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2338
result(s)
The Direct Effect of China on Canadian Consumer Prices: An Empirical Assessment
Staff Discussion Paper 2007-10
Louis Morel
The author investigates the direct effect of Chinese imported goods on consumer prices in Canada. On average, over the 2001–06 period, the direct effect of consumer goods imported from China is estimated to have reduced the inflation rate by about 0.1 percentage points per year. This disinflationary effect is due to two causes: first, the […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Inflation and prices
JEL Code(s):
E,
E3,
E31
Hedge Funds and Financial Stability: The State of the Debate
Staff Discussion Paper 2007-9
Michael R. King,
Philipp Maier
The authors review the state of the debate on hedge funds and the potential threat that hedge funds pose to financial stability. The collapse of a hedge fund or a group of hedge funds might pose a systemic risk directly by damaging systematically important financial institutions, or indirectly by increasing market volatility and generating a […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial stability,
Financial system regulation and policies
JEL Code(s):
G,
G1,
G15,
G18,
G2
The Bank of Canada's Version of the Global Economy Model (BoC-GEM)
Technical Report No. 98
René Lalonde,
Dirk Muir
The Bank of Canada's version of the Global Economy Model (BoC-GEM) is derived from the model created at the International Monetary Fund by Douglas Laxton (IMF) and Paolo Pesenti (Federal Reserve Bank of New York and National Bureau of Economic Research).
Content Type(s):
Staff research,
Technical reports
Topic(s):
Business fluctuations and cycles,
Economic models,
International topics
JEL Code(s):
C,
C6,
C68,
E,
E2,
E27,
E3,
E37,
F,
F3,
F32,
F4,
F47
Estimating and Comparing the Implied Cost of Equity for Canadian and U.S. Firms
Staff Working Paper 2007-48
Jonathan Witmer,
Lorie Zorn
This paper estimates the implied cost of equity for Canadian and U.S. firms using a methodology based on the dividend discount model and utilizing firms' current stock price and analysts' forecasted earnings.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G3,
G30,
G38
Price-Level Targeting
Staff Discussion Paper 2007-8
Agathe Côté
In November 2006, the Bank of Canada announced its intention to lead a concerted research program over the next few years on the type of monetary policy framework that would best contribute to the economic well-being of Canadians in the decades ahead. The research will focus on two broad questions: whether economic welfare might be […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58
A Note on Contestability in the Canadian Banking Industry
Staff Discussion Paper 2007-7
Jason Allen,
Ying Liu
The authors examine the degree of contestability in the Canadian banking system using the H-statistic proposed by Panzar and Rosse (1987) and modified by Bikker, Spierdijk, and Finnie (2006). A modification is necessary because the standard approach of controlling for size using total assets leads to an upward bias in the H-statistic. The authors propose […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions
JEL Code(s):
G,
G2,
G21,
L,
L1,
L11
Implications of Asymmetry Risk for Portfolio Analysis and Asset Pricing
Staff Working Paper 2007-47
Fousseni Chabi-Yo,
Dietmar Leisen,
Eric Renault
Asymmetric shocks are common in markets; securities' payoffs are not normally distributed and exhibit skewness. This paper studies the portfolio holdings of heterogeneous agents with preferences over mean, variance and skewness, and derives equilibrium prices.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
C,
C5,
C52,
D,
D5,
D58,
G,
G1,
G11,
G12
Endogenously Segmented Asset Market in an Inventory Theoretic Model of Money Demand
Staff Working Paper 2007-46
Jonathan Chiu
This paper studies the effects of monetary policy in an inventory theoretic model of money demand. In this model, agents keep inventories of money, despite the fact that money is dominated in rate of return by interest bearing assets, because they must pay a fixed cost to transfer funds between the asset market and the goods market.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy framework,
Monetary policy transmission
JEL Code(s):
E,
E3,
E31,
E4,
E41,
E5,
E50
Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s: (Hard) Lessons Learned for Monetary Policy in a Small Open Economy
Staff Working Paper 2007-45
Michael Bordo,
Ali Dib,
Lawrence L. Schembri
This paper revisits Canada's pioneering experience with floating exchange rate over the period 1950–1962. It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open economy model of the Canadian economy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Exchange rates
JEL Code(s):
E,
E3,
E32,
E37,
F,
F3,
F31,
F32,
N,
N1