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1320
result(s)
The Trend Unemployment Rate in Canada: Searching for the Unobservable
Staff Working Paper 2019-13
Dany Brouillette,
Marie-Noëlle Robitaille,
Laurence Savoie-Chabot,
Pierre St-Amant,
Bassirou Gueye,
Elise Nelson
In this paper, we assess several methods that have been used to measure the Canadian trend unemployment rate (TUR). We also consider improvements and extensions to some existing methods.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Inflation and prices,
Labour markets
JEL Code(s):
C,
C5,
C52,
C53,
E,
E2,
E24,
E27
Local Labor Markets in Canada and the United States
Staff Working Paper 2019-12
David Albouy,
Alex Chernoff,
Chandler Lutz,
Casey Warman
We examine local labor markets in the United States and Canada from 1990 to 2011 using comparable household and business data. Wage levels and inequality rise with city population in both countries, albeit less in Canada.
Do Survey Expectations of Stock Returns Reflect Risk Adjustments?
Staff Working Paper 2019-11
Klaus Adam,
Dmitry Matveev,
Stefan Nagel
Motivated by the observation that survey expectations of stock returns are inconsistent with rational return expectations under real-world probabilities, we investigate whether alternative expectations hypotheses entertained in the literature on asset pricing are consistent with the survey evidence.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Economic models,
Financial markets
JEL Code(s):
G,
G1,
G10,
G12
Limiting Sender’s Information in Bayesian Persuasion
Staff Working Paper 2019-10
Shota Ichihashi
This paper studies how the outcome of Bayesian persuasion depends on a sender’s information. I study a game in which, prior to the sender’s information disclosure, the designer can restrict the most informative signal that the sender can generate.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models
JEL Code(s):
D,
D8,
D82,
D83
Inflation Targeting and Liquidity Traps Under Endogenous Credibility
Staff Working Paper 2019-9
Cars Hommes,
Joep Lustenhouwer
Policy implications are derived for an inflation-targeting central bank, whose credibility is endogenous and depends on its past ability to achieve its targets. This is done in a New Keynesian framework with heterogeneous and boundedly rational expectations.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Credibility,
Monetary policy
JEL Code(s):
C,
C6,
C62,
E,
E3,
E32,
E5,
E52
Macroprudential Policy with Capital Buffers
Staff Working Paper 2019-8
Josef Schroth
The countercyclical capital buffer is part of Basel III, the set of regulatory measures developed in response to the financial crisis of 2007–09. This study focuses on how time-varying capital buffers can address inefficiencies in economies with endogenous financial crises.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Credit and credit aggregates,
Credit risk management,
Financial stability,
Financial system regulation and policies,
Lender of last resort
JEL Code(s):
E,
E1,
E13,
E3,
E32,
E4,
E44
Inequality in Parental Transfers, Borrowing Constraints and Optimal Higher Education Subsidies
Staff Working Paper 2019-7
Youngmin Park
This paper studies optimal education subsidies when parental transfers are unequally distributed across students and cannot be publicly observed. After documenting substantial inequality in parental transfers among US college students with similar family resources, I examine its implications for how the education subsidy should vary with schooling level and family resources to minimize inefficiencies generated by borrowing constraints.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Fiscal policy,
Potential output,
Productivity
JEL Code(s):
D,
D1,
D14,
D6,
D61,
D64,
D8,
D82,
I,
I2,
I22,
J,
J2,
J24
The Distributional Effects of Conventional Monetary Policy and Quantitative Easing: Evidence from an Estimated DSGE Model
Staff Working Paper 2019-6
Stefan Hohberger,
Romanos Priftis,
Lukas Vogel
This paper compares the distributional effects of conventional monetary policy and quantitative easing (QE) within an estimated open-economy DSGE model of the euro area.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Interest rates,
Monetary policy,
Monetary policy transmission
JEL Code(s):
E,
E4,
E44,
E5,
E52,
F,
F4,
F41
Corporate Debt Composition and Business Cycles
Staff Working Paper 2019-5
Jelena Zivanovic
Based on empirical evidence, I propose a dynamic stochastic general equilibrium model with two financial sectors to analyze the role of corporate debt composition (bank versus bond financing) in the transmission of economic shocks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Financial institutions,
Financial markets,
Recent economic and financial developments
JEL Code(s):
E,
E3,
E32,
E4,
E44