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2360
result(s)
Combining Canadian Interest-Rate Forecasts
Staff Working Paper 2008-34
David Bolder,
Yuliya Romanyuk
Model risk is a constant danger for financial economists using interest-rate forecasts for the purposes of monetary policy analysis, portfolio allocations, or risk-management decisions. Use of multiple models does not necessarily solve the problem as it greatly increases the work required and still leaves the question "which model forecast should one use?"
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Interest rates
JEL Code(s):
C,
C1,
C11,
E,
E4,
E43,
E47
The Impact of Sovereign Wealth Funds on International Financial Stability
Staff Discussion Paper 2008-14
Tamara Gomes
Over the recent period, many emerging-market economies and commodity-exporting nations have experienced unprecedented growth and accumulated substantial amounts of foreign exchange reserves. The management of these foreign reserves has led to the emergence of important financial actors: sovereign wealth funds (SWFs).
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial stability,
Recent economic and financial developments
JEL Code(s):
F,
F2,
F21,
F3,
F31,
F32,
G,
G1,
G15
What To Do about Bilateral Credit Limits in the LVTS When a Closure Is Anticipated: Risk versus Liquidity Sharing among LVTS Participants
Staff Discussion Paper 2008-13
Sean O'Connor,
Greg Caldwell
The authors examine the effect of a trade-off between shared credit risk and liquidity efficiency, among participants in Tranche 2 of the Large Value Transfer System (LVTS T2), on their decisions to leave open, or close, their bilateral credit limits (BCLs) to a participant at risk of imminent closure.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
G,
G2,
G21,
L,
L1,
L13,
L14
Human Capital Risk and the Firmsize Wage Premium
Staff Working Paper 2008-33
Danny Leung,
Alexander Ueberfeldt
Why do employed persons in large firms earn more than employed persons in small firms, even after controlling for observable characteristics? Complementary to previous results, this paper proposes a mechanism that gives an answer to this question.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Labour markets,
Productivity
JEL Code(s):
J,
J2,
J24,
J3,
J31
Market Structure and the Diffusion of E-Commerce: Evidence from the Retail Banking Industry
Staff Working Paper 2008-32
Jason Allen,
Robert Clark,
Jean-François Houde
This paper studies the role that market structure plays in affecting the diffusion of electronic banking. Electronic banking (and electronic commerce more generally) reduces the cost of performing many types of transactions for firms.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Market structure and pricing
JEL Code(s):
D,
D1,
D14,
D4,
G,
G2,
G21,
L,
L1
September 15, 2008
Productivity in Canada: Does Firm Size Matter?
The research findings highlighted in this article suggest that firm-size differences play a significant role in explaining the productivity gap between Canada and the United States. The authors review factors that lead to a positive relationship between productivity and size and then look at Canadian evidence of this relationship at the firm level. They quantify the extent to which the change in Canadian productivity as well as the Canada-U.S. productivity differences can be accounted for by the change in the importance of large firms and identify several factors that play a role in determining average firm size and aggregate productivity.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Productivity
September 15, 2008
Offshoring and Its Effects on the Labour Market and Productivity: A Survey of Recent Literature
Offshoring has become an increasingly prominent aspect of the globalization process. Evidence over the past two decades suggests that offshoring has not exerted a noticeable impact on overall employment and earnings growth in advanced economies, but it has likely contributed to shifting the demand for labour towards higher-skilled jobs. There appear to be some positive effects of offshoring on productivity, but such effects differ by country.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
International topics,
Labour markets,
Productivity
September 15, 2008
Adjusting to the Commodity-Price Boom: The Experiences of Four Industrialized Countries
Between 2002 and 2008, global commodity prices rose to unprecedented levels. This article examines the process of adjustment to the commodity boom in four industrialized, commodity-exporting countries (Australia, Canada, New Zealand, and Norway). The article focuses on both the direct adjustment within the commodity-producing sectors (via increased employment and capital spending) and the indirect adjustment in the macro economy. The analysis finds that the indirect adjustment process, which was triggered by the increase in incomes that the commodity-price boom generated, has been the most important part of the adjustment in all four economies. Through this channel, aggregate demand rose, exchange rates appreciated, and adjustment was facilitated in other sectors, such as manufacturing and construction.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
International topics,
Recent economic and financial developments
September 15, 2008
The Effects of Recent Relative Price Movements on the Canadian Economy
Although the standard of living of Canadians has improved as a result of terms-of-trade gains created by the sharp rise in real commodity prices over the past five years or so, the commodity-price increase, combined with an exchange rate appreciation and real income gain, triggered structural adjustments by altering underlying economic incentives. The frictions generated in adjusting to the relative price shock have likely contributed to hold back aggregate productivity growth. Dupuis and Marcil examine the structural adjustments that have been required-in particular, the resource reallocation among the different sectors of the economy-and its effects on employment, output, and productivity, as well as the responses of final domestic demand and external trade flows.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Productivity,
Recent economic and financial developments