Government of Canada

About: Government of Canada is a government organization based out in Ottawa, Ontario, Canada. It is known for research contribution in the topics: Monetary policy & Debt. The organization has 796 authors who have published 886 publications receiving 21366 citations. The organization is also known as: federal government of Canada & Her Majesty's Government.

Data Bases and Statistical Systems: Economics (Statistical Systems)

Abstract: The article on economic statistics comprises two major subjects. It touches upon the structure of economic statistics and describes how they are related to the system of national accounts. It also examines the major developments brought about in these statistics through the use of government administrative records, principally those related to taxation. The major development in economic statistics, 50 years ago, consisted in replacing cumbersome economic censuses by sample surveys that could be administered more frequently and at less cost. Developments today, however, mostly brought in by massive computer applications may make it possible to return to the census approach by using for statistical purposes what is collected anyway, as the government discharges its legal and operational responsibilities.

Inference in Non-Parametric/Semi-Parametric Moment Equality Models with Shape Restrictions

Abstract: This paper studies the inference problem of an infinite-dimensional parameter with a shape restriction. This parameter is identified by arbitrarily many unconditional moment equalities. The shape restriction leads to a convex restriction set. I propose a test of the shape restriction, which controls size uniformly and applies to both point-identified and partially identified models. The test can be inverted to construct confidence sets after imposing the shape restriction. Monte Carlo experiments show the finite-sample properties of this method. In an empirical illustration, I apply the method to ascending auctions held by the US Forest Service and show that imposing shape restrictions can significantly improve inference.

Expectation-Driven Term Structure of Equity and Bond Yields

Abstract: Recent findings on the term structure of equity and bond yields pose serious challenges to existing equilibrium asset pricing models. This paper presents a new equilibrium model of subjective expectations to explain the joint historical dynamics of equity and bond yields (and their yield spreads). Equity/bond yields movements are mainly driven by subjective dividend/GDP growth expectations. Yields on short-term dividend claims are more volatile because short-term dividend growth expectation mean-reverts to its less volatile long-run counterpart. Procyclical slope of equity yields is due to the counter-cyclical slope of dividend growth expectations. The correlation between equity returns/yields and nominal bond returns/yields switched from positive to negative after the late 1990s, mainly owing to a stronger correlation between real GDP growth and real dividend growth expectations, and only partially due to procyclical inflation. Dividend strip returns are predictable and the strength of predictability decreases with maturity due to predictable dividend forecast errors and revisions. The model is also consistent with the data in generating persistent and volatile price-dividend ratios, and excess return volatility.

Fuse-pull-and-taper monomode-fiber directional couplers: coupling mechanisms and pull signature diagnostics

Abstract: Directional couplers fabricated by the fuse-pull-and-taper technique can be made from either two identical fibers or two dissimilar (in diameter and refractive-index profile) fibers.1 The latter device is termed a tuned-port coupler and has interesting wavelength-selective properties.2 We present evidence that the power-transfer mechanism in the dissimilar fiber splitter reported in Ref. 1 is due to a new coupling mechanism. We also report the automated manufacture and characterization of fused directional couplers and the application of the characteristic curve of power transfer vs coupler length (i.e., its pull signature) to the optimization of the fabrication process.