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1780
result(s)
Labour Shares and the Role of Capital and Labour Market Imperfections
Staff Discussion Paper 2009-2
Lena Suchanek
In continental Europe, labour shares in national income have exhibited considerable variation since 1970. Empirical and theoretical research suggests that the evolution of labour markets and labour market imperfections can, in part, explain this phenomenon.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Economic models,
Financial institutions,
Labour markets
JEL Code(s):
C,
C7,
C78,
E,
E2,
E25,
J,
J6,
J64
Canada and the IMF: Trailblazer or Prodigal Son?
Staff Discussion Paper 2009-1
Michael Bordo,
Lawrence L. Schembri,
Tamara Gomes
Canada played an important role in the postwar establishment of the International Monetary Fund (IMF), yet it was also the first major member to challenge the orthodoxy of the BrettonWoods par value system by abandoning it in 1950 in favour of a floating, market-determined exchange rate.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rate regimes,
Exchange rates,
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58,
F,
F4,
F41,
F5,
F55,
N,
N7,
N72
Inventories, Markups, and Real Rigidities in Menu Cost Models
Staff Working Paper 2009-6
Oleksiy Kryvtsov,
Virgiliu Midrigan
Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that of inventories, data on which is readily available.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Monetary policy transmission
JEL Code(s):
E,
E3,
E31,
F,
F1,
F12
Comparison of Auction Formats in Canadian Government Auctions
Staff Working Paper 2009-5
Olivier Armantier,
Nourredine Lafhel
Using a rich sample of Canadian government securities auctions, we estimate the structural parameters of a share-auction model accounting for asymmetries across bidders. We find little evidence of asymmetries between participants at Canadian government nominal bond auctions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Financial markets,
Market structure and pricing
JEL Code(s):
D,
D4,
D44,
D6,
D63,
G,
G2,
G28
What Accounts for the U.S.-Canada Education-Premium Difference?
Staff Working Paper 2009-4
Oleksiy Kryvtsov,
Alexander Ueberfeldt
This paper analyzes the differences in wage ratios of university graduates to less than university graduates, the education premium, in Canada and the United States from 1980 to 2000. Both countries experienced a similar increase in the fraction of university graduates and a similar increase in skill biased technological change based on capital-embodied technological progress, but only the United States had a large increase in the education premium.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Productivity
JEL Code(s):
E,
E2,
E24,
E25,
J,
J2,
J24,
J3,
J31
Uninsurable Investment Risks and Capital Income Taxation
Staff Working Paper 2009-3
Césaire Meh,
Yaz Terajima
This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks.
Monetary Policy Lag, Zero Lower Bound, and Inflation Targeting
Staff Working Paper 2009-2
Shin-Ichi Nishiyama
Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively little attention has been paid to the idea. In this paper, we build on Svensson's (1997) inflation targeting framework by explicitly taking into account the lagged effect of monetary policy and characterize the optimal monetary policy reaction function both in the absence and in the presence of the zero lower bound on the nominal interest rate.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation targets,
Monetary policy framework,
Monetary policy implementation
JEL Code(s):
C,
C6,
C63,
E,
E5,
E52,
E58
The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure
Staff Working Paper 2009-1
Zhaoxia Xu
This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G3,
G32
Financial Intermediation, Liquidity and Inflation
Staff Working Paper 2008-49
Jonathan Chiu,
Césaire Meh
This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Regarding how banking affects the welfare costs of inflation: First, we find that, with banking, inflation generates smaller welfare costs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy framework
JEL Code(s):
E,
E4,
E40,
E5,
E50