Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1291
result(s)
The Evolution of Canada’s Global Export Market Share
Staff Working Paper 2012-31
Daniel de Munnik,
Jocelyn Jacob,
Wesley Sze
Following gains during the 1990s, Canada’s global market share of goods exports has declined markedly in recent years. In this regard, the constant market share analysis framework is used to decompose changes in Canada’s global market share into competitiveness and structural effects over the 1990‐2010 period, as well as to draw some comparisons to a number of other countries.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Balance of payments and components,
Exchange rates,
International topics
JEL Code(s):
F,
F1,
F10,
F14,
F4,
F43
Price Negotiation in Differentiated Products Markets: Evidence from the Canadian Mortgage Market
Staff Working Paper 2012-30
Jason Allen,
Robert Clark,
Jean-François Houde
This paper measures market power in a decentralized market where contracts are determined through a search and negotiation process. The mortgage industry has many institutional features which suggest competitiveness: homogeneous contracts, negotiable rates, and, for a given consumer, common lending costs across lenders.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial services,
Market structure and pricing
JEL Code(s):
D,
D4,
G,
G2,
G21,
L,
L2,
L22
Efficiency and Bargaining Power in the Interbank Loan Market
Staff Working Paper 2012-29
Jason Allen,
James Chapman,
Federico Echenique,
Matthew Shum
Using detailed loan transactions-level data we examine the efficiency of an overnight interbank lending market, and the bargaining power of its participants. Our analysis relies on the equilibrium concept of the core, which imposes a set of no-arbitrage conditions on trades in the market.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Payment clearing and settlement systems
JEL Code(s):
C,
C7,
C71,
E,
E5,
E58,
G,
G2,
G21,
G28
What Drags and Drives Mobility: Explaining Canada’s Aggregate Migration Patterns
Staff Working Paper 2012-28
David Amirault,
Daniel de Munnik,
Sarah Miller
Using census data at the economic region level from 1991 to 2006 and a gravity model framework, this paper examines the factors that influence migration within Canada.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Labour markets,
Regional economic developments
JEL Code(s):
J,
J6,
J61,
R,
R2,
R23
Systematic Risk, Debt Maturity and the Term Structure of Credit Spreads
We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as well as their joint impact on the term structure of credit spreads. Our model allows for time variation and lumpiness in the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity raises the costs of financing.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Debt management
JEL Code(s):
G,
G3,
G32,
G33
Natural Monopoly and Distorted Competition: Evidence from Unbundling Fiber-Optic Networks
Staff Working Paper 2012-26
Naoaki Minamihashi
Can regulation solve problems arising from a natural monopoly? This paper analyzes whether “unbundling,” referring to regulations that enforce sharing of natural monopolistic infrastructure, prevents entrants from building new infrastructure.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Market structure and pricing,
Productivity
JEL Code(s):
K,
K2,
K23,
L,
L4,
L43,
L9,
L96
Does the Buck Stop Here? A Comparison of Withdrawals from Money Market Mutual Funds with Floating and Constant Share Prices
Staff Working Paper 2012-25
Jonathan Witmer
Recent reform proposals call for an elimination of the constant net asset value (NAV) or “buck” in money market mutual funds to reduce the occurrence of runs. Outside the United States, there are several countries that have money market mutual funds with and without constant NAVs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Financial stability,
Market structure and pricing
JEL Code(s):
F,
F3,
F30,
G,
G0,
G01,
G1,
G18,
G2,
G20
Why Do Shoppers Use Cash? Evidence from Shopping Diary Data
Staff Working Paper 2012-24
Naoki Wakamori,
Angelika Welte
Recent studies find that cash remains a dominant payment choice for small-value transactions despite the prevalence of alternative means of payment such as debit and credit cards. For policy makers an important question is whether consumers truly prefer using cash or merchants restrict card usage.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Econometric and statistical methods,
Financial services
JEL Code(s):
C,
C2,
D,
D1,
G,
G2
Inflation and Growth: A New Keynesian Perspective
Staff Working Paper 2012-23
Robert Amano,
Thomas J. Carter,
Kevin Moran
The long-run relation between growth and inflation has not yet been studied in the context of nominal price and wage rigidities, despite the fact that these rigidities now figure prominently in workhorse macroeconomic models.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation: costs and benefits
JEL Code(s):
E,
E3,
E31,
E5,
E52,
O,
O3,
O31,
O4,
O42