October 10, 2007
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2371
result(s)
Rediscounting Under Aggregate Risk with Moral Hazard
Staff Working Paper 2007-51
James Chapman,
Antoine Martin
Freeman (1999) proposes a model in which discount window lending and open market operations have different effects. This is important because in most of the literature, these policies are indistinguishable.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Financial markets,
Payment clearing and settlement systems
JEL Code(s):
E,
E5,
E58,
G,
G2,
G20
Do Firms Adjust Toward a Target Leverage Level?
Staff Working Paper 2007-50
Zhaoxia Xu
This paper studies capital structure adjustment mechanisms of firms that experience substantial changes in leverage.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G3,
G32
Examining Simple Joint Macroeconomic and Term-Structure Models: A Practitioner's Perspective
Staff Working Paper 2007-49
David Bolder,
Shudan Liu
The primary objective of this paper is to compare a variety of joint models of the term structure of interest rates and the macroeconomy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Financial markets,
Interest rates
JEL Code(s):
C,
C0,
C6,
E,
E4,
G,
G1
The Direct Effect of China on Canadian Consumer Prices: An Empirical Assessment
Staff Discussion Paper 2007-10
Louis Morel
The author investigates the direct effect of Chinese imported goods on consumer prices in Canada. On average, over the 2001–06 period, the direct effect of consumer goods imported from China is estimated to have reduced the inflation rate by about 0.1 percentage points per year. This disinflationary effect is due to two causes: first, the […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Inflation and prices
JEL Code(s):
E,
E3,
E31
Hedge Funds and Financial Stability: The State of the Debate
Staff Discussion Paper 2007-9
Michael R. King,
Philipp Maier
The authors review the state of the debate on hedge funds and the potential threat that hedge funds pose to financial stability. The collapse of a hedge fund or a group of hedge funds might pose a systemic risk directly by damaging systematically important financial institutions, or indirectly by increasing market volatility and generating a […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial stability,
Financial system regulation and policies
JEL Code(s):
G,
G1,
G15,
G18,
G2
The Bank of Canada's Version of the Global Economy Model (BoC-GEM)
Technical Report No. 98
René Lalonde,
Dirk Muir
The Bank of Canada's version of the Global Economy Model (BoC-GEM) is derived from the model created at the International Monetary Fund by Douglas Laxton (IMF) and Paolo Pesenti (Federal Reserve Bank of New York and National Bureau of Economic Research).
Content Type(s):
Staff research,
Technical reports
Topic(s):
Business fluctuations and cycles,
Economic models,
International topics
JEL Code(s):
C,
C6,
C68,
E,
E2,
E27,
E3,
E37,
F,
F3,
F32,
F4,
F47
Estimating and Comparing the Implied Cost of Equity for Canadian and U.S. Firms
Staff Working Paper 2007-48
Jonathan Witmer,
Lorie Zorn
This paper estimates the implied cost of equity for Canadian and U.S. firms using a methodology based on the dividend discount model and utilizing firms' current stock price and analysts' forecasted earnings.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G3,
G30,
G38
Price-Level Targeting
Staff Discussion Paper 2007-8
Agathe Côté
In November 2006, the Bank of Canada announced its intention to lead a concerted research program over the next few years on the type of monetary policy framework that would best contribute to the economic well-being of Canadians in the decades ahead. The research will focus on two broad questions: whether economic welfare might be […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58
A Note on Contestability in the Canadian Banking Industry
Staff Discussion Paper 2007-7
Jason Allen,
Ying Liu
The authors examine the degree of contestability in the Canadian banking system using the H-statistic proposed by Panzar and Rosse (1987) and modified by Bikker, Spierdijk, and Finnie (2006). A modification is necessary because the standard approach of controlling for size using total assets leads to an upward bias in the H-statistic. The authors propose […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions
JEL Code(s):
G,
G2,
G21,
L,
L1,
L11