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317 Results

Market Size and Entry in International Trade: Product Versus Firm Fixed Costs

Staff Working Paper 2018-43 Walter Steingress
This paper develops a theoretical framework to infer the nature of fixed costs from the relationship between entry patterns in international markets and destination market size. If fixed costs are at the firm level, firms take advantage of an intrafirm spillover by expanding firm-level product range (scope).

Estimating the Impacts of Tariff Changes: Two Illustrative Scenarios

Staff Analytical Note 2018-29 Karyne B. Charbonneau, Anthony Landry
We build upon new developments in the international trade literature to construct a quantitative Ricardian framework similar to Caliendo and Parro (2015) to isolate and estimate the long-run economic impacts of tariff changes.

Responding to the First Era of Globalization: Canadian Trade Policy, 1870–1913

Staff Working Paper 2018-42 Ian Keay, Patrick Alexander
In this paper we document Canada’s trade policy response to late-nineteenth- and earlytwentieth-century globalization. We link newly digitized annual product-specific data on the value of Canadian imports and duties paid from 1870–1913 to establishment-specific production and location information drawn from the manuscripts of the 1871 industrial census.

Weakness in Non-Commodity Exports: Demand versus Supply Factors

Staff Analytical Note 2018-28 José Dorich, Vadym Lepetyuk, Jonathan Swarbrick
We use the Terms-of-Trade Economic Model (ToTEM) to conduct demand- and supply-driven simulations, both of which deliver weakness in Canadian non-commodity exports relative to foreign activity in line with recent data.

Characterizing Canada’s Export Sector by Industry: A Supply-Side Perspective

Staff Analytical Note 2018-27 Taylor Webley
This note examines supply-side trends in Canadian non-energy industries and their implications for export performance. Between 2002 and 2016, capital stocks and total labour input declined in many industries that export non-energy goods. These soft trends in the factors of production have likely contributed to the decline in non-energy exports in about half of the goods industries analyzed in this note.
Content Type(s): Staff research, Staff analytical notes Topic(s): International topics, Productivity JEL Code(s): E, E2, E22, E23, E24, F, F1, F19

Decomposing Canada’s Market Shares: An Update

Staff Analytical Note 2018-26 Nicholas Labelle
Building on the shift-share analysis of Barnett and Charbonneau (2015), this note decomposes Canada’s market shares in the United States, Europe and China for imports of non-energy goods into competitiveness, preference shifts and an interaction term. We find that, despite the depreciation of the dollar, Canada continued to lose market share over 2014–17 (around 0.4 percentage points lost per year on average over four years).
Content Type(s): Staff research, Staff analytical notes Topic(s): International topics JEL Code(s): F, F1, F10, F14, F4

What Is Restraining Non-Energy Export Growth?

This note summarizes the key findings from Bank of Canada staff analytical work examining the reasons for the recent weakness in Canadian non-energy exports. Canada steadily lost market share in US non-energy imports between 2002 and 2017, mostly reflecting continued and broad-based competitiveness losses.

The Extensive Margin of Trade and Monetary Policy

Staff Working Paper 2018-37 Yuko Imura, Malik Shukayev
This paper studies the effects of monetary policy shocks on firms’ participation in exporting. We develop a two-country dynamic stochastic general equilibrium model in which heterogeneous firms make forward-looking decisions on whether to participate in the export market and prices are staggered across firms and time.

Sources of Borrowing and Fiscal Multipliers

Staff Working Paper 2018-32 Romanos Priftis, Srecko Zimic
This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents).

Does Outward Foreign Investment Matter for Canadian Productivity? Evidence from Greenfield Investments

Staff Working Paper 2018-31 Naveen Rai, Lena Suchanek, Maria Bernier
This paper seeks to understand how outward foreign direct investment (FDI) affects the productivity of Canadian firms. We estimate the impact of outward greenfield investment on measures of firm-level productivity using FDI data from roughly 2,000 Canadian firms and more than 4,000 outward FDI projects over the 2003–14 period.
Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Productivity JEL Code(s): D, D2, D24, F, F2, F21, F23
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