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2338
result(s)
The Global Effects of U.S. Fiscal Policy
Staff Discussion Paper 2008-8
Kimberly Beaton
The author examines the global impact of U.S. fiscal policy using the Bank of Canada's Global Economy Model (Lalonde and Muir 2007). In particular, she examines the global macroeconomic implications of the expiration of major tax cuts in the United States and of expected increases in U.S. entitlement program expenditures.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Fiscal policy,
International topics,
Regional economic developments
JEL Code(s):
H,
H0,
H2,
H3
The Effects of a Disruption in CDSX Settlement on Activity in the LVTS: A Simulation Study
Staff Discussion Paper 2008-7
Lana Embree,
Kirby Millar
The Large Value Transfer System (LVTS) for settling large payments, and CDSX for settling debt and equity trades, are two of the main settlement systems in Canada. They are closely linked; for example, at the end of the day the final CDSX payment obligations must settle on the Bank of Canada's books, with payments made […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial stability,
Payment clearing and settlement systems
JEL Code(s):
E,
E5,
E58,
G,
G2,
G21
Reforming the IMF: Lessons from Modern Central Banking
Staff Discussion Paper 2008-6
Philipp Maier,
Eric Santor
The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Fund's (IMF's) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and the IMF carry out tasks that can be described as "delegated responsibilities." […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics
JEL Code(s):
F,
F3
Price Level versus Inflation Targeting under Model Uncertainty
Staff Working Paper 2008-15
Gino Cateau
The purpose of this paper is to make a quantitative contribution to the inflation versus price level targeting debate. It considers a policy-maker that can set policy either through an inflation targeting rule or a price level targeting rule to minimize a quadratic loss function using the actual projection model of the Bank of Canada (ToTEM).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy and uncertainty
JEL Code(s):
D,
D8,
D81,
E,
E5,
E58
Driving Forces of the Canadian Economy: An Accounting Exercise
Staff Working Paper 2008-14
Simona Cociuba,
Alexander Ueberfeldt
This paper analyses the Canadian economy for the post 1960 period. It uses an accounting procedure developed in Chari, Kehoe, and McGrattan (2006). The procedure identifies accounting factors that help align the predictions of the neoclassical growth model with macroeconomic variables observed in the data.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Potential output,
Productivity
JEL Code(s):
E,
E2,
E24,
E6,
E65,
O,
O4,
O41,
O5,
O51
Uncertainty, Inflation, and Welfare
Staff Working Paper 2008-13
Jonathan Chiu,
Miguel Molico
This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings across households, and study the effects of inflation under the implied degree of market incompleteness.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation: costs and benefits,
Monetary policy framework
JEL Code(s):
E,
E4,
E40,
E5,
E50
A Model of Tiered Settlement Networks
Staff Working Paper 2008-12
James Chapman,
Jonathan Chiu,
Miguel Molico
This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E58,
G,
G2,
G21
An Examination of Canadian Firms Delisting from U.S. Exchanges
Staff Working Paper 2008-11
Jonathan Witmer
This paper examines Canadian and other foreign firms that have been involuntarily delisted from major U.S. exchanges. I find that, for most countries, less than 10% of firms get delisted from a U.S. exchange during my sample period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G3,
G30,
G38
Credit, Asset Prices, and Financial Stress in Canada
Staff Working Paper 2008-10
Miroslav Misina,
Greg Tkacz
Historical narratives typically associate financial crises with credit expansions and asset price misalignments. The question is whether some combination of measures of credit and asset prices can be used to predict these events.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Financial stability
JEL Code(s):
E,
E5,
G,
G1,
G10