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2339 result(s)

Exchange Rate Fluctuations, Plant Turnover and Productivity

Staff Working Paper 2010-18 Ben Tomlin

In a small open economy fluctuations in the real exchange rate can affect plant turnover, and thus aggregate productivity, by altering the makeup of plants that populate the market. An appreciation of the local currency increases the level of competition in the domestic market as import competition intensifies and export opportunities shrink, forcing less productive plants from the market and compelling new entrants to be more competitive than they otherwise would have been.

Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Market structure and pricing, Productivity JEL Code(s): D, D2, D21, D24, L, L1, L11

The Transmission of Shocks to the Chinese Economy in a Global Context: A Model-Based Approach

Staff Working Paper 2010-17 Jeannine Bailliu, Patrick Blagrave

To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and monetary policy in China.

Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Exchange rate regimes, International topics JEL Code(s): E, E3, E32, E5, E52, F, F4, F41

The Role of Expenditure Switching in the Global Imbalance Adjustment

Staff Working Paper 2010-16 Wei Dong

In theory, nominal exchange rate movements can lead to “expenditure switching” when they generate changes in the relative prices of goods across countries. This paper explores whether the expenditure-switching role of exchange rates has changed in the current episode of significant global imbalances.

Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, International topics JEL Code(s): F, F3, F4

June 20, 2010

The Bank of Canada’s Extraordinary Liquidity Policies and Moral Hazard

Financial System Review - June 2010 Carolyn A. Wilkins, Jack Selody

Bank of Canada published a report establishing a set of principles to guide the extraordinary liquidity interventions it was making in response to the systemic shocks buffeting the Canadian financial system. These principles provided a framework for maintaining consistency between the Bank’s actions and its responsibilities as lender of last resort to the financial system, while allowing sufficient fl exibility to respond to the unique challenges of the crisis.