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300 Results

An Overview of Carbon Markets and Emissions Trading: Lessons for Canada

Staff Discussion Paper 2008-1 Michael R. King
The author provides an overview of carbon markets and explains how emissions trading can be important in encouraging the reduction of CO2 emissions in an efficient manner. He describes the key steps in establishing a cap-and-trade system, and reviews the European experiences with emissions trading. He highlights the lessons learned from the EU Emissions Trading […]

Implications of Asymmetry Risk for Portfolio Analysis and Asset Pricing

Staff Working Paper 2007-47 Fousseni Chabi-Yo, Dietmar Leisen, Eric Renault
Asymmetric shocks are common in markets; securities' payoffs are not normally distributed and exhibit skewness. This paper studies the portfolio holdings of heterogeneous agents with preferences over mean, variance and skewness, and derives equilibrium prices.

Micro Foundations of Price-Setting Behaviour: Evidence from Canadian Firms

Staff Working Paper 2007-31 Daniel de Munnik, Kuan Xu
How do firms adjust prices in the marketplace? Do they tend to adjust prices infrequently in response to changes in market conditions? If so, why? These remain key questions in macroeconomics, particularly for central banks that work to keep inflation low and stable.

Firms Dynamics, Bankruptcy Laws and Total Factor Productivity

Staff Working Paper 2007-17 Hajime Tomura
This paper analyzes endogenous fluctuations in total factor productivity (TFP) in a dynamic general equilibrium model with heterogeneous agents, and illustrates the interaction of credit market frictions, asset prices, the entry and exit of firms, and fluctuations in TFP in response to firm-level productivity and aggregate credit-market shocks. I also analyze the effect of bankruptcy and foreclosure laws on fluctuations in TFP through their effect on credit market frictions.
Content Type(s): Staff research, Staff working papers Topic(s): Financial stability, Productivity JEL Code(s): D, D2, D24, E, E4, E44, G, G3, G33

Education and Self-Employment: Changes in Earnings and Wealth Inequality

Staff Working Paper 2006-40 Yaz Terajima
The author quantitatively studies the interaction between education and occupation choices and its implication for the relationship between the changes in earnings inequality and the changes in wealth inequality in the United States over the 1983–2001 period.
Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Labour markets JEL Code(s): D, D3, D31, I, I2, I21, J, J2, J23
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