May 31, 2017
Staff research, Publications
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May 30, 2017
Quarterly Financial Report - First Quarter 2017
Quarterly Financial Report - First Quarter 2017 - For the period ended 31 March 2017 -
Volatility Risk and Economic Welfare
This paper examines the effects of time-varying volatility on welfare. I construct a tractable endogenous growth model with recursive preferences, stochastic volatility, and capital adjustment costs. -
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May 25, 2017
Project Jasper: Are Distributed Wholesale Payment Systems Feasible Yet?
This report describes a joint endeavour between public and private sectors to explore a wholesale payment system based on distributed ledger technology (DLT). They find that a stand-alone DLT system is unlikely to be as beneficial as a centralized payment system in terms of core operating costs; however, it could increase financial system efficiency as a result of integration with the broader financial market infrastructure.
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Assessing the Predictive Ability of Sovereign Default Risk on Exchange Rate Returns
Increased sovereign credit risk is often associated with sharp currency movements. Therefore, expectations of the probability of a sovereign default event can convey important information regarding future movements of exchange rates. -
The Welfare Effects of Protection: A General Equilibrium Analysis of Canada’s National Policy
In this paper, we study the impact of Canada’s adoption of protectionist trade policy in 1879 on Canadian welfare. Under the National Policy the Canadian average weighted tariff increased from 14% to 21%. The conventional view is that this was a distortionary policy that negatively affected Canadian welfare. -