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1320
result(s)
Contagion in Dealer Networks
Staff Working Paper 2020-1
Jean-Sébastien Fontaine,
Adrian Walton
Dealers connect investors who want to buy or sell securities in financial markets. Over time, dealers and investors form trading networks to save time and resources. An emerging field
of research investigates how networks form.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
G,
G1,
G2,
G21,
L,
L1,
L14
Monetary Policy and Government Debt Dynamics Without Commitment
Staff Working Paper 2019-52
Dmitry Matveev
I show that maturity considerations affect the optimal conduct of monetary and fiscal policy during a period of government debt reduction. I consider a New Keynesian model and study a dynamic game of monetary and fiscal policy authorities without commitment, characterizing the incentives that drive the choice of interest rate.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Fiscal policy,
Monetary policy
JEL Code(s):
E,
E5,
E52,
E6,
E62,
E63
Technology Adoption in Input-Output Networks
Staff Working Paper 2019-51
Xintong Han,
Lei Xu
We study how input-output networks affect the speed of technology adoption. In particular, we model the decision to adopt the programming language Python 3 by software packages. Python 3 provides advanced features but is not backward compatible with Python 2, which implies it comes with adoption costs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Firm dynamics,
Productivity
JEL Code(s):
C,
C6,
C61,
L,
L2,
L23,
L8,
L86,
O,
O1,
O14,
O3,
O33
Monetary Payoff and Utility Function in Adaptive Learning Models
Staff Working Paper 2019-50
Erhao Xie
When players repeatedly face an identical or similar game (e.g., coordination game, technology adoption game, or product choice game), they may learn through experience to perform better in the future. This learning behaviour has important economic implications.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Economic models
JEL Code(s):
C,
C5,
C57,
C7,
C72,
C9,
C92
On the Evolution of Multiple Jobholding in Canada
Staff Working Paper 2019-49
Olena Kostyshyna,
Etienne Lalé
The number of workers who hold more than one job (a.k.a. multiple jobholders) has increased recently in Canada. While this seems to echo the view that non-standard work arrangements are becoming pervasive, the increase has in fact been trivial compared with the long-run rise of multiple jobholding that has occurred since the mid-1970s.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Labour markets
JEL Code(s):
E,
E2,
E24,
J,
J2,
J21,
J22,
J6,
J60
Model Uncertainty and Wealth Distribution
Staff Working Paper 2019-48
Edouard Djeutem,
Shaofeng Xu
This paper studies the implications of model uncertainty for wealth distribution in a tractable general equilibrium model with a borrowing constraint and robustness à la Hansen and Sargent (2008). Households confront model uncertainty about the process driving the return of the risky asset, and they choose robust policies.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Business fluctuations and cycles,
Economic models
JEL Code(s):
D,
D3,
D8,
E,
E2
Loan Insurance, Market Liquidity, and Lending Standards
Staff Working Paper 2019-47
Toni Ahnert,
Martin Kuncl
We examine loan insurance—credit risk transfer upon origination—in a model in which lenders can screen, learn loan quality over time, and can sell loans. Some lenders with low screening ability insure, benefiting from higher market liquidity of insured loans while forgoing the option to exploit future information about loan quality.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial markets,
Financial system regulation and policies
JEL Code(s):
G,
G0,
G01,
G2,
G21,
G28
Extreme Downside Risk in Asset Returns
Staff Working Paper 2019-46
Lerby Ergun
Financial markets can experience sudden and extreme downward movements. Investors are highly concerned about the performance of their assets in such scenarios. Some assets perform badly in a downturn in the market; others have milder reactions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C14,
G,
G1,
G11,
G12
What Do Survey Data Tell Us About US Businesses?
Staff Working Paper 2019-45
Anmol Bhandari,
Serdar Birinci,
Ellen McGrattan,
Kurt See
This paper examines the reliability of survey data on business incomes, valuations, and rates of return, which are key inputs for studies of wealth inequality and entrepreneurial choice.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Firm dynamics
JEL Code(s):
C,
C8,
C83,
E,
E2,
E22,
H,
H2,
H25