@article{Up-to-Date:743,
      recid = {743},
      author = {Racette, Daniel and Raynauld, Jacques and Sigouin,  Christian},
      title = {An Up-to-Date and Improved BVAR Model of the Canadian  Economy},
      publisher = {Bank of Canada},
      address = {1994},
      pages = {1 online resource (vi, 50 pages)},
      abstract = {In this paper, we estimate a fully optimized BVAR model of  the Canadian economy for the period 1971-87. The model is  well-adapted to the features of a small open economy. We  show how it can be used as an input in the monetary policy  process either as a forecasting instrument or an analytical  tool. In general, forecast results over the 1988-92 period  compare well with those of univariate autoregressive  models. The results from the variance decomposition  exercise show a rather weak influence of monetary  aggregates on macroeconomic variables, at least in a  short-run context. However, foreign variables, particularly  commodity prices, play an important role.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/743},
      doi = {https://doi.org/10.34989/swp-1994-4},
}