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1010
result(s)
Financial Factors and Labour Market Fluctuations
Staff Working Paper 2011-12
Yahong Zhang
What are the effects of financial market imperfections on unemployment and vacancies? Since standard DSGE models do not typically model unemployment, they abstract from this issue.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Financial markets,
Labour markets
JEL Code(s):
E,
E3,
E32,
E4,
E44,
J,
J6
Belief Dispersion and Order Submission Strategies in the Foreign Exchange Market
Staff Working Paper 2011-8
Ingrid Lo,
Stephen Sapp
This paper empirically examines how dispersions across investors beliefs influence traders order submission decisions in the foreign exchange market. Previous research has found that dispersion in traders beliefs regarding future macroeconomic announcements has a significant impact on both price dynamics and trading volume before the announcements in the foreign exchange and other financial markets.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Market structure and pricing
JEL Code(s):
D,
D4,
G,
G1
Money and Costly Credit
Staff Working Paper 2011-7
Mei Dong
I study an economy in which money and credit coexist as means of payment and the settlement of credit requires money. The model extends recent developments in microfounded monetary theory to address the choice of payment methods and the effects of inflation. Whether a buyer uses money or credit depends on the fixed cost of credit and the inflation rate.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Inflation: costs and benefits
JEL Code(s):
E,
E4,
E41,
E5,
E50
The Private Equity Premium Puzzle Revisited
Staff Working Paper 2011-6
Katya Kartashova
In this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) on the returns to entrepreneurial investments in the United States. First, following the authors’ methodology I replicate the original findings from the Survey of Consumer Finances (SCF) for the period 1989–1998 and show that the returns to private and public equity are similar.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Interest rates,
Recent economic and financial developments
JEL Code(s):
G,
G1,
G11,
G12,
G2,
G24,
G3,
G31,
G32
February 17, 2011
Competition in the Canadian Mortgage Market
This article begins with a brief examination of the Canadian mortgage market, focusing on the market’s evolution following changes to the Bank Act in 1992, which allowed chartered banks to enter the trust business, and the subsequent entrance of virtual banks and mortgage brokers.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Interest rates,
Market structure and pricing,
Monetary policy transmission
February 17, 2011
Adverse Selection and Financial Crises
The recent financial crisis has highlighted the importance of adverse selection as a contributing factor to financial market instability.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial stability,
Financial system regulation and policies,
Market structure and pricing
February 17, 2011
Payment Networks: A Review of Recent Research
In this article, the authors review work done at the Bank of Canada and at other central banks with the relatively new application of network analysis to the study of payments systems.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Payment clearing and settlement systems
February 17, 2011
Conference Summary: Financial Globalization and Financial Instability
The Bank of Canada’s annual conference, held in October 2010, brought together leading researchers from universities and central banks around the world.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Financial markets,
Financial stability,
Financial system regulation and policies
Private Information Flow and Price Discovery in the U.S. Treasury Market
Staff Working Paper 2011-5
George Jiang,
Ingrid Lo
Existing studies show that U.S. Treasury bond price changes are mainly driven by public information shocks, as manifested in macroeconomic news announcements and events. The literature also shows that heterogeneous private information contributes significantly to price discovery for U.S. Treasury securities.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G12,
G14