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2334
result(s)
Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering
Staff Working Paper 2016-8
Angelika Welte
Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Market structure and pricing,
Payment clearing and settlement systems
JEL Code(s):
D,
D1,
D12,
E,
E5,
E58,
G,
G2,
G28
Understanding Firms’ Inflation Expectations Using the Bank of Canada’s Business Outlook Survey
Staff Working Paper 2016-7
Simon Richards,
Matthieu Verstraete
Inflation expectations are a key determinant of actual and future inflation and thus matter for the conduct of monetary policy. We study how firms form their inflation expectations using quarterly firm-level data from the Bank of Canada’s Business Outlook Survey, spanning the 2001 to 2015 period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Credibility,
Econometric and statistical methods,
Firm dynamics,
Inflation and prices,
Inflation targets,
Monetary policy framework
JEL Code(s):
C,
C1,
C2,
C25,
D,
D2,
D21,
D8,
D84,
E,
E3,
E31,
E5,
E52,
E58
A Microfounded Design of Interconnectedness-Based Macroprudential Policy
Staff Working Paper 2016-6
Jose Fique
To address the challenges posed by global systemically important banks (G-SIBs), the Basel Committee on Banking Supervision recommended an “additional loss absorbency requirement” for these institutions. Along these lines, I develop a microfounded design of capital surcharges that target the interconnectedness component of systemic risk.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial system regulation and policies
JEL Code(s):
D,
D8,
D82,
D85,
G,
G2,
G21,
G28
Macroeconomic Uncertainty Through the Lens of Professional Forecasters
Staff Working Paper 2016-5
Soojin Jo,
Rodrigo Sekkel
We analyze the evolution of macroeconomic uncertainty in the United States, based on the forecast errors of consensus survey forecasts of different economic indicators. Comprehensive information contained in the survey forecasts enables us to capture a real-time subjective measure of uncertainty in a simple framework.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods
JEL Code(s):
C,
C3,
C38,
E,
E1,
E17,
E3,
E32
To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse
Staff Working Paper 2016-4
Radoslav Raykov
This paper studies how the allocation of residual losses affects trading and welfare in a central counterparty. I compare loss sharing under two loss-allocation mechanisms – variation margin haircutting and cash calls – and study the privately and socially optimal degree of loss sharing.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Payment clearing and settlement systems
JEL Code(s):
G,
G1,
G19,
G2,
G21
Monetary Commitment and the Level of Public Debt
Staff Working Paper 2016-3
Stefano Gnocchi,
Luisa Lambertini
We analyze the interaction between committed monetary policy and discretionary fiscal policy in a model with public debt, endogenous government expenditures, distortive taxation and nominal rigidities.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credibility,
Fiscal policy,
Inflation targets,
Monetary policy framework
JEL Code(s):
E,
E2,
E24,
E3,
E32,
E5,
E52
The Role of the International Monetary Fund in the Post-Crisis World
Staff Discussion Paper 2016-6
Mark Kruger,
Robert Lavigne,
Julie McKay
The International Monetary Fund (IMF, or the Fund) has undergone a number of significant policy changes and reforms in the wake of the global financial crisis. Most notably, in December 2015, the United States approved long-delayed legislation to increase the representation of developing countries in the Fund’s governance structure.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics
JEL Code(s):
F,
F3,
F33
What Is Behind the Weakness in Global Investment?
Staff Discussion Paper 2016-5
Maxime Leboeuf,
Robert Fay
The recovery in private business investment globally remains extremely weak more than seven years after the financial crisis. This paper contributes to the ongoing policy debate on the factors behind this weakness by analyzing the role of growth prospects and uncertainty in explaining developments in non-residential private business investment in large advanced economies since the crisis.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Central bank research,
Domestic demand and components,
Economic models,
International topics,
Monetary policy and uncertainty,
Recent economic and financial developments
JEL Code(s):
C,
C2,
C23,
C3,
C33,
D,
D2,
D24,
D8,
D80,
D84,
E,
E2,
E22,
F,
F0,
F01,
G,
G3,
G31
Limits to Arbitrage and Deviations from Covered Interest Rate Parity
Staff Discussion Paper 2016-4
James Pinnington,
Maral Shamloo
We document an increase in deviations from short-term covered interest rate parity (CIP) in the first half of 2015. Since the Swiss National Bank’s (SNB) decision to abandon its minimum exchange rate policy, both the magnitude and volatility of deviations from CIP have increased across several currency pairs. The effect is particularly pronounced for pairs involving the Swiss franc.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates,
International financial markets
JEL Code(s):
F,
F3,
F31,
G,
G1,
G15