Bank of Canada paper on real financial linkages

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Models of the Canadian economy that include financial flows raise the impact of demand shocks on output, a Bank of Canada paper, published in May, says.

Danny Leung and Oana Secrieru, the paper's authors, construct a social accounting matrix for Canada in 2004 to provide a framework that captures real-financial linkages and assessed the strength of these linkages in the economy.

Leung and Secrieru find that taking into account financial flows increases the impact of a final demand shock on

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