Stablecoin Assessment Framework
We offer relevant authorities a three-step assessment framework they can use to understand, identify and quantify the risks associated with stablecoin and other cryptocurrency arrangements.
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2433
result(s)
Examining the Impact of Home Purchase Restrictions on China’s Housing Market
Staff Working Paper 2021-18
Zhentong Lu,
Sisi Zhang,
Jian Hong
How do “cooling measures” in the housing market—policies aimed to stabilize prices—affect the market? We use a structural model of housing demand and price competition among developers to evaluate China’s home purchase restriction policies implemented in 2010–11.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Housing,
Market structure and pricing
JEL Code(s):
O,
O1,
O18,
R,
R3,
R31,
R38
Trade and Market Power in Product and Labor Markets
Staff Working Paper 2021-17
Gaelan MacKenzie
Trade liberalizations increase the sales and input purchases of productive firms relative to their less productive domestic competitors. This reallocation affects firms’ market power in their product and input markets. I quantify how the labour market power of employers affects the distribution and size of the gains from trade.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Economic models,
Labour markets,
Market structure and pricing,
Productivity,
Trade integration
JEL Code(s):
D,
D4,
D43,
F,
F1,
F12,
F6,
J,
L,
L1,
L13
How Long is Forever in the Laboratory? Three Implementations of an Infinite-Horizon Monetary Economy
Staff Working Paper 2021-16
Janet Hua Jiang,
Daniela Puzzello,
Cathy Zhang
Standard monetary models adopt an infinite horizon with discounting. Testing these models in the lab requires implementing this horizon within a limited time frame. We compare three approaches to such an implementation and discuss their relative advantages.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Central bank research,
Economic models,
Inflation and prices
JEL Code(s):
C,
C9,
C92,
D,
D8,
D83,
E,
E4,
E40
Labor Demand Response to Labor Supply Incentives: Lessons from the German Mini-Job Reform
Staff Working Paper 2021-15
Gabriela Galassi
How do firms change their employment decisions when tax benefits for low-earning workers are expanded? Some firms increase employment overall, whereas others replace high-earning workers with low-earning workers, according to German linked employer-employee data.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Economic models,
Firm dynamics,
Labour markets
JEL Code(s):
E,
E2,
E24,
E6,
E64,
H,
H2,
H20,
H24,
H3,
H32,
I,
I3,
I38,
J,
J2,
J23,
J3,
J38
What cured the TSX Equity index after COVID-19?
Staff Analytical Note 2021-3
Guillaume Ouellet Leblanc,
Jean-Sébastien Fontaine,
Ryan Shotlander
The TSX index rose by 9.5 percent in November 2020, adding large gains to an already sharp V-shaped recovery. The economic outlook improved at that time as well. We ask whether the stock market gains since last autumn are due to improving forecasts of firms’ earnings.
Content Type(s):
Staff research,
Staff analytical notes
Research Topic(s):
Asset pricing,
Coronavirus disease (COVID-19),
Financial markets
JEL Code(s):
G,
G1,
G12,
G14
Occasionally Binding Constraints in Large Models: A Review of Solution Methods
Staff Discussion Paper 2021-5
Jonathan Swarbrick
Solving macroeconomic models is difficult. One challenge is the occasionally binding constraint of the zero lower bound on nominal interest rates. This paper reviews various ways to solve models that include this feature.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Business fluctuations and cycles,
Economic models
JEL Code(s):
C,
C6
Non-bank financial intermediation in Canada: a pulse check
Staff Analytical Note 2021-2
Rohan Arora,
Guillaume Bédard-Pagé,
Philippe Besnier,
Hayden Ford,
Alan Walsh
The Canadian non-bank financial intermediation (NBFI) sector saw strong growth in 2018 and 2019. In 2020, COVID‑19 caused a financial shock. We provide a preliminary analysis on the impact of COVID‑19 on the sector as well as an update on its growth.
Content Type(s):
Staff research,
Staff analytical notes
Research Topic(s):
Coronavirus disease (COVID-19),
Financial institutions,
Financial markets,
Financial stability
JEL Code(s):
G,
G0,
G01,
G2,
G20,
G23
Secular Economic Changes and Bond Yields
Staff Working Paper 2021-14
Bruno Feunou,
Jean-Sébastien Fontaine
We investigate the economic forces behind the secular decline in bond yields. Before the anchoring of inflation in the mid-1990s, nominal shocks drove inflation, output and bond yields. Afterward, the impacts of nominal shocks were much less significant.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Asset pricing,
Econometric and statistical methods,
Interest rates,
Monetary policy and uncertainty,
Potential output
JEL Code(s):
E,
E4,
E43,
G,
G1,
G12
Debt-Relief Programs and Money Left on the Table: Evidence from Canada's Response to COVID-19
Staff Working Paper 2021-13
Jason Allen,
Robert Clark,
Shaoteng Li,
Nicolas Vincent
During the COVID-19 pandemic, Canadian financial institutions offered debt-relief programs to help borrowers cope with job losses and economic insecurity. We consider the low take-up rates for these programs and suggest that to be effective, such programs must be visible and easy to use.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Coronavirus disease (COVID-19),
Credit and credit aggregates,
Debt management
JEL Code(s):
G,
G3,
G31,
H,
H5