November 19, 2015
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156
result(s)
The Carrot and the Stick: The Business Cycle Implications of Incentive Pay in the Labor Search Model
Staff Working Paper 2015-35
Julien Champagne
This paper considers a real business cycle model with labor search frictions where two types of incentive pay are explicitly introduced following the insights from the micro literature on performance pay (e.g. Lazear, 1986).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Labour markets
JEL Code(s):
E,
E2,
E24,
J,
J3,
J33,
J4,
J41
Managerial Compensation Duration and Stock Price Manipulation
Staff Working Paper 2015-25
Josef Schroth
I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Labour markets,
Recent economic and financial developments
JEL Code(s):
D,
D8,
D82,
G,
G1,
G14,
G3,
G30,
M,
M1,
M12
Changing Labour Market Participation Since the Great Recession: A Regional Perspective
Staff Discussion Paper 2015-2
Calista Cheung,
Dmitry Granovsky,
Gabriella Velasco
This paper discusses broad trends in labour force participation and part-time employment across different age groups since the Great Recession and uses provincial data to identify changes related to population aging, cyclical effects and other factors.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Labour markets,
Recent economic and financial developments,
Regional economic developments
JEL Code(s):
E,
E2,
E24,
E3,
E32,
J,
J1,
J2,
J21,
J6
Does Financial Integration Increase Welfare? Evidence from International Household-Level Data
Staff Working Paper 2015-4
Christian Friedrich
Despite a vast empirical literature that assesses the impact of financial integration on the economy, evidence of substantial welfare gains from consumption risk sharing remains elusive. While maintaining the usual cross-country perspective of the literature, this paper explicitly accounts for household heterogeneity and thus relaxes three restrictive assumptions that have featured prominently in the past.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International financial markets,
International topics,
Labour markets,
Recent economic and financial developments
JEL Code(s):
E,
E2,
E21,
F,
F3,
I,
I3,
I31
Measuring Potential Output at the Bank of Canada: The Extended Multivariate Filter and the Integrated Framework
Staff Discussion Paper 2015-1
Lise Pichette,
Pierre St-Amant,
Ben Tomlin,
Karine Anoma
Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is unobservable.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Economic models,
Inflation and prices,
Labour markets,
Productivity
JEL Code(s):
E,
E0,
E3,
E31,
E5,
E52
Labour Share Fluctuations in Emerging Markets: The Role of the Cost of Borrowing
Staff Working Paper 2014-47
Serdar Kabaca
This paper contributes to the literature by documenting labour income share fluctuations in emerging-market economies and proposing an explanation for them. Time-series data indicate that emerging markets differ from developed markets in terms of changes in the labour share over the business cycle.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Development economics,
Interest rates,
International topics,
Labour markets
JEL Code(s):
E,
E2,
E25,
E4,
E44,
F,
F4,
F41
Search Frictions, Financial Frictions and Labour Market Fluctuations in Emerging Markets
Staff Working Paper 2014-35
Sumru Altug,
Serdar Kabaca
This paper examines the role of the extensive and intensive margins of labour input in the context of a business cycle model with a financial friction. We document significant variation in the hours worked per worker for many emerging-market economies. Both employment and hours worked per worker are positively correlated with each other and with output.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Development economics,
Interest rates,
International topics,
Labour markets
JEL Code(s):
E,
E4,
E44,
F,
F4,
F41,
J,
J4,
J40
May 13, 2014
Beyond the Unemployment Rate: Assessing Canadian and U.S. Labour Markets Since the Great Recession
This article provides a broad perspective on the performance of the labour market in Canada and the United States since the Great Recession. It also presents a simple way to summarize much of this information in a single composite labour market indicator (LMI) for both countries. The LMI suggests that the unemployment rate in Canada has evolved largely in line with overall labour market conditions since the recession, but may have modestly overstated the extent of recent improvement. The U.S. unemployment rate, in contrast, appears to have substantially overstated the post-recession improvement in labour market conditions.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
International topics,
Labour markets,
Recent economic and financial developments
JEL Code(s):
E,
E2,
E24,
J,
J2,
J21,
J23
Labor Market Participation, Unemployment and Monetary Policy
Staff Working Paper 2014-9
Alessia Campolmi,
Stefano Gnocchi
We incorporate a participation decision in a standard New Keynesian model with matching frictions and show that treating the labor force as constant leads to incorrect evaluation of alternative policies.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Labour markets,
Monetary policy transmission
JEL Code(s):
E,
E2,
E24,
E3,
E32,
E5,
E52