17. Geography and the Technique Effect: Evidence from Canada<\/a>\u00a0<\/strong>(with Kevin Andrew, Jevan Cherniwchan, and Mamoon Kader). December 2025. Revise and Resubmit: Canadian Journal of Ecohttps:\/\/carletoloads\/cewp24-03-1.pdfnomics<\/em>.<\/p>\n 16. The Welfare and Distributional Consequences of Corporate Tax Cuts in Open Economies<\/a><\/strong> (with Mamoon Kader, Minjoon Lee, and Raul Razo-Garcia).\u00a0 Revised and Resubmitted: Journal of Money, Credit and Banking<\/em>.<\/p>\n 15. Are New Keynesian Models Useful When Trend Inflation is Not Very Low?<\/a><\/strong> (with Sergio Lago Alves). March 2025.<\/p>\n 14. Collateral Shocks: A Dominant Source of U.S. Business Cycles?<\/a><\/strong> (with Mamoon Kader). Revised August 2024.<\/p>\n 13. G-multipliers in Canada: How Large? And Why?<\/a> <\/strong>(with Fabrice Dabir\u00e9, Patrick Richard, and Jean-Fran\u00e7ois Rouillard), November 2023.<\/p>\n 12. The Behavior of the Aggregate U.S. Wage Markdown<\/a><\/strong> (with Miguel Abito and Konstantinos Metaxoglou). May 2023.<\/p>\n 11. Indebted Demand in a Two Period Consumption-Saving Model<\/strong><\/a> (with Joshua Brault). December 2021.<\/p>\n 10. Some International Evidence on Inequality, Demographics, and Long-term Interest Rates<\/a><\/strong> (with Joshua Brault). Updated: November 2021.<\/p>\n 9. Macroeconomic Fluctuations Without Indeterminacy<\/strong><\/a> (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). February 2021.<\/p>\n 8. Is Unconventional Monetary Policy Stabilizing? Evidence From the Great Recession and Recovery <\/strong><\/a>Years (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). July 2020.<\/p>\n 7. A Tale of Two Major Postwar Business Cycle Episodes<\/a><\/strong>\u00a0 (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). April 2020.<\/p>\n 6. Returns to Scale in U.S. Production, Redux<\/strong><\/a> (with Mumtaz Ahmad and John Fernald). June 2021.<\/p>\n 5. Collusion and Antitrust Filings over the Business Cycle<\/strong><\/a> (with Matthew Strathearn). December 2018.<\/p>\n 4. Do Real Estate Shocks Affect Corporate Investment?<\/a><\/strong> (with Timothy Greider). December 2017.<\/p>\n 3. Why Does Household Investment Lead Business Investment Over the Business Cycle?: Comment<\/strong><\/a>. (with Jean-Fran\u00e7ois Rouillard).\u00a0\u00a0 December 2016.<\/p>\n 2. Investment-Specific News Dominates TFP News in Driving US Business Cycles<\/a>.<\/strong>\u00a0(with Nadav Ben Zeev). September 2016.<\/p>\n 1. Entrepreneurship and the Business Cycle: Stylized Facts from U.S. Venture Capital Activity.<\/a>\u00a0<\/strong><\/span>(with Pythagoras Petratos). September 2016<\/p>\n 32. Private versus Social Responses to a Pandemic<\/a> <\/strong>(with Paul Gomme and Miguel Casares). June 2024. Forthcoming\u00a0Journal of Economic Dynamics & Control.<\/em><\/p>\n 31. Consumer Confidence and Household Investment<\/a>\u00a0<\/strong>(with Jean-Fran\u00e7ois Rouillard and Santosh Upadhayaya). Forthcoming Economic Inquiry<\/em>. ONLINE APPENDIX<\/a>.<\/p>\n 30. Large Firms and the Cyclicality of US Labour Productivity<\/a><\/strong> (with Joshua Brault). Journal of Macroeconomics Volume 82<\/span><\/span><\/a>, December 2024, 103643.\u00a0<\/em><\/p>\n 29. Did US Business Dynamism Recover in the 2010s?<\/a><\/strong> (with Asier Aguilera-Bravo and Miguel Casares).\u00a0 Economics Letters, Volume 211<\/a>, February 2022, 110247.<\/em><\/p>\n 28. COVID-19 Pandemic and Economic Scenarios for Ontario<\/strong><\/a> (with Miguel Casares and Paul Gomme).\u00a0 Canadian Journal of Economics – Special Issue on COVID Economics,\u00a0<\/em>February 2022.<\/p>\n 27. The Real Interest Rate Channel is<\/em> Structural in Contemporary New-Keynesian Models<\/strong><\/a> (with Joshua Brault). Journal of Money, Credit and Banking, <\/em>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<\/a><\/strong> (with Miguel Casares).\u00a0 International Journal of Environmental Research and Public Health, <\/i>2020, 17(19), 7283.<\/p>\n 25. The Extensive Margin and US Aggregate Fluctuations: A Quantitative Assessment<\/a><\/strong> \u00a0(with Miguel Casares and Jean-Christophe Poutineau).\u00a0 Journal of Economic Dynamics and Control<\/em> [Lead Article], 120, November 2020, Pages 1-20.<\/p>\n 24. Rules-Based Monetary Policy and the Threat of Indeterminacy When Trend Inflation Is Low<\/strong><\/a> (with Louis Phaneuf and Jean-Gardy Victor).\u00a0 Journal of Monetary Economics, <\/em>Volume 114; October 2020, Pages 317-333.<\/p>\n 23.\u00a0 Monetary News Shocks<\/a><\/strong> (with Nadav Ben Zeev and Christopher Gunn).\u00a0 Journal of Money, Credit and Banking,\u00a0<\/em>Volume 52, Issue7, October 2020. Pages 1793-1820.<\/p>\n 22. The Shifts in Lead-Lag Properties of the US Business Cycle<\/a><\/strong> (with Joshua Brault).\u00a0 \u00a0Economic Inquiry, <\/em>Volume 58, Issue 1, January 2020, Pages 319-334.<\/p>\n 21.\u00a0 \u00a0Does Business Confidence Matter for\u00a0Investment?<\/a>\u00a0<\/strong> \u00a0(with Santosh Upadhayaya).\u00a0 \u00a0Empirical Economics, <\/em>59(4), 1633-1665, 2020.<\/p>\n 20.\u00a0Carbon Emissions and Business Cycles.<\/a><\/strong> \u00a0(with Christopher R. Knittel, Konstantinos Metaxoglou, and Maya Papineau).\u00a0 NBER Working Paper 22294<\/a>. 19.\u00a0Sources of Canadian Economic Growth<\/a><\/strong><\/span> (with Samira Hasanzadeh).\u00a0 Canadian Journal of Economics,\u00a0<\/em>52, Issue 1, February 2019, Pages 279 – 302.<\/p>\n 18.\u00a0Household Borrowing Constraints and Residential Investment Dynamics<\/strong><\/a> (with Jean-Fran\u00e7ois Rouillard).\u00a0 Journal of Economic Dynamics &<\/em> Control [Lead Article], Vol 95,\u00a0<\/em>October 2018, Pages 1-18.<\/p>\n 17.\u00a0House Prices and Government Spending Shocks<\/a><\/strong><\/span> (with Abeer Reza). Journal of Money, Credit and Banking,\u00a0<\/em>Vol 49, Number 6, September 2017, Pages 1247-1271.<\/p>\n 16.\u00a0Business Dynamism and Economic Growth: US Regional Evidence<\/a><\/strong><\/span> (with Miguel Casares). International Review of Entrepreneurship<\/em> 14(4), December 2016, Pages 423-446.<\/p>\n 15.\u00a0Investment-Specific News Shocks and U.S. Business Cycles<\/a><\/strong><\/span> (with Nadav Ben Zeev). Journal of Money, Credit and Banking<\/em>, Volume 47, Issue 7, September 2015, Pages 1443-1464.<\/p>\n 14.\u00a0The Stock Market and the Consumer Confidence Channel: Evidence from Canada<\/a><\/strong><\/span> (co-author Lilia Karnizova). Empirical Economics<\/em>, Vol. 49, Issue 2, 2015, Pages 551-573.<\/p>\n 13.\u00a0Effects of Productivity Shocks on Hours-Worked: U.K. Evidence\u00a0<\/a><\/strong><\/span>(with John Tsoukalas). B.E. Journal of Macroeconomics (Contributions)\u00a0<\/em>Vol. 13, Issue 1, September 2013, Pages 549-579.<\/p>\n 12.\u00a0Markups and Oil Prices in Canada\u00a0<\/a><\/strong><\/span>(with Bae-Geun Kim). Economic Modelling\u00a0<\/em>30, January 2013, Pages 799-813.<\/p>\n 11.\u00a0The Quantitative Importance of News Shocks in Estimated DSGE Models<\/a><\/strong><\/span> (with John Tsoukalas). Journal of Money, Credit and Banking<\/em> Vol.44, No.8, 2012, Pages 1535-1561.<\/p>\n 10.\u00a0Investment Shocks and the Comovement Problem<\/a><\/strong>\u00a0<\/span>(with John Tsoukalas), Journal of Economic Dynamics and Control<\/em>.35, 2011, Pages 115-130<\/p>\n 9.\u00a0Investment Adjustment Costs: An Empirical Assessment<\/a><\/strong><\/span> (with Charlotta Groth), Journal of Money, Credit and Banking<\/em> [Lead Article] 42(8), 2010, Pages 1469-1494<\/p>\n 8.Inventory Investment and the Real Interest Rate<\/a><\/strong><\/span> (with Sadaquat Junayed). Economics: The Open-Access, Open-Assessment E-Journal<\/a><\/em>, Vol. 3, 2009-34<\/p>\n 7.The Phillips Curve Under State-Dependent Pricing<\/a><\/strong> (with Barbara Rudolf and H. Bakhshi). Journal of Monetary Economics, <\/i>Vol 54, Issue 8, November 2008, Pages 2321-2345. 6.\u00a0The New Keynesian Phillips Curve under Trend Inflation and Strategic Complementarity<\/span><\/a><\/strong>\u00a0<\/a><\/span>(with Barbara Rudolf, Pablo Burriel, and H. Bakhshi). Journal of Macroeconomics, <\/i>Vol 29, Number 1, March 2007, Pages 37-59.<\/p>\n 5.\u00a0Estimates of Sticky Information Phillips Curve for the United States<\/b><\/a> (with Zhenhua Zhu). Journal of Money, Credit, and Banking,\u00a0<\/i>Vol 38, Number 1, 2006, Pages 197-207.<\/p>\n 4.\u00a0New Phillips Curve under Alternative Technologies for Canada, the United States, and the Euro Area<\/b><\/a> (with Edith Gagnon). European Economic Review<\/i>, 19(6), August 2005, Pages 1571-1602.<\/p>\n 3.\u00a0Price-Setting Behaviour, Competition, and Markup Shocks in the New Keynesian Model.\u00a0<\/span><\/a><\/b>Economics Letters<\/i>, Vol 87, 3, June 2005, Pages 329-335.<\/p>\n 2.\u00a0Price Stickiness, Trend Inflation, and Output Dynamics: A Cross-Country Analysis.<\/a><\/b>\u00a0Canadian Journal of Economics<\/i>, 37 (4), 2004, Pages 999-1020.<\/p>\n 1.\u00a0Price Stickiness, Inflation, and Real Exchange Rate Dynamics: A Cross-Country Analysis<\/a><\/b>.\u00a0Economics Letters<\/i>, 71(2), 2001, Pages 247-253.<\/p>\n 1.\u00a0Notes on the Derivation of New Keynesian Phillips Curve Under Positive Steady State Inflation<\/a><\/strong><\/span>\u00a0(with B. Rudolf).<\/p>\nPublished<\/strong><\/h3>\n
\n<\/em><\/p>\n
\nWith financial support from an SSHRC IDG Grant.\u00a0 Journal of Macroeconomics\u00a0<\/em>[Lead Article], Volume 60, June 2019, Pages 1-19.\u00a0 Corrigendum<\/a> (November 2024).<\/p>\n
\n<\/i><\/span><\/p>\n
\nOlder papers and notes<\/strong><\/h3>\n