).  Canadian Journal of Economics – Special Issue on COVID Economics, February 2022.

27. The Real Interest Rate Channel is Structural in Contemporary New-Keynesian Models (with Joshua Brault). Journal of Money, Credit and Banking, Volume 54, Issue 5, August 2022, Pages 1551-1563.

26. The Timing and Intensity of Social Distancing to Flatten the COVID-19 Curve: The Case of Spain (with Miguel Casares).  International Journal of Environmental Research and Public Health, 2020, 17(19), 7283.

25. The Extensive Margin and US Aggregate Fluctuations: A Quantitative Assessment  (with Miguel Casares and Jean-Christophe Poutineau).  Journal of Economic Dynamics and Control [Lead Article], 120, November 2020, Pages 1-20.

24. Rules-Based Monetary Policy and the Threat of Indeterminacy When Trend Inflation Is Low (with Louis Phaneuf and Jean-Gardy Victor).  Journal of Monetary Economics, Volume 114; October 2020, Pages 317-333.

23.  Monetary News Shocks (with Nadav Ben Zeev and Christopher Gunn).  Journal of Money, Credit and Banking, Volume 52, Issue7, October 2020. Pages 1793-1820.

22. The Shifts in Lead-Lag Properties of the US Business Cycle (with Joshua Brault).   Economic Inquiry, Volume 58, Issue 1, January 2020, Pages 319-334.

21.   Does Business Confidence Matter for Investment?   (with Santosh Upadhayaya).   Empirical Economics, 59(4), 1633-1665, 2020.

20. Carbon Emissions and Business Cycles.  (with Christopher R. Knittel, Konstantinos Metaxoglou, and Maya Papineau).  NBER Working Paper 22294.
With financial support from an SSHRC IDG Grant.  Journal of Macroeconomics [Lead Article], Volume 60, June 2019, Pages 1-19.

19. Sources of Canadian Economic Growth (with Samira Hasanzadeh).  Canadian Journal of Economics, 52, Issue 1, February 2019, Pages 279 – 302.

18. Household Borrowing Constraints and Residential Investment Dynamics (with Jean-François Rouillard).  Journal of Economic Dynamics & Control [Lead Article], Vol 95October 2018, Pages 1-18.

17. House Prices and Government Spending Shocks (with Abeer Reza). Journal of Money, Credit and Banking, Vol 49, Number 6, September 2017, Pages 1247-1271.

16. Business Dynamism and Economic Growth: US Regional Evidence (with Miguel Casares). International Review of Entrepreneurship 14(4), December 2016, Pages 423-446.

15. Investment-Specific News Shocks and U.S. Business Cycles (with Nadav Ben Zeev). Journal of Money, Credit and Banking, Volume 47, Issue 7, September 2015, Pages 1443-1464.

14. The Stock Market and the Consumer Confidence Channel: Evidence from Canada (co-author Lilia Karnizova). Empirical Economics, Vol. 49, Issue 2, 2015, Pages 551-573.

13. Effects of Productivity Shocks on Hours-Worked: U.K. Evidence (with John Tsoukalas). B.E. Journal of Macroeconomics (Contributions) Vol. 13, Issue 1, September 2013, Pages 549-579.

12. Markups and Oil Prices in Canada (with Bae-Geun Kim). Economic Modelling 30, January 2013, Pages 799-813.

11. The Quantitative Importance of News Shocks in Estimated DSGE Models (with John Tsoukalas). Journal of Money, Credit and Banking Vol.44, No.8, 2012, Pages 1535-1561.

10. Investment Shocks and the Comovement Problem (with John Tsoukalas), Journal of Economic Dynamics and Control.35, 2011, Pages 115-130

9. Investment Adjustment Costs: An Empirical Assessment (with Charlotta Groth), Journal of Money, Credit and Banking [Lead Article] 42(8), 2010, Pages 1469-1494

8.Inventory Investment and the Real Interest Rate (with Sadaquat Junayed). Economics: The Open-Access, Open-Assessment E-Journal, Vol. 3, 2009-34

7.The Phillips Curve Under State-Dependent Pricing (with Barbara Rudolf and H. Bakhshi). Journal of Monetary Economics, Vol 54, Issue 8, November 2008, Pages 2321-2345.

6. The New Keynesian Phillips Curve under Trend Inflation and Strategic Complementarity (with Barbara Rudolf, Pablo Burriel, and H. Bakhshi). Journal of Macroeconomics, Vol 29, Number 1, March 2007, Pages 37-59.

5. Estimates of Sticky Information Phillips Curve for the United States (with Zhenhua Zhu). Journal of Money, Credit, and Banking, Vol 38, Number 1, 2006, Pages 197-207.

4. New Phillips Curve under Alternative Technologies for Canada, the United States, and the Euro Area (with Edith Gagnon). European Economic Review, 19(6), August 2005, Pages 1571-1602.

3. Price-Setting Behaviour, Competition, and Markup Shocks in the New Keynesian Model. Economics Letters, Vol 87, 3, June 2005, Pages 329-335.

2. Price Stickiness, Trend Inflation, and Output Dynamics: A Cross-Country Analysis. Canadian Journal of Economics, 37 (4), 2004, Pages 999-1020.

1. Price Stickiness, Inflation, and Real Exchange Rate Dynamics: A Cross-Country AnalysisEconomics Letters, 71(2), 2001, Pages 247-253.

Older papers and notes

1. Notes on the Derivation of New Keynesian Phillips Curve Under Positive Steady State Inflation (with B. Rudolf).

2. Competitiveness, Inflation, and Monetary Policy (with R. Moessner). Bank of England Working Paper no. 246.

3. The contribution of Information Technology Sector to Output and Labour Productivity Growth in Canada (with M. Santos). Bank of Canada Working Paper 2002-07.

4. Product Diffusion, Increasing Returns to Specialization and the Propagation of Shocks.