Staff working papers

• Unsecured Debt, Consumer Bankruptcy, and Small Business

  Staff Working Paper 2008-5 Césaire Meh, Yaz Terajima

  In this paper we develop a quantitative model of entrepreneurial activity (risk-taking) and consumer bankruptcy choices and use the model to study the effects of bankruptcy regulations on entrepreneurial activity, bankruptcy rate and welfare.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial stability, Financial system regulation and policies JEL Code(s): D, D3, D31, E, E2, E21, J, J2, J23

• What Affects MFP in the Long-Run? Evidence from Canadian Industries

  Staff Working Paper 2008-4 Danny Leung, Yi Zheng

  In this paper we explore variables that may have an impact on multifactor productivity (MFP) in the long-run using the KLEMS database for Canada. We estimate a dynamic heterogeneous panel error-correction model of twelve 2-digit level industries.

  Content Type(s): Staff research, Staff working papers Topic(s): Productivity JEL Code(s): C, C2, C23, D, D2, D24, O, O3, O30

• Adopting Price-Level Targeting under Imperfect Credibility

  Staff Working Paper 2008-3 Oleksiy Kryvtsov, Malik Shukayev, Alexander Ueberfeldt

  This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields higher welfare than inflation targeting.

  Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52