## Northern Star: Canada's Path to Economic Prosperity

_Occasional Papers, October 26, 2007_

## Source details

**Canonical URL:** [Northern Star: Canada's Path to Economic Prosperity](https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/northern-star-canada-s-path-to-economic-prosperity-20004)

## Other formats

- [Markdown version](/en/publications/occasional-papers/issues/2016/12/31/northern-star-canada-s-path-to-economic-prosperity-20004/index.md)
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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

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### 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*

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_Source: https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/northern-star-canada-s-path-to-economic-prosperity-20004_