The Private Equity Premium Puzzle Revisited Staff Working Paper 2011-6 Katya Kartashova In this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) on the returns to entrepreneurial investments in the United States. First, following the authors’ methodology I replicate the original findings from the Survey of Consumer Finances (SCF) for the period 1989–1998 and show that the returns to private and public equity are similar. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Interest rates, Recent economic and financial developments JEL Code(s): G, G1, G11, G12, G2, G24, G3, G31, G32
December 20, 2010 Strengthening the Infrastructure of Over-the-Counter Derivatives Markets Financial System Review - December 2010 Carolyn A. Wilkins, Elizabeth Woodman Content Type(s): Publications, Financial System Review articles
April 16, 2006 Bank of Canada Review - Spring 2006 Cover page Depression Scrip The examples of Depression scrip illustrated here are part of the National Currency Collection of the Bank of Canada. Content Type(s): Publications, Bank of Canada Review
Lessons from the Financial Crisis: Bank Performance and Regulatory Reform Staff Discussion Paper 2013-4 Neville Arjani, Graydon Paulin The financial systems of some countries fared materially better than others during the global financial crisis of 2007-09. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial institutions, Financial system regulation and policies JEL Code(s): G, G2, G21, G28
A Blessing in Disguise: The Implications of High Global Oil Prices for the North American Market Staff Working Paper 2013-23 Ron Alquist, Justin-Damien Guénette We examine the implications of increased unconventional crude oil production in North America. This production increase has been made possible by the existence of alternative oil-recovery technologies and persistently elevated oil prices that make these technologies commercially viable. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics, Recent economic and financial developments JEL Code(s): Q, Q4, Q41, Q43, Q47
February 17, 2011 Competition in the Canadian Mortgage Market Bank of Canada Review - Winter 2010-2011 Jason Allen This article begins with a brief examination of the Canadian mortgage market, focusing on the market’s evolution following changes to the Bank Act in 1992, which allowed chartered banks to enter the trust business, and the subsequent entrance of virtual banks and mortgage brokers. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Interest rates, Market structure and pricing, Monetary policy transmission
Endogenous Trade Participation with Incomplete Exchange Rate Pass-Through Staff Working Paper 2013-30 Yuko Imura This paper investigates the implications of endogenous trade participation for international business cycles, trade flow dynamics and exchange rate pass-through when price adjustments are staggered across firms. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Exchange rates, International topics JEL Code(s): F, F1, F12, F4, F44
The Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study Perspective Staff Discussion Paper 2022-21 Annetta Ho, Sriram Darbha, Yuliya Gorelkina, Alejandro García Our paper contributes to the discussion about the utility of stablecoins for retail payments through an objective, evidence-based approach that compares stablecoins with traditional retail payment methods. The paper also provides insights that could be useful in the design of central bank digital currencies. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): D, D7, D78, O, O3, O38
Monetary Policy Uncertainty: A Tale of Two Tails Staff Working Paper 2018-50 Tatjana Dahlhaus, Tatevik Sekhposyan We document a strong asymmetry in the evolution of federal funds rate expectations and map this observed asymmetry into measures of monetary policy uncertainty. We show that periods of monetary policy tightening and easing are distinctly related to downside (policy rate is higher than expected) and upside (policy rate is lower than expected) uncertainty. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Monetary policy and uncertainty, Monetary policy communications, Monetary policy transmission JEL Code(s): C, C1, C18, C3, C32, E, E0, E02, E4, E43, E5, E52
Efficiency and Economies of Scale of Large Canadian Banks Staff Working Paper 2005-13 Jason Allen, Ying Liu The authors measure the economies of scale of Canada's six largest banks and their costefficiency over time. Using a unique panel data set from 1983 to 2003, they estimate pooled translog cost functions and derive measures of relative efficiency and economies of scale. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions JEL Code(s): C, C3, C33, D, D2, D24, G, G2, G21