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1775
result(s)
Productivity, the Terms of Trade, and the Real Exchange Rate: The Balassa-Samuelson Hypothesis Revisited
Staff Working Paper 2009-22
Ehsan U. Choudhri,
Lawrence L. Schembri
The paper examines how the Balassa-Samuelson hypothesis is affected by a modern variation of the standard model that allows product differentiation (within the traded and nontraded goods sectors) with the number of firms determined exogenously or endogenously.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Productivity
JEL Code(s):
F,
F3,
F31,
F4,
F41
A Financial Conditions Index for the United States
Staff Discussion Paper 2009-11
Kimberly Beaton,
René Lalonde,
Corinne Luu
The financial crisis of 2007–09 has highlighted the importance of developments in financial conditions for real economic activity. The authors estimate the effect of current and past shocks to financial variables on U.S. GDP growth by constructing two growthbased financial conditions indexes (FCIs) that measure the contribution to quarterly (annualized) GDP growth from financial conditions.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Monetary and financial indicators,
Monetary conditions index,
Recent economic and financial developments
JEL Code(s):
E,
E3,
E32,
E4,
E44,
E47,
E5,
E51
Structural Inflation Models with Real Wage Rigidities: The Case of Canada
Staff Working Paper 2009-21
Jean-Marie Dufour,
Lynda Khalaf,
Maral Kichian
Real wage rigidities have recently been proposed as a way of building intrinsic persistence in inflation within the context of New Keynesian Phillips Curves. Using two recent illustrative structural models, we evaluate empirically the importance of real wage rigidities in the data and the extent to which such models provide useful information regarding price stickiness.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices,
Labour markets
JEL Code(s):
C,
C1,
C13,
C5,
C52,
E,
E3,
E31
Strengthening IMF Surveillance: An Assessment of Recent Reforms
Staff Discussion Paper 2009-10
Robert Lavigne,
Lawrence L. Schembri
The authors assess the potential impact of recently approved reforms to International Monetary Fund (IMF) surveillance; namely, the "2007 Decision on Bilateral Surveillance Over Members' Policies" and the "Statement of Surveillance Priorities" (SSP). They conclude that these complementary reforms have the potential to create a comprehensive and coherent framework for IMF surveillance. If implemented properly, […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics
JEL Code(s):
F,
F3,
F33
The Outlook for the Global Supply of Oil: Running on Faith?
Staff Discussion Paper 2009-9
Olivier Gervais,
Ilan Kolet
The dramatic reduction in global demand, and the decline in the spot price of crude oil in the second half of last year, may have significant implications for the future supply of oil. Investments in conventional methods of extraction have been constrained, since easily accessible oil reserves are typically concentrated in countries with geopolitical uncertainty and/or state-run oil companies.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Inflation and prices,
International topics
JEL Code(s):
Q,
Q4,
Q41,
Q43
The Role of Convenience and Risk in Consumers' Means of Payment
Staff Discussion Paper 2009-8
Carlos Arango,
Varya Taylor
Using data from a 2004 survey of the Canadian public, the authors study the role of convenience and risk in consumers' use of cash relative to debit and credit cards. The authors find that consumers who perceive debit cards and credit cards to be more convenient and less risky than cash use them more frequently.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes
JEL Code(s):
E,
E4,
E41,
L,
L2
Household Debt, Assets, and Income in Canada: A Microdata Study
Staff Discussion Paper 2009-7
Césaire Meh,
Yaz Terajima,
David Xiao Chen,
Thomas J. Carter
The authors use microdata from the 1999 and 2005 Surveys of Financial Security to identify changes in household debt, and discuss their potential implications for monetary policy and financial stability. They document an increase in the debt-income ratio, which rose from 0.75 to 0.95, on average.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Credit and credit aggregates,
Financial stability,
Productivity,
Sectoral balance sheet
JEL Code(s):
E,
E2,
E21,
E24
The Equity Premium and the Volatility Spread: The Role of Risk-Neutral Skewness
Staff Working Paper 2009-20
Bruno Feunou,
Jean-Sébastien Fontaine,
Roméo Tedongap
We introduce the Homoscedastic Gamma [HG] model where the distribution of returns is characterized by its mean, variance and an independent skewness parameter under both measures. The model predicts that the spread between historical and risk-neutral volatilities is a function of the risk premium and of skewness.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets
JEL Code(s):
G,
G1,
G12,
G13
Structural Multi-Equation Macroeconomic Models: Identification-Robust Estimation and Fit
Staff Working Paper 2009-19
Jean-Marie Dufour,
Lynda Khalaf,
Maral Kichian
Weak identification is likely to be prevalent in multi-equation macroeconomic models such as in dynamic stochastic general equilibrium setups. Identification difficulties cause the breakdown of standard asymptotic procedures, making inference unreliable.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices
JEL Code(s):
C,
C5,
C52,
C53,
E,
E3,
E37