Northern Star: Canada's Path to Economic Prosperity

Occasional Papers, October 26, 2007

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Northern Star: Canada's Path to Economic Prosperity

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Bibliographic details

• Authors: Vladimir Klyuev, Martin Mühleisen, Tamim Bayoumi
• Published: October 26, 2007
• Series: Occasional Papers
• DOI: https://doi.org/10.5089/9781589066144.084

Summary

• Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses characterize Canada’s recent record.
• These outcomes owe much to sound macroeconomic policies and a favorable external environment.
• The book focuses on policies and the economy's salient features, including close trade integration with the United States, a large commodity sector, and substantial decentralization and regional diversity.
• It outlines what is unique about the Canadian experience and sheds light on policies and philosophies that can be fruitfully applied in other economies.

Salient features of the Canadian economy (as emphasized)

• Close trade integration with the United States.
• Large commodity sector.
• Substantial decentralization and regional diversity.

Key findings and themes

• Sound macroeconomic policies are central to Canada's record of robust growth and stability.
• Favorable external environment has complemented domestic policy settings in delivering positive outcomes.
• The Canadian experience offers policy lessons potentially applicable to other economies.

Subjects and keywords

• Subject: Banking, Budget planning and preparation, Expenditure, Labor, Labor productivity, Macroeconomic and fiscal forecasts, Pensions, Production, Public financial management (PFM), Revenue administration
• Keywords: Australia and New Zealand, bank asset, Budget planning and preparation, Caribbean, Europe, Global, growth gap, h IT PC, Labor productivity, Macroeconomic and fiscal forecasts, monetary policy, North America, OP, Pensions, period Phillips curve, Phillips curve, productivity gap, risk profile

Access and related services noted on the page

• Formats available via IMF eLibrary.
• Options mentioned: Order a Print Copy; Create Citation (Chicago format preview provided).

Vladimir Klyuev, Martin Mühleisen, and Tamim Bayoumi. Northern Star: Canada's Path to Economic Prosperity, (USA: International Monetary Fund, 2007) accessed 9/16/2026, https://doi.org/10.5089/9781589066144.084