MUSE: The Bank of Canada's New Projection Model of the U.S. Economy

Marc-André Gosselin, René Lalonde and Nicolas Parent
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Nicolas Parent: Bank of Canada, http://www.bankofcanada.ca/

Bank of Canada Review, 2006, vol. 2006, issue Autumn, pages 19-31

Abstract: Staff projections provided for the Bank of Canada's monetary policy decision process take into account the integration of Canada's very open economy within the global economy, as well as its close real and financial linkages with the United States. To provide inputs for this projection, the Bank has developed several models, including MUSE, NEUQ (the New European Quarterly Model), and BoC-GEM (Bank of Canada Global Economy Model), to analyze and forecast economic developments in the rest of the world. The authors focus on MUSE, the model currently used to describe interaction among the principal U.S. economic variables, including gross domestic product, inflation, interest rates, and the exchange rate. Brief descriptions are also provided of NEUQ and BoC-GEM.

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