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2338
result(s)
Central Bank Performance under Inflation Targeting
Staff Working Paper 2007-18
Marc-André Gosselin
The inflation targeting (IT) regime is 17 years old. With practice of IT now in more than 21 countries, there is enough evidence gathered to take stock of the IT experience. In this paper, we analyze the inflation record of IT central banks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Inflation targets,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E5,
E52,
E58
Firms Dynamics, Bankruptcy Laws and Total Factor Productivity
Staff Working Paper 2007-17
Hajime Tomura
This paper analyzes endogenous fluctuations in total factor productivity (TFP) in a dynamic general equilibrium model with heterogeneous agents, and illustrates the interaction of credit market frictions, asset prices, the entry and exit of firms, and fluctuations in TFP in response to firm-level productivity and aggregate credit-market shocks. I also analyze the effect of bankruptcy and foreclosure laws on fluctuations in TFP through their effect on credit market frictions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Productivity
JEL Code(s):
D,
D2,
D24,
E,
E4,
E44,
G,
G3,
G33
World Real Interest Rates: A Global Savings and Investment Perspective
Staff Working Paper 2007-16
Brigitte Desroches,
Michael Francis
Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. This paper explores possible shifts in global savings and investment that have led to this fall in the world real interest rate.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Interest rates,
International topics
JEL Code(s):
E,
E2,
E4,
F,
F3
Does Indexation Bias the Estimated Frequency of Price Adjustment?
Staff Working Paper 2007-15
Maral Kichian,
Oleksiy Kryvtsov
We assess the implications of price indexation for estimated frequency of price adjustment in sticky price models of business cycles. These models predominantly assume that non-reoptimized prices are indexed to lagged or average inflation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Economic models,
Inflation and prices
JEL Code(s):
E,
E3,
E31,
E37
Exporting and FDI with Endogenous Productivity
Staff Working Paper 2007-14
Oana Secrieru,
Marianne Vigneault
This paper provides an analysis of how a firm’s decision to serve a foreign market by exporting or by engaging in foreign direct investment (FDI) affects firm productivity, when productivity is endogeneous as a function of training. The main result of our paper is that, with endogeneous productivity, exporting results in lower productivity than does FDI, but exporting may result in higher or lower employment and output than does FDI.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International topics,
Labour markets,
Productivity
JEL Code(s):
F,
F2,
F22,
F23
Optimization in a Simulation Setting: Use of Function Approximation in Debt Strategy Analysis
Staff Working Paper 2007-13
David Bolder,
Tiago Rubin
The stochastic simulation model suggested by Bolder (2003) for the analysis of the federal government's debt-management strategy provides a wide variety of useful information. It does not, however, assist in determining an optimal debt-management strategy for the government in its current form.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Econometric and statistical methods,
Financial markets,
Fiscal policy
JEL Code(s):
C,
C0,
C1,
C14,
C15,
C5,
C51,
C52,
C6,
C61,
C65,
E,
E6,
G,
G1,
H,
H6,
H63
Schooling, Inequality and Government Policy
Staff Working Paper 2007-12
Oleksiy Kryvtsov,
Alexander Ueberfeldt
This paper asks: What is the effect of government policy on output and inequality in an environment with education and labor-supply decisions? The answer is given in a general equilibrium model, consistent with the post 1960s facts on male wage inequality and labor supply in the U.S. In the model, education and labor-supply decisions depend on progressive income taxation, the education system, the social security system, and technology-driven wage differentials.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Potential output,
Productivity
JEL Code(s):
H,
H5,
H52,
J,
J3,
J31,
J38
Uncollateralized Overnight Loans Settled in LVTS
Staff Working Paper 2007-11
Scott Hendry,
Nadja Kamhi
Loan-level data on the uncollateralized overnight loan market is generated using payment data from Canada's Large Value Transfer System (LVTS) and a modified version of the methodology proposed in Furfine (1999). There were on average just under 100 loans extended in this market each day from March 2004 to March 2006 for a total daily value of about $5 billion.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Interest rates
JEL Code(s):
E,
E4,
E44,
E5,
E50,
G,
G1,
G12
Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring
Staff Working Paper 2007-10
Philipp Maier
This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider – a “third party”, such as the IMF – to organise and facilitate debt restructurings.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
International topics
JEL Code(s):
E,
E5,
F,
F3,
N,
N1,
N2