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1288 result(s)

Good Policies or Good Fortune: What Drives the Compression in Emerging Market Spreads?

Staff Working Paper 2008-25 Philipp Maier, Garima Vasishtha
Since 2002, spreads on emerging market sovereign debt have fallen to historical lows. Given the close links between sovereign spreads, capital flows to emerging markets, and economic growth, understanding the factors driving these spreads is very important. We address this issue in two stages.

Do Central Banks Respond to Exchange Rate Movements? Some New Evidence from Structural Estimation

Staff Working Paper 2008-24 Wei Dong
This paper investigates the impact of exchange rate movements on the conduct of monetary policy in Australia, Canada, New Zealand and the United Kingdom. We develop and estimate a structural general equilibrium two-sector model with sticky prices and wages and limited exchange rate pass-through.

On the Amplification Role of Collateral Constraints

Staff Working Paper 2008-23 Caterina Mendicino
Following the seminal contribution of Kiyotaki and Moore (1997), the role of collateral constraints for business cycle fluctuations has been highlighted by several authors and collateralized debt is becoming a popular feature of business cycle models.

The Cost of Equity in Canada: An International Comparison

Staff Working Paper 2008-21 Jonathan Witmer
This paper calculates an implied cost of equity for 19 developed countries from 1991 to 2006. During this period, there has been a decline in the cost of equity of about 10-15 bps per year, which can be partially attributed to declining government yields and declining inflation.
Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38

Inflation, Nominal Portfolios, and Wealth Redistribution in Canada

Staff Working Paper 2008-19 Césaire Meh, Yaz Terajima
There is currently a policy debate on potential refinements to monetary policy regimes in countries with low and stable inflation such as the U.S. and Canada. For example, in Canada, a systematic review of the current inflation targeting framework is underway.

Policy Coordination in an International Payment System

Staff Working Paper 2008-17 James Chapman
Given the increasing interdependence of both financial systems and attendant payment and settlement systems a vital question is what form should optimal policy take when there are two connected payment systems with separate regulators.
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