Central Bank Liquidity Facilities and Market Making
We create a theoretical model of central bank asset purchases. The model helps explain how, in a crisis, these purchases ease pressures on investment dealers.
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302
result(s)
The Impact of Globalization and Digitalization on the Phillips Curve
Staff Working Paper 2022-7
Christian Friedrich,
Peter Selcuk
Globalization is in retreat, yet digitalization is on the rise. How will these trends impact inflation?
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Business fluctuations and cycles,
Inflation and prices,
International topics,
Labour markets,
Recent economic and financial developments,
Trade integration
JEL Code(s):
E,
E3,
E31,
E32,
F,
F6
Job Applications and Labour Market Flows
Staff Working Paper 2021-49
Serdar Birinci,
Kurt See,
Shu Lin Wee
Although the number of job applications has risen, job-finding rates remain relatively unchanged while job-separation rates have significantly declined. Rather than raising the probability of finding a job, we find that a rise in applications raises the probability of finding a good match, as evidenced by the decline in separation rates.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Labour markets,
Productivity
JEL Code(s):
E,
E2,
E24,
J,
J6,
J63,
J64
Assessing Labour Market Slack for Monetary Policy
Staff Discussion Paper 2021-15
Erik Ens,
Laurence Savoie-Chabot,
Kurt See,
Shu Lin Wee
Measuring labour market slack is essential for central banks: without full employment in the economy, inflation will not stay close to target. We propose a comprehensive approach to assessing labour market slack that reflects the complexity and diversity of the labour market.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Business fluctuations and cycles,
Coronavirus disease (COVID-19),
Econometric and statistical methods,
Labour markets,
Monetary policy
JEL Code(s):
E,
E2,
E24,
J,
J2,
J21,
J6
Foreign Exchange Fixings and Returns Around the Clock
Staff Working Paper 2021-48
Ingomar Krohn,
Philippe Mueller,
Paul Whelan
We document a new empirical finding in the foreign exchange market: currency returns show systematic reversals around the benchmark fixings. Specifically, the US dollar, on average, appreciates in the hours before fixes and depreciates after fixes.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Exchange rates,
Financial markets,
Market structure and pricing
JEL Code(s):
F,
F3,
F31,
G,
G1,
G15
Rising US LNG Exports and Global Natural Gas Price Convergence
Staff Discussion Paper 2021-14
Robert Ialenti
We assess how rising exports of US liquefied natural gas affect the convergence of natural gas prices worldwide. Our results may have implications for the development of future LNG export capacity in Canada.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
International topics,
Market structure and pricing
JEL Code(s):
C,
C3,
C32,
F,
F1,
F15,
K,
K4,
K41,
L,
L9,
L95
From He-Cession to She-Stimulus? The Labor Market Impact of Fiscal Policy Across Gender
Staff Working Paper 2021-42
Alica Ida Bonk,
Laure Simon
The effects of fiscal policy shocks on labour market outcomes across gender depend on the type of public expenditure. Women benefit most from increases in the government wage bill, while men are the main beneficiaries of higher investment spending.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Business fluctuations and cycles,
Fiscal policy,
Labour markets
JEL Code(s):
E,
E3,
E32,
E6,
E62,
J,
J1,
J16,
J2,
J21
Measuring the Effectiveness of Salespeople: Evidence from a Cold-Drink Market
Staff Working Paper 2021-40
Haofeng Jin,
Zhentong Lu
Salespeople are widely employed in many industries. We leverage a unique data set on retail sales from a leading Chinese cold-drink manufacturer and information on the firm’s salespeople assignment rule to measure the causal effect of salespeople on product revenue.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Labour markets,
Service sector
JEL Code(s):
L,
L8,
L81,
M,
M3,
M5
Canadian job postings in digital sectors during COVID-19
Staff Analytical Note 2021-18
Alejandra Bellatin,
Gabriela Galassi
Digital technologies have helped maintain economic activity while allowing people to remain physically distant throughout the COVID-19 crisis. This note shows that the number of online postings for jobs related to the production of digital technologies in Canada decreased less than the number for other jobs and recovered more quickly after lockdowns were lifted.
Content Type(s):
Staff research,
Staff analytical notes
Research Topic(s):
Coronavirus disease (COVID-19),
Labour markets
JEL Code(s):
E,
E2,
E24,
J,
J2,
J23,
J6,
J63,
J64,
O,
O3,
O33
Centralizing Over-the-Counter Markets?
Staff Working Paper 2021-39
Jason Allen,
Milena Wittwer
Would a shift in trading in fixed-income markets—from over the counter (bilateral trading) to a centralized electronic platform—improve welfare? We use trade-level data on the secondary market for Government of Canada debt to answer this question.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Financial institutions,
Market structure and pricing
JEL Code(s):
D,
D4,
D40,
D47,
G,
G1,
G10,
G2,
G20,
L,
L1,
L10