November 17, 2011
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2333
result(s)
November 17, 2011
Modelling the Counterfeiting of Bank Notes: A Literature Review
The objective of this article is to improve our understanding of counterfeiting and its policy implications by reviewing research in this area. There has been almost no empirical work on counterfeiting because of the limited availability of counterfeiting data and related statistics. The authors therefore focus on theoretical studies that directly model the behaviour of the relevant economic agents. They first establish some stylized facts about counterfeiting to provide a general understanding of the problem. They then briefly review several models of counterfeiting and summarize their relevant insights, focusing on the implications of the findings for the incentive to counterfeit, social welfare and anti-counterfeiting policies. The authors find that the policy implications of these studies support the Bank’s comprehensive anti-counterfeiting strategy.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Bank notes
Innovation and Growth with Financial, and Other, Frictions
Staff Working Paper 2011-25
Jonathan Chiu,
Césaire Meh,
Randall Wright
The generation and implementation of ideas, or knowledge, is crucial for economic performance. We study this process in a model of endogenous growth with frictions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Potential output,
Productivity
JEL Code(s):
E,
E4,
G,
G2,
O,
O3,
O4
Determinants of Financial Stress and Recovery during the Great Recession
Staff Working Paper 2011-24
Joshua Aizenman,
Gurnain Pasricha
In this paper, we explore the link between stress in the domestic financial sector and the capital flight faced by countries in the 2008-9 global crisis. Both the timing of emergence of internal financial stress in developing economies, and the size of the peak-trough declines in the stock price indices was comparable to that in high income countries, indicating that there was no decoupling, even before Lehman Brothers’ demise.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Balance of payments and components,
Financial markets,
International topics
JEL Code(s):
F,
F3,
F32,
G,
G1,
G15
How Do You Pay? The Role of Incentives at the Point-of-Sale
Staff Working Paper 2011-23
Carlos Arango,
Kim Huynh,
Leonard Sabetti
This paper uses discrete-choice models to quantify the role of consumer socioeconomic characteristics, payment instrument attributes, and transaction features on the probability of using cash, debit card, or credit card at the point-of-sale.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Econometric and statistical methods,
Financial services
JEL Code(s):
C,
C3,
C35,
C8,
C83,
E,
E4,
E41
Money and Price Posting under Private Information
Staff Working Paper 2011-22
Mei Dong,
Janet Hua Jiang
We study price posting with undirected search in a search-theoretic monetary model with divisible money and divisible goods. Ex ante homogeneous buyers experience match specific preference shocks in bilateral trades. The shocks follow a continuous distribution and the realization of the shocks is private information.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Inflation and prices
JEL Code(s):
D,
D8,
D82,
D83,
E,
E3,
E31
Fixed-Term and Permanent Employment Contracts: Theory and Evidence
Staff Working Paper 2011-21
Shutao Cao,
Enchuan Shao,
Pedro Silos
This paper constructs a theory of the coexistence of fixed-term and permanent employment contracts in an environment with ex-ante identical workers and employers. Workers under fixed-term contracts can be dismissed at no cost while permanent employees enjoy labor protection.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Potential output,
Productivity
JEL Code(s):
H,
H2,
H29,
J,
J2,
J23,
J3,
J38
A Stochastic Volatility Model with Conditional Skewness
Staff Working Paper 2011-20
Bruno Feunou,
Roméo Tedongap
We develop a discrete-time affine stochastic volatility model with time-varying conditional skewness (SVS). Importantly, we disentangle the dynamics of conditional volatility and conditional skewness in a coherent way.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C5,
G,
G1,
G12
Exchange Rates and Individual Good’s Price Misalignment: Some Preliminary Evidence of Long-Horizon Predictability
Staff Discussion Paper 2011-8
Wei Dong,
Deokwoo Nam
When prices are sticky, movements in the nominal exchange rate have a direct impact on international relative prices. A relative price misalignment would trigger an adjustment in consumption and employment, and may help to predict future movements in the exchange rate.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates,
International topics
JEL Code(s):
F,
F3,
F31,
F4,
F47
Measuring Systemic Importance of Financial Institutions: An Extreme Value Theory Approach
Staff Working Paper 2011-19
Toni Gravelle,
Fuchun Li
In this paper, we define a financial institution’s contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the financial institution. The higher the contribution is, the more systemically important is the institution for the system.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Financial institutions,
Financial stability,
Financial system regulation and policies
JEL Code(s):
C,
C1,
C14,
C5,
C58,
G,
G2,
G21,
G3,
G32