We don't have the detailed results from the Department of Finance, but we suspect that there are differences in terms of the leakages in the economy. That is to say when there is an increase in aggregate demand that can be met in several ways through increased imports into the economy, a drawdown in inventory stocks, or increased production. As well, if you're looking at it from the household perspective, increases in disposable income through, let's say, lower taxes, that increase could either flow through into increased household savings, or increased household consumption. So the models will differ in terms of their sensitivities to these leakages.
As well, I think it would be helpful to see the Bank of Canada's more detailed analysis to which the governor referred today. While they do say that they believe the estimates to be reasonable, I think our estimates in terms of the impacts on real GDP in terms of the multipliers are fairly close to the department's in the first year. Anyway, they're identical, and in year two we're talking about an impact of 0.8% versus 1%. There are some differences on employment, and again the sensitivity to how the labour market responds to changes in aggregate demand and output will also be affected. I think in terms of this debate as an economist it's fascinating. I think it would be a very helpful contribution to see the Bank of Canada's detailed results, as well as their literature review on this.
Thank you.