Staff working papers - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T06:23:10+00:00Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
https://www.bankofcanada.ca/2019/05/staff-working-paper-2019-20/
We show that issuing a deposit-like central bank digital currency (CBDC) with a proper interest rate would encourage banks to pay higher interest to keep their customers. Banks would then attract more deposits and offer more loans. Hence, a CBDC would not necessarily crowd out private banking.2019-05-30T12:58:57+00:00enBank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment2019-05-30Digital currencies and fintechMarket structure and pricingMonetary policyMonetary policy frameworkStaff Working Paper 2019-20https://www.bankofcanada.ca/wp-content/uploads/2019/05/swp2019-20.pdfCentral Bank Digital Currency and BankingJonathan ChiuMohammad DavoodalhosseiniJanet Hua JiangYu ZhuMay 2019EE5E50E58Reassessing Trade Barriers with Global Value Chains
https://www.bankofcanada.ca/2019/05/staff-working-paper-2019-19/
This paper provides a systematic, quantitative analysis of the short-run and long-run effects of various trade-restricting policies in the presence of global value chains and multinational production.2019-05-14T08:30:51+00:00enReassessing Trade Barriers with Global Value Chains2019-05-14Business fluctuations and cyclesFirm dynamicsInternational topicsTrade integrationStaff Working Paper 2019-19https://www.bankofcanada.ca/wp-content/uploads/2019/05/swp2019-19.pdfReassessing Trade Barriers with Global Value ChainsYuko ImuraMay 2019FF1F12F13F4F41Entrepreneurial Incentives and the Role of Initial Coin Offerings
https://www.bankofcanada.ca/2019/05/staff-working-paper-2019-18/
Initial coin offerings (ICOs) are a new mode of financing start-ups that saw an explosion in popularity in 2017 but declined in popularity in the second half of 2018 as regulatory pressure, instances of fraud and reports of poor performance began to undermine their reputation.2019-05-06T17:16:15+00:00enEntrepreneurial Incentives and the Role of Initial Coin Offerings2019-05-06Asset pricingExchange ratesStaff Working Paper 2019-18https://www.bankofcanada.ca/wp-content/uploads/2019/05/swp2019-18.pdfEntrepreneurial Incentives and the Role of Initial Coin OfferingsRodney J. GarrattMaarten van OordtMay 2019GG3G32Estimating the Effect of Exchange Rate Changes on Total Exports
https://www.bankofcanada.ca/2019/05/staff-working-paper-2019-17/
This paper shows that real effective exchange rate (REER) regressions, the standard approach for estimating the response of aggregate exports to exchange rate changes, imply biased estimates of the underlying elasticities. We provide a new aggregate regression specification that is consistent with bilateral trade flows micro-founded by the gravity equation.2019-05-03T08:34:29+00:00enEstimating the Effect of Exchange Rate Changes on Total Exports2019-05-03Econometric and statistical methodsExchange ratesInternational topicsStaff Working Paper 2019-17https://www.bankofcanada.ca/wp-content/uploads/2019/05/swp2019-17.pdfEstimating the Effect of Exchange Rate Changes on Total ExportsThierry MayerWalter SteingressMay 2019FF1F11F12F3F31F32Composite Likelihood Estimation of an Autoregressive Panel Probit Model with Random Effects
https://www.bankofcanada.ca/2019/05/staff-working-paper-2019-16/
Modeling and estimating persistent discrete data can be challenging. In this paper, we use an autoregressive panel probit model where the autocorrelation in the discrete variable is driven by the autocorrelation in the latent variable. In such a non-linear model, the autocorrelation in an unobserved variable results in an intractable likelihood containing high-dimensional integrals.2019-05-02T14:10:05+00:00enComposite Likelihood Estimation of an Autoregressive Panel Probit Model with Random Effects2019-05-02Credit risk managementEconometric and statistical methodsEconomic modelsStaff Working Paper 2019-16https://www.bankofcanada.ca/wp-content/uploads/2019/05/swp2019-16.pdfComposite Likelihood Estimation of an Autoregressive Panel Probit Model with Random EffectsKerem TuzcuogluMay 2019CC2C23C25C5C58GG2G24