00000nam 2200000za 4500 9.832349 CaOODSP 20221107145948 cr ||||||||||| 170214s2017 oncd ob f000 0 eng d CaOODSP eng eng fre n-cn--- FB3-6/2017-2E-PDF Binette, André, 1973- Global real activity for Canadian exports - GRACE [electronic resource] / by André Binette, Tony Chernis and Daniel de Munnik. [Ottawa] : Bank of Canada, c2017. 28 p. : col. charts Bank of Canada staff discussion paper, 1914-0568 ; 2017-2 "January 2017." Includes bibliographical references. "Canadian exports have often disappointed since the Great Recession. The apparent disconnect between exports and the Bank of Canada’s current measure of foreign demand has created an impetus to search for an alternative. Based on a dynamic factor model (DFM) methodology, we use a broad range of international economic indicators (close to 300) to estimate external demand for Canadian exports. The new measure, Global Real Activity for Canadian Exports (GRACE), follows Binette et al. (2014) who suggest that a mix of global final expenditure and production variables could help better identify activity relevant to Canadian exports. They also suggest that non‐US variables might be relevant. GRACE uses final expenditure and production variables not only from the United States but also for all of Canada’s major trading partners. We apply this approach to total exports and 14 subaggregates of Canadian exports. Overall, we find that this new measure has good theoretical and empirical properties, especially for higher-level aggregates"--Abstract, p. ii. Includes abstract in French. gccst Exports gccst Demand Chernis, Tony. De Munnik, Daniel. Bank of Canada. Staff discussion paper (Bank of Canada) 2017-2 (CaOODSP)9.806273 PDF 872 KB https://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-6-2017-2-eng.pdf