Staff discussion papers are completed staff research studies on a wide variety of subjects relevant to central bank policy.
270
result(s)
The Effects of a Disruption in CDSX Settlement on Activity in the LVTS: A Simulation Study
Staff Discussion Paper 2008-7
Lana Embree,
Kirby Millar
The Large Value Transfer System (LVTS) for settling large payments, and CDSX for settling debt and equity trades, are two of the main settlement systems in Canada. They are closely linked; for example, at the end of the day the final CDSX payment obligations must settle on the Bank of Canada's books, with payments made […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial stability,
Payment clearing and settlement systems
JEL Code(s):
E,
E5,
E58,
G,
G2,
G21
Reforming the IMF: Lessons from Modern Central Banking
Staff Discussion Paper 2008-6
Philipp Maier,
Eric Santor
The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Fund's (IMF's) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and the IMF carry out tasks that can be described as "delegated responsibilities." […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics
JEL Code(s):
F,
F3
China's Exchange Rate Policy: A Survey of the Literature
Staff Discussion Paper 2008-5
Robert Lafrance
China's integration into the world economy has benefited its people by reducing poverty and raising living standards, and it has benefited the industrialized world by producing manufactured goods at lower cost. It has also raised geopolitical concerns as China's power grows, economic concerns as the manufacturing base in many industrialized countries erodes, and polemics as proposals of protectionist measures to counter China's export growth are put forward.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rate regimes
JEL Code(s):
F,
F3,
F33,
F36
Sterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks
Staff Discussion Paper 2008-4
Robert Lavigne
The author examines recent trends in sterilized intervention among emerging-market economies, to determine the size and extent of this policy in relation to earlier periods of heavy reserve accumulation. He then analyzes whether the domestic costs and risks of substantial and prolonged sterilization are beginning to manifest themselves.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rate regimes,
Financial stability,
International topics
JEL Code(s):
E,
E5,
E52,
F,
F3,
F31,
O,
O2,
O24
Understanding Productivity: A Review of Recent Technical Research
Staff Discussion Paper 2008-3
Richard Dion,
Robert Fay
The authors provide an extensive review of the rapidly expanding research on productivity, both at the macro and micro levels. They focus primarily on papers written about Canada, but also draw on selected studies from other countries, especially the United States, where such work sheds important light on particular aspects of productivity growth. The authors […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Productivity
JEL Code(s):
D,
D2,
D24,
O,
O3,
O31,
O4,
O40,
O47
The Carry Trade, Portfolio Diversification, and the Adjustment of the Japanese Yen
Staff Discussion Paper 2008-2
Corinne Luu
In this paper, the author considers whether fundamentals or other factors can explain the yen's ongoing weakness. In particular, the importance of capital outflows due to the carry trade and longer-term portfolio investment outflows, which may be delaying the adjustment of the yen, are investigated. A simple portfolio model is developed, composed of a speculative […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates,
International topics,
Recent economic and financial developments
JEL Code(s):
F,
F2,
F21,
F3,
F31,
F32,
G,
G1,
G11
An Overview of Carbon Markets and Emissions Trading: Lessons for Canada
Staff Discussion Paper 2008-1
Michael R. King
The author provides an overview of carbon markets and explains how emissions trading can be important in encouraging the reduction of CO2 emissions in an efficient manner. He describes the key steps in establishing a cap-and-trade system, and reviews the European experiences with emissions trading. He highlights the lessons learned from the EU Emissions Trading […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics,
Market structure and pricing
JEL Code(s):
D,
D4,
N,
N5,
N50,
Q,
Q2,
Q21
Tracking Canadian Trend Productivity: A Dynamic Factor Model with Markov Switching
Staff Discussion Paper 2007-12
Michael Dolega
The author attempts to track Canadian labour productivity over the past four decades using a multivariate dynamic factor model that, in addition to the labour productivity series, includes aggregate compensation and consumption information. Productivity is assumed to switch between two regimes (the high-growth state and the low-growth state) with different trend growth rates according to […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Productivity
JEL Code(s):
C,
C3,
C32,
O,
O4,
O5,
O51
Price-Level Targeting and Stabilization Policy: A Review
Staff Discussion Paper 2007-11
Steve Ambler
The author surveys recent articles on the costs and benefits of price-level targeting versus inflation targeting, focusing on the benefits and costs of price-level targeting as a tool for stabilization policy. He reviews papers that examine how price-level targeting affects the short-run trade-off between output and inflation variability by influencing expectations of future inflation. The […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E32,
E5,
E52