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2338
result(s)
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
An Overview of Carbon Markets and Emissions Trading: Lessons for Canada
Staff Discussion Paper 2008-1
Michael R. King
The author provides an overview of carbon markets and explains how emissions trading can be important in encouraging the reduction of CO2 emissions in an efficient manner. He describes the key steps in establishing a cap-and-trade system, and reviews the European experiences with emissions trading. He highlights the lessons learned from the EU Emissions Trading […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics,
Market structure and pricing
JEL Code(s):
D,
D4,
N,
N5,
N50,
Q,
Q2,
Q21
Default Dependence: The Equity Default Relationship
Staff Working Paper 2008-1
Stuart Turnbull,
Jun Yang
The paper examines three equity-based structural models to study the nonlinear relationship between equity and credit default swap (CDS) prices. These models differ in the specification of the default barrier.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Financial markets
JEL Code(s):
G,
G1,
G12,
G13
December 21, 2007
An Approach to Stress Testing the Canadian Mortgage Portfolio
Content Type(s):
Publications,
Financial System Review articles
December 21, 2007
Developments in Processing Over-the-Counter Derivatives
Content Type(s):
Publications,
Financial System Review articles
December 15, 2007
Introduction: Recent Research on Inflation Targeting
The inflation targeting framework that Canada introduced in 1991 has played a significant role in the exceptional economic performance that the country has experienced in recent years. Understanding the factors that have contributed to the success of the current inflation-targeting framework, and investigating the various ways in which it might be improved in the future, are an important part of the Bank of Canada's medium-term research program.
Content Type(s):
Publications,
Bank of Canada Review articles