Cross-Border Bank Flows and Monetary Policy: Implications for Canada Staff working paper 2017-34 Ricardo Correa, Teodora Paligorova, Horacio Sapriza, Andrei Zlate Using the Bank for International Settlements (BIS) Locational Banking Statistics data on bilateral bank claims from 1995 to 2014, we analyze the impact of monetary policy on cross-border bank flows. We find that monetary policy in a source country is an important determinant of cross-border bank flows. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F3, F34, F36, G, G0, G01 Research Theme(s): Financial system, Financial institutions and intermediation, Monetary policy, Monetary policy framework and transmission, Structural challenges, International trade, finance and competitiveness
Composite Likelihood Estimation of an Autoregressive Panel Probit Model with Random Effects Staff working paper 2019-16 Kerem Tuzcuoglu Modeling and estimating persistent discrete data can be challenging. In this paper, we use an autoregressive panel probit model where the autocorrelation in the discrete variable is driven by the autocorrelation in the latent variable. In such a non-linear model, the autocorrelation in an unobserved variable results in an intractable likelihood containing high-dimensional integrals. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C23, C25, C5, C58, G, G2, G24 Research Theme(s): Financial system, Household and business credit, Models and tools, Econometric, statistical and computational methods, Economic models
The Trade War in Numbers Staff working paper 2018-57 Karyne B. Charbonneau, Anthony Landry We build upon new developments in the international trade literature to isolate and quantify the long-run economic impacts of tariff changes on the United States and the global economy. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F11, F13, F14, F15, F5, F50, F6, F62, F68 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, International trade, finance and competitiveness