Unemployment in Canada and the United States

John McCallum

Canadian Journal of Economics, 1987, vol. 20, issue 4, 802-22

Abstract: Reduced-form unemployment equations containing aggregate demand, structural, and frictional variables are estimated for Canada and the United States. Post-1981 increases in unemployment rates are explained almost entirely by aggr egate demand variables, although structural/sectoral variables make i mportant contributions to changes in the gap between the two countrie s' unemployment rates. For both countries, the results support the fo llowing "monetarist" propositions: monetary variables are the prime determinants of the business cycle, exogenous investment shocks are typically of minor importance, and macro policy has tended to be dest abilizing.

Date: 1987
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