Évidence empirique pour le Canada et le Québec

Over the past few decades, the Canadian economy has faced a series of macroeconomic shocks of various origins and types: the 2008–2009 global financial crisis, commodity price fluctuations, the COVID-19 pandemic, periods of high geopolitical uncertainty, and rapid monetary tightening aimed at containing inflation. These episodes have profoundly affected macroeconomic conditions and posed significant challenges to public finances. In a CIRANO study (Moran and Stevanovic, 2025), the authors provide an empirical assessment of the effects of a series of macroeconomic shocks on key economic and fiscal aggregates in Canada. Their analyses highlight the need for a fiscal management strategy that is sensitive to external macroeconomic conditions and sources of uncertainty.