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2378
result(s)
Complementing the Credit Risk Assessment of Financial Counterparties with Market-Based Indicators
Staff Analytical Note 2017-15
Guillaume Ouellet Leblanc,
Maarten van Oordt
The Bank’s internal credit risk assessment abilities are regularly enhanced. In this note, we present a recent innovation that extends the set of market-based indicators used in the credit risk assessment of financial counterparties.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Credit risk management,
Financial institutions
JEL Code(s):
G,
G1,
G10,
G2,
G24
Can the Canadian International Investment Position Stabilize a Slowing Economy?
Staff Analytical Note 2017-14
Maxime Leboeuf,
Chen Fan
In this note, we find that valuation effects can act as an important stabilizer, strengthening Canada’s net external wealth when its economic outlook worsens relative to that of other countries.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Balance of payments and components,
International financial markets
JEL Code(s):
F,
F2,
F21,
F3,
F32
Measuring Limits of Arbitrage in Fixed-Income Markets
Staff Working Paper 2017-44
Jean-Sébastien Fontaine,
Guillaume Nolin
We use relative value to measure limits to arbitrage in fixed-income markets. Relative value captures apparent deviations from no-arbitrage relationships. It is simple, intuitive and can be computed model-free for any bond.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Financial markets,
International financial markets
JEL Code(s):
G,
G1,
G12
The Mode is the Message: Using Predata as Exclusion Restrictions to Evaluate Survey Design
Staff Working Paper 2017-43
Heng Chen,
Geoffrey R. Dunbar,
Rallye Shen
Changes in survey mode (e.g., online, offline) may influence the values of survey responses, and may be particularly problematic when comparing repeated cross-sectional surveys.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C8
Redistributive Effects of a Change in the Inflation Target
Staff Analytical Note 2017-13
Robert Amano,
Thomas J. Carter,
Yaz Terajima
In light of the financial crisis and its aftermath, several economists have argued that inflation-targeting central banks should reconsider the level of their inflation targets. While the appropriate level for the inflation target remains an open question, it’s important to note that any transition to a new target would entail certain costs.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Inflation targets,
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58
Policy Rules for Capital Controls
Staff Working Paper 2017-42
Gurnain Pasricha
This paper attempts to borrow the tradition of estimating policy reaction functions in monetary policy literature and apply it to capital controls policy literature. Using a novel weekly dataset on capital controls policy actions in 21 emerging economies over the period 1 January 2001 to 31 December 2015, I examine the mercantilist and macroprudential motivations for capital control policies.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rate regimes,
Financial stability,
Financial system regulation and policies,
International topics
JEL Code(s):
F,
F3,
F4,
F5,
G,
G0,
G1
Global Trade Flows: Revisiting the Exchange Rate Elasticities
Staff Working Paper 2017-41
Matthieu Bussière,
Guillaume Gaulier,
Walter Steingress
This paper contributes to the debate on the magnitude of exchange rate elasticities by providing a set of price and quantity elasticities for 51 advanced and emerging-market economies. Specifically, for each of these countries we report the elasticity of trade prices and trade quantities on both the export and on the import sides, as well as the reaction of the trade balance.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Inflation and prices,
International topics
JEL Code(s):
C,
C5,
C51,
F,
F1,
F14,
F3,
F31,
F33,
F4,
F41
Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan
Staff Working Paper 2017-40
Thuy Lan Nguyen,
Dmitriy Sergeyev,
Wataru Miyamoto
Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Fiscal policy
JEL Code(s):
E,
E3,
E32,
E5,
E6,
E62
What’s Up with Unit Non-Response in the Bank of Canada’s Business Outlook Survey? The Effect of Staff Tenure
Staff Discussion Paper 2017-11
Sarah Miller,
David Amirault,
Laurent Martin
Since 1997, the Bank of Canada’s regional offices have been conducting the Business Outlook Survey (BOS), a quarterly survey of business conditions. Survey responses are gathered through face-to-face, confidential consultations with a sample of private sector firms representative of the various sectors, firm sizes and regions across Canada.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods,
Firm dynamics,
Regional economic developments
JEL Code(s):
C,
C2,
C21,
C8,
C81,
D,
D2,
D22