Order Submission: The Choice between Limit and Market Orders Staff Working Paper 2005-42 Ingrid Lo, Stephen Sapp Most financial markets allow investors to submit both limit and market orders, but it is not always clear what affects the choice of order type. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Financial institutions, Market structure and pricing JEL Code(s): D, D4, G, G1
Modelling and Forecasting Housing Investment: The Case of Canada Staff Working Paper 2005-41 Frédérick Demers The author proposes and evaluates econometric models that try to explain and forecast real quarterly housing expenditures in Canada. Structural and leading-indicator models of the Canadian housing sector are described. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Economic models JEL Code(s): E, E2, E27, R, R2, R21
Subordinated Debt and Market Discipline in Canada Staff Working Paper 2005-40 Greg Caldwell The author documents the use by Canadian banks of subordinated debt (SD) as a capital instrument. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions JEL Code(s): G, G2, G21, G28
Measurement Bias in the Canadian Consumer Price Index Staff Working Paper 2005-39 James Rossiter The consumer price index (CPI) is the most commonly used measure of inflation in Canada. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Inflation targets JEL Code(s): E, E3, E31, E5, E52
An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia Staff Working Paper 2005-38 Marc-André Gosselin, Nicolas Parent Over the past few years, the ability of the United States to finance its current account deficit has been facilitated by massive purchases of U.S. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial stability, International topics JEL Code(s): C, C2, C23, F, F3, F31, G, G1, G15
Quantity, Quality, and Relevance: Central Bank Research, 1990–2003 Staff Working Paper 2005-37 Pierre St-Amant, Greg Tkacz, Annie Guérard-Langlois, Louis Morel The authors document the research output of 34 central banks from 1990 to 2003, and use proxies of research inputs to measure the research productivity of central banks over this period. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research JEL Code(s): E, E5, E59
The Canadian Macroeconomy and the Yield Curve: An Equilibrium-Based Approach Staff Working Paper 2005-36 René Garcia, Richard Luger The authors develop and estimate an equilibrium-based model of the Canadian term structure of interest rates. Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates JEL Code(s): E, E4, E43, E44, E47, E5, E52
Testing the Parametric Specification of the Diffusion Function in a Diffusion Process Staff Working Paper 2005-35 Fuchun Li A new consistent test is proposed for the parametric specification of the diffusion function in a diffusion process without any restrictions on the functional form of the drift function. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Interest rates JEL Code(s): C, C1, C12, C14
The Exchange Rate and Canadian Inflation Targeting Staff Working Paper 2005-34 Christopher Ragan The author provides a non-technical explanation of the role played by the exchange rate in Canada's inflation-targeting monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Inflation targets, Monetary policy implementation JEL Code(s): E, E5, E50, E52, F, F4, F41
Does Financial Structure Matter for the Information Content of Financial Indicators? Staff Working Paper 2005-33 Ramdane Djoudad, Jack Selody, Carolyn A. Wilkins Of particular concern to monetary policy-makers is the considerable unreliability of financial variables for predicting GDP growth and inflation. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Inflation and prices, Interest rates, Monetary aggregates JEL Code(s): E, E3, E31, E32