{
  "title": "Economic Integration, Business Cycle, and Productivity in North America",
  "publication": "IMF Working Papers, August 1, 2004",
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  "summary": "This paper examines the effect of the major Canada-U.S. trade agreements on the dynamics of business cycles and productivity in Canada. The North American Free Trade Agreement (NAFTA) and its predecessor, the Canada-U.S.",
  "sections": [
    {
      "heading": "Summary and scope",
      "content": "- Examines the effect of the major Canada-U.S. trade agreements (NAFTA and CUSFTA) on the dynamics of business cycles and productivity in Canada.\n- Focuses on trade flow expansion, the roles of common versus country-specific factors in business cycles, and the contribution of trade integration to total factor productivity and aggregate labor productivity convergence."
    },
    {
      "heading": "Key findings — business cycles",
      "content": "- The North American Free Trade Agreement (NAFTA) and the Canada-U.S. Free Trade Agreement (CUSFTA) have led to a substantial expansion of trade flows.\n- Common factors have played a larger role in explaining business cycles in Canada and the United States since the early 1980s.\n- Country-specific and idiosyncratic factors remain important for Canada despite increased commonality."
    },
    {
      "heading": "Key findings — productivity and integration",
      "content": "- Increased trade integration seems to have positively contributed to total factor productivity of Canadian industries.\n- Persistence of structural differences between Canada and the United States has prevented convergence of aggregate labor productivity."
    },
    {
      "heading": "Policy implications and interpretation",
      "content": "- The findings weigh against moving toward a monetary union between Canada and the United States.\n- Substantial benefits could be reaped from further reducing remaining barriers to trade."
    },
    {
      "heading": "Keywords and subject classification",
      "content": "- Subject: Business cycles, Labor productivity, North American Free Trade Agreement, Productivity, Trade balance\n- Keywords: country factor, free trade, total factor productivity, trade linkage, United States market, WP"
    },
    {
      "heading": "Publication and identification (from source)",
      "content": "- Pages: 46\n- Volume: 2004\n- Issue: 138\n- Series: Working Paper No. 2004/138\n- Stock No: WPIEA1382004\n- DOI: https://doi.org/10.5089/9781451856019.001\n- ISBN: 9781451856019\n- ISSN: 1018-5941\n- Authors: Ayhan Kose, Roberto Cardarelli\n- Date: August 1, 2004\n\nIMF Working Paper by Ayhan Kose and Roberto Cardarelli, \"Economic Integration, Business Cycle, and Productivity in North America\" (Working Paper No. 2004/138).\n\n---\n\n Content in this bundle\n\n- wp04138 - References\n  - wp04138 - References (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp04138 - References (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/economic-integration-business-cycle-and-productivity-in-north-america-17559"
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    "Authors: Ayhan Kose, Roberto Cardarelli",
    "Published: August 1, 2004",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451856019.001",
    "Examines the effect of the major Canada-U.S. trade agreements (NAFTA and CUSFTA) on the dynamics of business cycles and productivity in Canada.",
    "Focuses on trade flow expansion, the roles of common versus country-specific factors in business cycles, and the contribution of trade integration to total factor productivity and aggregate labor productivity convergence.",
    "The North American Free Trade Agreement (NAFTA) and the Canada-U.S. Free Trade Agreement (CUSFTA) have led to a substantial expansion of trade flows.",
    "Common factors have played a larger role in explaining business cycles in Canada and the United States since the early 1980s.",
    "Country-specific and idiosyncratic factors remain important for Canada despite increased commonality.",
    "Increased trade integration seems to have positively contributed to total factor productivity of Canadian industries.",
    "Persistence of structural differences between Canada and the United States has prevented convergence of aggregate labor productivity.",
    "The findings weigh against moving toward a monetary union between Canada and the United States.",
    "Substantial benefits could be reaped from further reducing remaining barriers to trade.",
    "Subject: Business cycles, Labor productivity, North American Free Trade Agreement, Productivity, Trade balance",
    "Keywords: country factor, free trade, total factor productivity, trade linkage, United States market, WP",
    "Pages: 46",
    "Volume: 2004",
    "Issue: 138",
    "Series: Working Paper No. 2004/138",
    "Stock No: WPIEA1382004",
    "DOI: https://doi.org/10.5089/9781451856019.001",
    "ISBN: 9781451856019",
    "ISSN: 1018-5941",
    "Authors: Ayhan Kose, Roberto Cardarelli",
    "Date: August 1, 2004",
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