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676 Results

Stressed but not Helpless: Strategic Behaviour of Banks Under Adverse Market Conditions

Staff Working Paper 2021-35 Grzegorz Halaj, Sofia Priazhkina
Our stress-testing tool considers banks under stress that can strategically manage their balance sheets. Using confidential Canadian supervisory data, we assess whether bank behaviour to maximize shareholder value can amplify a hypothetical stress scenario.

A Model of Costly Capital Reallocation and Aggregate Productivity

Staff Working Paper 2008-38 Shutao Cao
The author studies the effects of capital reallocation (the flow of productive capital across firms and establishments mainly through changes in ownership) on aggregate labour productivity. Capital reallocation is an important activity in the United States: on average, its total value is 3–4 per cent of U.S. GDP.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Productivity JEL Code(s): E, E2, E22, L, L1, L16

Credit Crunches from Occasionally Binding Bank Borrowing Constraints

Staff Working Paper 2017-57 Tom D. Holden, Paul Levine, Jonathan Swarbrick
We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings.

Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting

Staff Working Paper 2008-31 Césaire Meh, José-Víctor Ríos-Rull, Yaz Terajima
Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth – between households and the government, between nationals and foreigners, and between households within the same country.

What Can Stockouts Tell Us About Inflation? Evidence from Online Micro Data

Staff Working Paper 2021-52 Alberto Cavallo, Oleksiy Kryvtsov
Did supply disruptions and cost pressures play a role in rising inflation in 2020 during the COVID-19 pandemic? Using data collected from websites of large retailers in multiple sectors and countries, we show that shortages may indicate transitory inflationary pressures.
Content Type(s): Staff research, Staff working papers Research Topic(s): Coronavirus disease (COVID-19), Inflation and prices JEL Code(s): D, D2, D22, E, E3, E31, E37
May 5, 2015

Liquid Markets for a Solid Economy

Remarks Carolyn A. Wilkins Chambre de commerce du Montréal métropolitain Montréal, Quebec
Senior Deputy Governor Wilkins discusses funding and market liquidity, and announces consultations on the Bank’s market operations and emergency lending frameworks.

Output Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor Markets

Staff Working Paper 2016-36 Tomiyuki Kitamura, Tamon Takamura
In a simple two-sector New Keynesian model, sticky prices generate a counterfactual negative comovement between the output of durable and nondurable goods following a monetary policy shock. We show that heterogeneous factor markets allow any combination of strictly positive price stickiness to generate positive output comovement.
Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Monetary policy transmission JEL Code(s): E, E3, E31, E32, E5, E52

Human Capital Risk and the Firmsize Wage Premium

Staff Working Paper 2008-33 Danny Leung, Alexander Ueberfeldt
Why do employed persons in large firms earn more than employed persons in small firms, even after controlling for observable characteristics? Complementary to previous results, this paper proposes a mechanism that gives an answer to this question.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Labour markets, Productivity JEL Code(s): J, J2, J24, J3, J31
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