Christian Calmès

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Staff Working Papers

Self-Enforcing Labour Contracts and the Dynamics Puzzle

Staff Working Paper 2005-1 Christian Calmès
To properly account for the dynamics of key macroeconomic variables, researchers incorporate various internal-propagation mechanisms in their models.

Financial Market Imperfection, Overinvestment, and Speculative Precaution

Staff Working Paper 2004-27 Christian Calmès
The author uses panel data to assess the sensitivity of investment to cash flow in non-financial firms, taking into account the role their financial health plays in investment decisions.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles JEL Code(s): D, D9, D92, E, E2, E22, E4, E44, G, G3, G33

Regulatory Changes and Financial Structure: The Case of Canada

Staff Working Paper 2004-26 Christian Calmès
The author documents some stylized facts about the Canadian financial structure. He explores these empirical facts in the context of Canadian financial legislation and finds that, over the 1990s, Canadian businesses became more heavily dependent on financial markets as their primary source of external funding.

Poignée de main invisible et persistance des cycles économiques : une revue de la littérature

Staff Working Paper 2003-40 Christian Calmès
The author explains how self-enforcing labour contracts can enhance the performance of macroeconomic models. He exposes the benefits of using these dynamic contracts to account for some puzzling macroeconomic facts regarding the dynamics and persistence of employment, consumption and output.