December 8, 2011 Strengthening Bank Management of Liquidity Risk: The Basel III Liquidity Standards Financial System Review - December 2011 Natasha Khan, Tamara Gomes Content Type(s): Publications, Financial System Review articles
Markups in Canada: Have They Changed and Why? Staff Working Paper 2008-7 Danny Leung Many empirical studies have examined the cyclical nature of the markup ratio. Until recently, few have attempted to ascertain the changes in the markup over a longer time horizon. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): E, E3, E31, F, F4, F41, L, L1, L11
Firm Heterogeneity, Technological Adoption, and Urbanization: Theory and Measurement Staff Working Paper 2017-27 Alex Chernoff This paper develops a model of firm heterogeneity, technological adoption, and urbanization. In the model, welfare is measured by household real income, and urbanization is measured by population density. I use the model to derive statistics that measure the effect of a new technology on productivity, welfare, and urbanization. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Productivity, Regional economic developments JEL Code(s): N, N6, N61, O, O1, O14, R, R1, R13
October 20, 2006 MUSE: The Bank of Canada's New Projection Model of the U.S. Economy Bank of Canada Review - Autumn 2006 Marc-André Gosselin, René Lalonde, Nicolas Parent Staff projections provided for the Bank of Canada's monetary policy decision process take into account the integration of Canada's very open economy within the global economy, as well as its close real and financial linkages with the United States. To provide inputs for this projection, the Bank has developed several models, including MUSE, NEUQ (the New European Quarterly Model), and BoC-GEM (Bank of Canada Global Economy Model), to analyze and forecast economic developments in the rest of the world. The authors focus on MUSE, the model currently used to describe interaction among the principal U.S. economic variables, including gross domestic product, inflation, interest rates, and the exchange rate. Brief descriptions are also provided of NEUQ and BoC-GEM. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Econometric and statistical methods, Economic models, International topics
What Drives Bitcoin Fees? Using Segwit to Assess Bitcoin's Long-Run Sustainability Staff Working Paper 2022-2 Colin Brown, Jonathan Chiu, Thorsten Koeppl We explore what drives transaction fees in the Bitcoin system and consider whether Bitcoin can remain tamper proof in the long run. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): E, E4, E42, G, G2
Are There Canada-U.S. Differences in SME Financing? Staff Working Paper 2008-41 Danny Leung, Césaire Meh, Yaz Terajima Previous surveys of Canadian and U.S. business owners suggest that access to financing in Canada may be more problematic than in the United States. Using the 2003 Survey of Small Business Financing in the United States and the 2004 Survey on Financing of Small and Medium Enterprises in Canada, this paper examines whether this perception can be better quantified. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial services JEL Code(s): C, C2, C21, G, G2, G21
A Model of Tiered Settlement Networks Staff Working Paper 2008-12 James Chapman, Jonathan Chiu, Miguel Molico This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure. Content Type(s): Staff research, Staff working papers Research Topic(s): Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, G, G2, G21
Real Exchange Rate Persistence in Dynamic General-Equilibrium Sticky-Price Models: An Analytical Characterization Staff Working Paper 2003-35 Hafedh Bouakez This paper assesses analytically the ability of dynamic general-equilibrium sticky-price models to generate persistent real exchange rate fluctuations. It develops a tractable general-equilibrium model with Calvo-type price stickiness. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Exchange rates, International topics JEL Code(s): F, F3, F31, F4, F41
Heterogeneity in the Dynamic Effects of Uncertainty on Investment Staff Working Paper 2015-34 Sungje Byun, Soojin Jo How does aggregate profit uncertainty influence investment activity at the firm level? We propose a parsimonious adaptation of a factor-autoregressive conditional heteroscedasticity model to exploit information in a subindustry sales panel for an efficient and tractable estimation of aggregate volatility. Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components, Econometric and statistical methods, International topics JEL Code(s): C, C2, C22, C23, D, D8, D80, E, E2, E22
What cured the TSX Equity index after COVID-19? Staff Analytical Note 2021-3 Guillaume Ouellet Leblanc, Jean-Sébastien Fontaine, Ryan Shotlander The TSX index rose by 9.5 percent in November 2020, adding large gains to an already sharp V-shaped recovery. The economic outlook improved at that time as well. We ask whether the stock market gains since last autumn are due to improving forecasts of firms’ earnings. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Asset pricing, Coronavirus disease (COVID-19), Financial markets JEL Code(s): G, G1, G12, G14