Chapter 1 Introduction
Chapter 2 Oil Price Shocks and Their Transmission Mechanism in Canada: A VAR Analysis
2.1 Introduction
2.2 Stylized Facts of Oil Prices
2.3 The Empirical Model
2.3.1 Identifications of Structural Shocks
2.3.2 Effects of an Oil Price Shock
2.3.3 Effects of Domestic Monetary Policy Shocks
2.3.4 Effects of U.S. Monetary Policy Shocks
2.3.5 Sources of Fluctuations in Canadian Macroeconomic Variables
2.3.6 The Importance of International Transmission Channels
2.3.7 Application: Forecasting Performance
2.4 Robustness of the VAR Results
2.4.1 Traditional Identification Strategy
2.5 Conclusions
Chapter 3 The Impact of Oil Price Shocks on Canadian Economy: A Structural Investigation
3.1 Introduction
3.2 The Model Economy
3.2.1 Household Sector
3.2.2 Inflation, the Real Price of Oil, the Real Exchange Rate and the Terms of Trade
3.2.3 International Risk Sharing and Uncovered Interest Parity
3.2.4 Domestic Production
3.2.5 Domestic Importers
3.2.6 Oil Producing Firms
3.2.7 Monetary Policy
3.2.8 The Foreign Economy
3.2.9 Exogenous Processes
3.2.10 Market Clearing and Equilibrium
3.3 Empirical Implementation
3.3.1 Calibration and Prior Specifications
3.3.2 Posterior Estimates
3.3.3 Effects of Oil Price Shocks
3.4 Sensitivity Analysis
3.4.1 Sensitivity Analysis with Different Degree of Nominal Rigidities
3.4.2 Persistence of the Oil Price Shock
3.5 Conclusion
Chapter 4 Intangible Capital~ Corporate Earnings and the Business Cycle
4.1 Introduction
4.1.1 Related Literature
4.2 The Model Economy
4.2.1 The Household's Problem
4.2.2 The Firm's Problem
4.2.3 Equilibrium
4.2.4 Intangible Capital in Steady State
4.3 Empirical Method and Results
4.3.1 Data and Specification of Priors
4.3.2 Posterior Estimates
4.3.3 Model Fit and Marginal Data Densities
4.3.4 Explaining Key Features of Business Cycles
4.3.5 Impulse-Response Dynamics
4.4 Sensitivity Analysis
4.5 Conclusion
Chapter 5 Costly vs. By-product LBD Model: A Bayesian Evaluation
5.1 Introduction
5.2 The Model Economy
5.2.1 Households
5.2.2 Final Good Producers
5.2.3 Intermediate Good Producers
5.2.4 Comparison between LBD models
5.3 Empirical Method
5.3.1 Data
5.3.2 Prior Specification
5.3.3 Posterior Estimates
5.3.4 Model Fit and Out-of-Sample Predictions
5.3.5 Impulse-Response Dynamics
5.3.6 Costly vs. Byproduct Hypothesis
5.3.7 Variance Decompositions
5.3.8 Moments of Interest
5.3.9 Counterfactual Simulations
5.3.10 Robustness Check with Defuse Prior Distributions
5.4 Conclusion
Chapter 6 Intangible Capital and Excess Volatility of Aggregate Profits
6.1 Introduction
6.1.1 Related Literature
6.2 The Model Economy
6.2.1 The Household's Problem
6.2.2 Final Good Producers
6.2.3 Intermediate Good Producers
6.2.4 Equilibrium
6.2.5 Net Profits and Investment in Intangible Capital
6.3 Empirical Method and Results
6.3.1 Data Used for Estimation
6.3.2 Calibration and Priors Specification
6.3.3 Posterior Estimates
6.3.4 Model Fit and Marginal Data Densities
6.3.5 Intangible Capital Investment and the Dynamics of Net Profit
6.3.6 The Role of Intangible Capital in Propagating Shocks
6.3.7 Endogenizing the Labor Wedge
6.3.8 Implications for Measured Markups
6.3.9 Standard Business Cycle Moments
6.3.10 Sensitivity Analysis
6.4 Conclusion
Chapter 7 Knowledge Capital and Future Productivities: A Study on China's Growth Enterprise Market
7.1 Introduction
7.2 The Theoretical Model
7.2.1 The Household's Problem
7.2.2 The Firm's Problem
7.2.3 Equilibrium
7.3 Simulated Economy and Hypo
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