Canada and the International Business Cycle

The Dilemma of Physician Shortage and International Recruitment in Canada

The perception of physician shortage in Canada is widespread. Absolute shortages and relative discrepancies, both specialty-wise and in urban-rural distribution, have been a daunting policy challenge. International Medical Graduates (IMGs) have been at the core of mitigating this problem, especially as long as shortage of physicians in rural areas is concerned. Considering such recruitment as h...

Financial Liberalization and International Business Cycle

The majority of OECD countries has experienced a reduction in macroeconomic volatility during the last two decades. This period is also characterized by a gradual liberalization of the capital accounts of from these countries. The goal of this paper is to study whether capital markets liberalization can lead to lower macroeconomic volatility. We study a business cycle model with multiple countr...

Business Cycle Features In The Iranian Economy

International Business Cycle Co-movements through Time

The increasing integration of the world economy in recent decades, through the liberalisation of trade and capital fl ows, has raised the possibility of a more rapid transmission of business cycle fl uctuations across countries, especially those originating in large economies such as the United States. Indeed, over the past 40 years, the Australian and US business cycles have become highly corr...

Net Exports, Consumption Volatility and International Real Business Cycle Models

Conventional two-country RBC models interpret countercyclical net exports as reflecting, in large part, the dynamics of capital. I show that, quantitatively, theoretical economies rely on counterfactual terms of trade effects: trade fluctuations, on the contrary, are driven primarily by consumption smoothing, thus generating procyclical net trade in goods. I then consider a class of preferences...