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36 Results

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.

International Transmission of Credit Shocks in an Equilibrium Model with Production Heterogeneity

Staff Working Paper 2015-19 Yuko Imura, Julia Thomas
Many policy-makers and researchers view the recent financial and real economic crises across North America, Europe and beyond as a global phenomenon. Some have argued that this global recession has a common source: the U.S. financial crisis.
November 13, 2014

Firm Strategy, Competitiveness and Productivity: The Case for Canada

At a time when the Bank is expecting a rotation of demand toward exports and investment, and transformative global trends are placing increasing emphasis on innovation, technology and organizational learning, an understanding of the competitiveness strategies of Canadian firms and the factors affecting them has become particularly relevant. This article summarizes findings from a Bank of Canada survey of 151 firms designed to extract signals on elements of firm strategy and organizational capital in order to help inform the macroeconomic outlook.

Credit Market Frictions and Sudden Stops

Staff Working Paper 2014-49 Yuko Imura
Financial crises in emerging economies in the 1980s and 1990s often entailed abrupt declines in foreign capital inflows, improvements in trade balance, and large declines in output and total factor productivity (TFP).

Real and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment

Staff Working Paper 2009-36 Michael K. Johnston
Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identified from time series. I evaluate the plausibility of capital specificity as a source of real rigidities using a two-dimensional generalized (s,S) model calibrated to micro evidence.
Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy transmission JEL Code(s): E, E1, E12, E2, E22, E3, E31

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 Topic(s): Economic models, Productivity JEL Code(s): E, E2, E22, L, L1, L16

Corporate Balance Sheets in Developed Economies: Implications for Investment

Staff Working Paper 2007-24 Denise Côté, Christopher Graham
In this paper, the authors examine the aggregate national balance-sheets of non-financial corporations in Australia and the G7 countries with a view to assessing both their financial structure and their financial position. More importantly, the authors investigate whether the financial position of non-financial corporations (i.e., debt-to-equity ratio) is material to the economy's investment prospects and whether the importance of this channel differs depending on the structure of corporate financing i.e., bank-based or market-oriented financing structures.
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