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Economic Integration, Business Cycle, and Productivity in North America, Ayhan Kose, Roberto Cardarelli

Abstract
This paper examines the effect of the major Canada-U.S. trade agreements on the dynamics of business cycles and productivity in Canada. The North American Free Trade Agreement (NAFTA) and its predecessor, the Canada-U.S. Free Trade Agreement (CUSFTA), have led to a substantial expansion of trade flows. Although common factors have played a larger role in explaining business cycles in Canada and the United States since the early 1980s, country-specific and idiosyncratic factors remain important for Canada. At the same time, while increased trade integration seems to have positively contributed to total factor productivity of Canadian industries, the persistence of structural differences between the two countries has prevented convergence of aggregate labor productivity. While these findings seem to weigh against moving toward a monetary union, they also suggest that substantial benefits could be reaped from further reducing remaining barriers to trade
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. TRADE AGREEMENTS BETWEEN CANADA AND THE UNITED STATES""; ""III. DYNAMICS OF TRADE AND FINANCIAL FLOWS""; ""IV. ECONOMIC INTEGRATION AND THE DYNAMICS OF BUSINESS CYCLES""; ""V. ECONOMIC INTEGRATION AND PRODUCTIVITY""; ""VI. CONCLUDING REMARKS""; ""Appendix 1: Data Sources Data for Canada""; ""REFERENCES""
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (47 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781462350902

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