The Importance of Global Shocks for National Policymakers: Rising Challenges for Central Banks

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globalization on national GDP seems to have diminished for such a small economy like
Canada. Not surprisingly, national developments also play a more important role in the
case of Japan, given the special circumstances after the bursting of the housing and equity
bubble at the beginning of the 1990s.

Chart 5 - Rolling regressions for factor loadings

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