Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1295
result(s)
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
The Ex-Ante Versus Ex-Post Effect of Public Guarantees
Staff Working Paper 2012-22
H. Evren Damar,
Reint Gropp,
Adi Mordel
In October 2006, Dominion Bond Rating Service (DBRS) introduced new ratings for banks that account for the potential of government support. The rating changes are not a reflection of any changes in the respective banks’ credit fundamentals.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial stability,
Financial system regulation and policies
JEL Code(s):
G,
G2,
G21,
G28,
G3,
G32
Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound
Staff Working Paper 2012-21
Christiane Baumeister,
Luca Benati
We explore the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a time-varying parameter structural VAR model.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Interest rates,
Monetary policy framework,
Monetary policy transmission
JEL Code(s):
C,
C1,
C11,
C3,
C32,
E,
E5,
E52,
E58
The Sensitivity of Producer Prices to Exchange Rates: Insights from Micro Data
Staff Working Paper 2012-20
Shutao Cao,
Wei Dong,
Ben Tomlin
This paper studies the sensitivity of Canadian producer prices to the Canada-U.S. exchange rate. Using a unique product-level price data set, we estimate and analyze the impact of movements in the exchange rate on both domestic and export producer prices.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Inflation and prices,
Market structure and pricing
JEL Code(s):
E,
E3,
E30,
F,
F3,
F31,
F4,
F41,
L,
L1,
L11
International Business Cycles and Financial Frictions
Staff Working Paper 2012-19
Wen Yao
This paper builds a two-country DSGE model to study the quantitative impact of financial frictions on business cycle co-movements when investors have foreign asset exposure. The investor in each country holds capital in both countries and faces a leverage constraint on her debt.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
International financial markets,
International topics
JEL Code(s):
E,
E3,
E30,
F,
F4,
F42,
F44
Consumer Bankruptcy and Information
Staff Working Paper 2012-18
Jason Allen,
H. Evren Damar,
David Martinez-Miera
We analyze the relationship between the intensity of banks’ use of soft-information and household bankruptcy patterns. Using a unique data set on the universe of Canadian household bankruptcies, we document that bankruptcy rates are higher in markets where the collection of soft, or qualitative locally gathered information, is the weakest.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial services
JEL Code(s):
D,
D4,
G,
G2
On the Existence and Fragility of Repo Markets
Staff Working Paper 2012-17
Hajime Tomura
This paper presents a model of an over-the-counter bond market in which bond dealers and cash investors arrange repurchase agreements (repos) endogenously.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Financial stability,
Payment clearing and settlement systems
JEL Code(s):
G,
G2,
G24