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1776
result(s)
Labour Reallocation, Relative Prices and Productivity
Staff Working Paper 2010-2
Shutao Cao,
Danny Leung
This paper documents the rate at which labour flows between industries and between firms within industries using the most recent data available. It examines the determinants of these flows and their relationship with the productivity growth.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Labour markets,
Productivity
JEL Code(s):
D,
D2,
D23,
E,
E3,
E32,
J,
J6
Search Frictions and Asset Price Volatility
Staff Working Paper 2010-1
B. Ravikumar,
Enchuan Shao
We examine the quantitative effect of search frictions in product markets on asset price volatility. We combine several features from Shi (1997) and Lagos and Wright (2002) in a model without money. Households prefer special goods and general goods.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
E,
E4,
E44,
G,
G1,
G12
The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus
Staff Discussion Paper 2010-1
Carlos De Resende,
René Lalonde,
Stephen Snudden
The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and international linkages.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Fiscal policy,
International topics,
Recent economic and financial developments
JEL Code(s):
E,
E5,
E52,
E58,
E6,
E61,
E63,
F,
F4,
F42
Real and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment
Staff Working Paper 2009-36
Michael K. Johnston
Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identified from time series. I evaluate the plausibility of capital specificity as a source of real rigidities using a two-dimensional generalized (s,S) model calibrated to micro evidence.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy transmission
JEL Code(s):
E,
E1,
E12,
E2,
E22,
E3,
E31
Estimating DSGE-Model-Consistent Trends for Use in Forecasting
Staff Working Paper 2009-35
Jean-Philippe Cayen,
Marc-André Gosselin,
Sharon Kozicki
The workhorse DSGE model used for monetary policy evaluation is designed to capture business cycle fluctuations in an optimization-based format. It is commonplace to log-linearize models and express them with variables in deviation-from-steady-state format.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods
JEL Code(s):
C,
C3,
C32,
E,
E3,
E5,
E52
A Consistent Test for Multivariate Conditional Distributions
Staff Working Paper 2009-34
Fuchun Li,
Greg Tkacz
We propose a new test for a multivariate parametric conditional distribution of a vector of variables yt given a conditional vector xt.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C1,
C12,
C2,
C22
How Changes in Oil Prices Affect the Macroeconomy
Staff Working Paper 2009-33
Brian DePratto,
Carlos De Resende,
Philipp Maier
We estimate a New Keynesian general-equilibrium open economy model to examine how changes in oil prices affect the macroeconomy. Our model allows oil price changes to be transmitted through temporary demand and supply channels (affecting the output gap), as well as through persistent supply side effects (affecting trend growth).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Interest rates,
Monetary policy transmission,
Potential output,
Productivity
JEL Code(s):
F,
F4,
F41,
Q,
Q4,
Q43
Regulatory Constraints on Bank Leverage: Issues and Lessons from the Canadian Experience
Staff Discussion Paper 2009-15
Étienne Bordeleau,
Allan Crawford,
Christopher Graham
The Basel capital framework plays an important role in risk management by linking a bank's minimum capital requirements to the riskiness of its assets. Nevertheless, the risk estimates underlying these calculations may be imperfect, and it appears that a cyclical bias in measures of risk-adjusted capital contributed to procyclical increases in global leverage prior to the recent financial crisis.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial stability,
Financial system regulation and policies
JEL Code(s):
G,
G0,
G01,
G2,
G21,
G28
Market Timing of Long-Term Debt Issuance
Staff Discussion Paper 2009-14
Jonathan Witmer
The literature on market timing of long-term debt issuance yields mixed evidence that managers can successfully time their debt-maturity issuance. The early results that are indicative of debt-maturity timing are not robust to accounting for structural breaks or to other measures of debt maturity from firm-level data that account for call and put provisions in […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G3,
G30,
G38