Central Bank Communication or the Media’s Interpretation: What Moves Markets? Staff Working Paper 2012-9 Scott Hendry The goal of this paper is to investigate what type of information from Bank of Canada communication statements or the market commentary based on these statements has a significant effect on the volatility or level of returns in a short-term interest rate market. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Financial markets JEL Code(s): E, E5, E58, G, G1, G14
The Intergenerational Correlation of Employment: Is There a Role for Work Culture? Staff Working Paper 2019-33 Gabriela Galassi, David Koll, Lukas Mayr We document a substantial positive correlation of employment status between mothers and their children in the United States, linking data from the National Longitudinal Survey of Youth 1979 (NLSY79) and the NLSY79 Children and Young Adults. After controlling for ability, education and wealth, a one-year increase in a mother’s employment is associated with six weeks more employment of her child on average. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Economic models, Labour markets JEL Code(s): E, E2, E24, J, J2, J21, J22, J6, J62
Fintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks Staff Discussion Paper 2017-10 Meyer Aaron, Francisco Rivadeneyra, Samantha Sohal We investigate the risks and opportunities to the mandates of central banks arising from fintech developments. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Digital currencies and fintech, Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E42, G, G1, G2, L, L1
August 27, 2020 The imperative for public engagement Remarks (delivered virtually) Tiff Macklem Federal Reserve Bank of Kansas City Jackson Hole Symposium Jackson Hole, Wyoming Governor Tiff Macklem talks about the need for the Bank to be clear, relatable and understandable when it communicates with the public. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Credibility, Monetary policy, Monetary policy and uncertainty
The ‘Celtic Crisis’: Guarantees, Transparency and Systemic Liquidity Risk Staff Working Paper 2013-31 Philipp König, Kartik Anand, Frank Heinemann Bank liability guarantee schemes have traditionally been viewed as costless measures to shore up investor confidence and prevent bank runs. However, as the experiences of some European countries, most notably Ireland, have demonstrated, the credibility and effectiveness of these guarantees are crucially intertwined with the sovereign’s funding risks. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, Financial system regulation and policies JEL Code(s): D, D8, D89, G, G0, G01, G2, G28
Estimation and Inference by the Method of Projection Minimum Distance Staff Working Paper 2007-56 Òscar Jordà, Sharon Kozicki A covariance-stationary vector of variables has a Wold representation whose coefficients can be semi-parametrically estimated by local projections (Jordà, 2005). Substituting the Wold representations for variables in model expressions generates restrictions that can be used by the method of minimum distance to estimate model parameters. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C3, C32, C5, C53, E, E4, E47
April 7, 2009 Price-Level Uncertainty, Price-Level Targeting, and Nominal Debt Contracts Bank of Canada Review - Spring 2009 Allan Crawford, Césaire Meh, Yaz Terajima Many central banks around the world have embraced inflation targeting as a monetary policy framework. Interest is growing, however, in price-level targeting as an alternative. The choice of frameworks has important consequences for financial contracts, most of which are not fully indexed to the price level. Changes in the price level therefore lead to changes in the real value of contracts. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Inflation targets, Inflation: costs and benefits, Monetary policy framework
Anchored Inflation Expectations: What Recent Data Reveal Staff Working Paper 2025-5 Olena Kostyshyna, Isabelle Salle, Hung Truong We analyze micro-level data from the Canadian Survey of Consumer Expectations through the lens of a heterogeneous-expectations model to study how inflation expectations form over the business cycle. We provide new insights into how households form expectations, documenting that forecasting behaviours, attention and noise in beliefs vary across socio-demographic groups and correlate with views about monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices JEL Code(s): D, D8, D84, E, E3, E31, E7, E70
February 1, 2012 Excess Collateral in the LVTS: How Much Is Too Much? Financial System Review - December 2003 Kim McPhail, Anastasia Vakos Content Type(s): Publications, Financial System Review articles
A Tractable Monetary Model Under General Preferences Staff Working Paper 2013-7 Tsz-Nga Wong Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH – (UXH)2 = 0 is a sufficient condition for the existence and uniqueness of monetary equilibrium with degenerate money distribution. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): D, D8, D83, E, E4, E40