L - Industrial Organization - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T13:30:00+00:00Information Sharing and Bargaining in Buyer-Seller Networks
https://www.bankofcanada.ca/2016/12/staff-working-paper-2016-63/
This paper presents a model of strategic buyer-seller networks with information exchange between sellers. Prior to engaging in bargaining with buyers, sellers can share access to buyers for a negotiated transfer. We study how this information exchange affects overall market prices, volumes and welfare, given different initial market conditions and information sharing rules.2016-12-30T10:04:33+00:00enInformation Sharing and Bargaining in Buyer-Seller Networks2016-12-30Economic modelsFirm dynamicsMarket structure and pricingStaff Working Paper 2016-63https://www.bankofcanada.ca/wp-content/uploads/2016/12/swp2016-63.pdfInformation Sharing and Bargaining in Buyer-Seller NetworksSofia PriazhkinaFrank H. PageDecember 2016CC7C71C78DD2D21D4D43D8D85LL1L13Options Decimalization
https://www.bankofcanada.ca/2016/12/staff-working-paper-2016-57/
We document the outcome of an options decimalization pilot on Canada’s derivatives exchange. Decimalization improves measures of liquidity and price efficiency. The impact differs by the moneyness of an option and is greatest for out-of-the-money options.2016-12-13T15:04:23+00:00enOptions Decimalization2016-12-13Financial marketsFinancial system regulation and policiesMarket structure and pricingStaff Working Paper 2016-57https://www.bankofcanada.ca/wp-content/uploads/2016/12/swp2016-57.pdfOptions DecimalizationFaith ChinCorey GarriottDecember 2016GG1G14G2G20LL1L10Bank Screening Heterogeneity
https://www.bankofcanada.ca/2016/12/staff-working-paper-2016-56/
Production efficiency and financial stability do not necessarily go hand in hand. With heterogeneity in banks’ abilities to screen borrowers, the market for loans becomes segmented and a self-competition mechanism arises. When heterogeneity increases, the intensive and extensive margins have opposite effects.2016-12-13T11:58:20+00:00enBank Screening Heterogeneity2016-12-13Financial institutionsFinancial stabilityFinancial system regulation and policiesStaff Working Paper 2016-56https://www.bankofcanada.ca/wp-content/uploads/2016/12/swp2016-56.pdfBank Screening HeterogeneityThibaut DupreyDecember 2016GG1G14G2G21LL1L13Firm-Specific Shocks and Aggregate Fluctuations
https://www.bankofcanada.ca/2016/11/staff-working-paper-2016-51/
In order to understand what drives aggregate fluctuations, many macroeconomic models point to aggregate shocks and discount the contribution of firm-specific shocks. Recent research from other developed countries, however, has found that aggregate fluctuations are in part driven by idiosyncratic shocks to large firms.2016-11-21T07:38:15+00:00enFirm-Specific Shocks and Aggregate Fluctuations2016-11-21Business fluctuations and cyclesFirm dynamicsMarket structure and pricingStaff Working Paper 2016-51https://www.bankofcanada.ca/wp-content/uploads/2016/11/swp2016-51.pdfFirm-Specific Shocks and Aggregate FluctuationsLeonid KarasikDanny LeungBen TomlinNovember 2016EE2E22E23E24E3LL6The Digital Economy—Insight from a Special Survey with IT Service Exporters
https://www.bankofcanada.ca/2016/11/staff-discussion-paper-2016-21/
Information technology (IT) is an increasingly integral part of everyday business and personal life reflecting the ongoing and accelerating digital transformation of the economy. In this paper, we present information gathered from a survey with export-oriented firms in the Canadian IT service industry and consultations with industry associations aimed at shedding light on this small but highly dynamic sector.2016-11-08T11:20:29+00:00enThe Digital Economy—Insight from a Special Survey with IT Service Exporters2016-11-08Firm dynamicsService sectorStaff Discussion Paper 2016-21https://www.bankofcanada.ca/wp-content/uploads/2016/11/sdp2016-21.pdfThe Digital Economy—Insight from a Special Survey with IT Service ExportersWei DongJames FudurichLena SuchanekNovember 2016DD2D22LL8L86OO3O33Financial Constraint and Productivity: Evidence from Canadian SMEs
https://www.bankofcanada.ca/2016/09/staff-working-paper-2016-44/
The degree to which financial constraint is binding is often not directly observable in commonly used business data sets (e.g., Compustat). In this paper, we measure and estimate the likelihood of a firm being constrained by external financing using a data set of small- and medium-sized Canadian firms.2016-09-28T09:42:23+00:00enFinancial Constraint and Productivity: Evidence from Canadian SMEs2016-09-28Firm dynamicsProductivityStaff Working Paper 2016-44https://www.bankofcanada.ca/wp-content/uploads/2016/09/swp2016-44.pdfFinancial Constraint and Productivity: Evidence from Canadian SMEsShutao CaoDanny LeungSeptember 2016DD2D24GG3G32LL2L25Clearing and Settlement Systems from Around the World: A Qualitative Analysis
https://www.bankofcanada.ca/2016/06/staff-discussion-paper-2016-14/
As Canada continues to engage in a dialogue to develop the approach to modernizing its core payment systems, we analyze the core payment systems that exist in countries around the world. We study payment systems in 27 jurisdictions, encompassing a broad range of geographic regions, through three levels of analysis.2016-06-16T09:03:09+00:00enClearing and Settlement Systems from Around the World: A Qualitative Analysis2016-06-16Financial servicesFinancial system regulation and policiesPayment clearing and settlement systemsStaff Discussion Paper 2016-14https://www.bankofcanada.ca/wp-content/uploads/2016/06/sdp2016-14.pdfClearing and Settlement Systems from Around the World: A Qualitative AnalysisMichael TompkinsAriel OlivaresJune 2016EE4E42LL1L14L15L5L52Identification and Estimation of Risk Aversion in First-Price Auctions with Unobserved Auction Heterogeneity
https://www.bankofcanada.ca/2016/05/staff-working-paper-2016-23/
This paper shows point identification in first-price auction models with risk aversion and unobserved auction heterogeneity by exploiting multiple bids from each auction and variation in the number of bidders. The required exclusion restriction is shown to be consistent with a large class of entry models.2016-05-09T08:48:48+00:00enIdentification and Estimation of Risk Aversion in First-Price Auctions with Unobserved Auction Heterogeneity2016-05-09Econometric and statistical methodsStaff Working Paper 2016-23https://www.bankofcanada.ca/wp-content/uploads/2016/05/swp2016-23.pdfIdentification and Estimation of Risk Aversion in First-Price Auctions with Unobserved Auction HeterogeneitySerafin GrundlYu ZhuMay 2016CC1C14C5C57DD4D44LL0L00Retail Order Flow Segmentation
https://www.bankofcanada.ca/2016/04/staff-working-paper-2016-20/
In August 2012, the New York Stock Exchange launched the Retail Liquidity Program (RLP), a trading facility that enables participating organizations to quote dark limit orders executable only by retail traders.2016-04-27T13:18:56+00:00enRetail Order Flow Segmentation2016-04-27Financial marketsFinancial system regulation and policiesMarket structure and pricingStaff Working Paper 2016-20https://www.bankofcanada.ca/wp-content/uploads/2016/04/swp2016-20.pdfRetail Order Flow SegmentationCorey GarriottAdrian WaltonApril 2016GG1G14G2G20LL1L10