March 17, 2008
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2333
result(s)
March 16, 2008
Developing a Framework to Assess Financial Stability: Conference Highlights and Lessons
Central banks are still defining their approach to financial stability and are at an early stage in the development of useful models. The Bank of Canada's 2007 economic conference was organized to stimulate progress in the development of financial-stability frameworks. Among the highlights reported here are the discussions centred around three proposed frameworks: a contingent-claims-analysis framework, a semi-structural framework, and structural financial-stability models. Participants also reported on their experiences with stress-testing under the International Monetary Fund's Financial Sector Assessment Program and discussed the implications for financial stability of linkages among payment, clearing, and settlement systems.Markups in Canada: Have They Changed and Why?
Staff Working Paper 2008-7
Danny Leung
Many empirical studies have examined the cyclical nature of the markup ratio. Until recently, few have attempted to ascertain the changes in the markup over a longer time horizon.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
E,
E3,
E31,
F,
F4,
F41,
L,
L1,
L11
Inflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy Considerations
Staff Working Paper 2008-6
Donald Coletti,
René Lalonde,
Dirk Muir
This paper compares the performance of simple inflation targeting (IT) and price-level path targeting (PLPT) rules to stabilize the macroeconomy, in response to a series of shocks, similar to those seen in Canada and the United States over the 1983 to 2004 period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Inflation and prices,
Inflation: costs and benefits,
Monetary policy framework
JEL Code(s):
C,
C5,
C51,
C52,
E,
E1,
E17,
E3,
E31,
E5,
E52
Understanding Productivity: A Review of Recent Technical Research
Staff Discussion Paper 2008-3
Richard Dion,
Robert Fay
The authors provide an extensive review of the rapidly expanding research on productivity, both at the macro and micro levels. They focus primarily on papers written about Canada, but also draw on selected studies from other countries, especially the United States, where such work sheds important light on particular aspects of productivity growth. The authors […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Productivity
JEL Code(s):
D,
D2,
D24,
O,
O3,
O31,
O4,
O40,
O47
Unsecured Debt, Consumer Bankruptcy, and Small Business
Staff Working Paper 2008-5
Césaire Meh,
Yaz Terajima
In this paper we develop a quantitative model of entrepreneurial activity (risk-taking) and consumer bankruptcy choices and use the model to study the effects of bankruptcy regulations on entrepreneurial activity, bankruptcy rate and welfare.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Financial stability,
Financial system regulation and policies
JEL Code(s):
D,
D3,
D31,
E,
E2,
E21,
J,
J2,
J23
What Affects MFP in the Long-Run? Evidence from Canadian Industries
Staff Working Paper 2008-4
Danny Leung,
Yi Zheng
In this paper we explore variables that may have an impact on multifactor productivity (MFP) in the long-run using the KLEMS database for Canada. We estimate a dynamic heterogeneous panel error-correction model of twelve 2-digit level industries.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Productivity
JEL Code(s):
C,
C2,
C23,
D,
D2,
D24,
O,
O3,
O30
Adopting Price-Level Targeting under Imperfect Credibility
Staff Working Paper 2008-3
Oleksiy Kryvtsov,
Malik Shukayev,
Alexander Ueberfeldt
This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields higher welfare than inflation targeting.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credibility,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E5,
E52
A Wave of Protectionism? An Analysis of Economic and Political Considerations
Staff Working Paper 2008-2
Philipp Maier
In light of the U.S. current account deficit, pressure is high on Asian countries to revalue their currencies. The calls from some U.S. policymakers for tariffs on imports from China has sparked fears that this could trigger a world-wide surge in protectionism.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International topics,
Recent economic and financial developments,
Regional economic developments
JEL Code(s):
E,
E6,
E66,
F,
F3,
F32,
F4,
F47
The Carry Trade, Portfolio Diversification, and the Adjustment of the Japanese Yen
Staff Discussion Paper 2008-2
Corinne Luu
In this paper, the author considers whether fundamentals or other factors can explain the yen's ongoing weakness. In particular, the importance of capital outflows due to the carry trade and longer-term portfolio investment outflows, which may be delaying the adjustment of the yen, are investigated. A simple portfolio model is developed, composed of a speculative […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates,
International topics,
Recent economic and financial developments
JEL Code(s):
F,
F2,
F21,
F3,
F31,
F32,
G,
G1,
G11