Provider: Ingenta Connect Database: Ingenta Connect Content: application/x-research-info-systems TY - ABST AU - Crowder, William J. AU - Wohar, Mark E. TI - A cointegrated structural VAR model of the Canadian economy JO - Applied Economics PY - 2004-02-01T00:00:00/// VL - 36 IS - 3 SP - 195 EP - 213 N2 - This paper implements a cointegrated structural VAR model of the Canadian economy using quarterly data over the period 1964-1994. The dynamic properties of the estimated model are compared to the predictions of a simple textbook macro model. Four long-run equilibrium relationships are tested: (i) consumption-income; (ii) consumption-wealth; (iii) money demand; and (iv) the Fisher equation. The empirical results obtained are generally consistent with the predictions of the textbook model's long-run implications, although level shifts are observed in the consumption/income and the wealth/income ratios. Similarly it is found that there was an increase in the ex post real interest rate, implying a level shift in the Fisher relation, following the Bank of Canada's policy change towards a stable price level target. UR - https://www.ingentaconnect.com/content/routledg/raef/2004/00000036/00000003/art00002 M3 - doi:10.1080/0003684042000175325 UR - https://doi.org/10.1080/0003684042000175325 ER -