May 13, 2014
Staff research, Publications
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May 13, 2014
Bank of Canada Review - Spring 2014
The five articles in this issue present research and analysis by Bank staff covering a variety of topics: the growth of Canadian-dollar-denominated assets in official foreign reserves; the emergence of platform-based digital currencies; methods of forecasting the real price of oil; measures of uncertainty in monetary policy; and the recent performance of the labour market in Canada and the United States. -
High-Frequency Trading Competition
We analyze trading dynamics as successive high-frequency trading (HFT) firms begin to trade stocks in an equity market. Entrants compete with incumbents for volume, and there is crowding out. -
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Interest on Cash, Fundamental Value Process and Bubble Formation on Experimental Asset Markets
We study the formation of price bubbles on experimental asset markets where cash earns interest. There are two main conclusions. -
Multiple Fixed Effects in Binary Response Panel Data Models
This paper considers the adaptability of estimation methods for binary response panel data models to multiple fixed effects. It is motivated by the gravity equation used in international trade, where important papers such as Helpman, Melitz and Rubinstein (2008) use binary response models with fixed effects for both importing and exporting countries. -
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