April 1, 2016
Staff research, Publications
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April 1, 2016
Senior Loan Officer Survey - First-Quarter 2016
The survey results suggest that overall business-lending conditions continued to tighten slightly, on balance, during the first quarter of 2016. -
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A Bitcoin Standard: Lessons from the Gold Standard
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange that would exist under the Bitcoin standard. -
March 31, 2016
Research Update - March 2016
This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. -
Canadian Labour Market Dispersion: Mind the (Shrinking) Gap
Shocks to a currency area can and often do have asymmetric impacts on its regions that, in the absence of perfect labour mobility, lead to gaps in relative labour market performance. Witness, for example, the effects of the 2008/09 recession and subsequent financial crisis in Europe on the dispersion of employment rates across the euro area – and to a lesser extent the United States. -
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Government Corruption and Foreign Direct Investment Under the Threat of Expropriation
Foreign investment is often constrained by two forms of political risk: expropriation and corruption. We examine the role of government corruption in foreign direct investment (FDI) when contracts are not fully transparent and investors face the threat of expropriation. -
March 24, 2016
Annual Report 2015
The Annual Report provides an account of the Bank’s management, activities and achievements in 2015; it includes the financial statements and a message from Governor Stephen S. Poloz. -
Capital Structure, Pay Structure and Job Termination
We develop a model to analyze the link between financial leverage, worker pay structure and the risk of job termination. Contrary to the conventional view, we show that even in the absence of any agency problem among workers, variable pay can be optimal despite workers being risk averse and firms risk neutral.