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2373
result(s)
Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies
Staff Working Paper 2017-5
Ben Fung,
Scott Hendry,
Warren E. Weber
This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58
Stability and Efficiency in Decentralized Two‐Sided Markets with Weak Preferences
Staff Working Paper 2017-4
Radoslav Raykov
Many decentralized markets are able to attain a stable outcome despite the absence of a central authority (Roth and Vande Vate, 1990). A stable matching, however, need not be efficient if preferences are weak. This raises the question whether a decentralized market with weak preferences can attain Pareto efficiency in the absence of a central matchmaker.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models
JEL Code(s):
C,
C7,
C78,
D,
D6,
D61
Price-Level Dispersion versus Inflation-Rate Dispersion: Evidence from Three Countries
Staff Working Paper 2017-3
David Fielding,
Christopher Hajzler,
James (Jim) C. MacGee
Inflation can affect both the dispersion of commodity-specific price levels across locations (relative price variability, RPV) and the dispersion of inflation rates (relative inflation variability, RIV). Some menu-cost models and models of consumer search suggest that the RIV-inflation relationship could differ from the RPV-inflation relationship.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices
JEL Code(s):
E,
E3,
E31,
E5,
E50
A Dynamic Factor Model for Nowcasting Canadian GDP Growth
Staff Working Paper 2017-2
Tony Chernis,
Rodrigo Sekkel
This paper estimates a dynamic factor model (DFM) for nowcasting Canadian gross domestic product. The model is estimated with a mix of soft and hard indicators, and it features a high share of international data.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods
JEL Code(s):
C,
C3,
C32,
C38,
C5,
C53,
E,
E3,
E37
Repo Market Functioning when the Interest Rate Is Low or Negative
Staff Discussion Paper 2017-3
Jean-Sébastien Fontaine,
James Hately,
Adrian Walton
This paper investigates how a low or negative overnight interest rate might affect the Canadian repo markets. The main conclusion is that the repo market for general collateral will continue to function effectively.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial markets,
Interest rates,
Market structure and pricing
JEL Code(s):
D,
D4,
G,
G1,
G10,
G12
Global Real Activity for Canadian Exports: GRACE
Staff Discussion Paper 2017-2
André Binette,
Tony Chernis,
Daniel de Munnik
Canadian exports have often disappointed since the Great Recession. The apparent disconnect between exports and the Bank of Canada’s current measure of foreign demand has created an impetus to search for an alternative.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Balance of payments and components,
Econometric and statistical methods,
Exchange rates
JEL Code(s):
F,
F1,
F10,
F14,
F4,
F43
An Improved Equation for Predicting Canadian Non-Commodity Exports
Staff Discussion Paper 2017-1
Patrick Alexander,
Jean-Philippe Cayen,
Alex Proulx
We estimate two new equations for Canadian non-commodity exports (NCX) that incorporate three important changes relative to the current equation used at the Bank of Canada.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Balance of payments and components,
Exchange rates,
International topics
JEL Code(s):
F,
F1,
F10,
F14,
F17
Terms-of-Trade and House Price Fluctuations: A Cross-Country Study
Staff Working Paper 2017-1
Paul Corrigan
Terms-of-trade shocks are known to be key drivers of business cycles in open economies. This paper argues that terms-of-trade shocks were also important for house price fluctuations in a panel of developed countries over the 1994–2015 period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Housing,
International topics
JEL Code(s):
C,
C3,
C32,
E,
E3,
E32,
E5,
E51,
F,
F3,
F36,
F4,
F41
Information Sharing and Bargaining in Buyer-Seller Networks
Staff Working Paper 2016-63
Sofia Priazhkina,
Frank H. Page
This paper presents a model of strategic buyer-seller networks with information exchange between sellers. Prior to engaging in bargaining with buyers, sellers can share access to buyers for a negotiated transfer. We study how this information exchange affects overall market prices, volumes and welfare, given different initial market conditions and information sharing rules.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Firm dynamics,
Market structure and pricing
JEL Code(s):
C,
C7,
C71,
C78,
D,
D2,
D21,
D4,
D43,
D8,
D85,
L,
L1,
L13