December 10, 2014
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287
result(s)
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
On the Importance of Sales for Aggregate Price Flexibility
Staff Working Paper 2014-45
Oleksiy Kryvtsov,
Nicolas Vincent
Macroeconomists have traditionally ignored the behavior of temporary price markdowns (“sales”) by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Inflation and prices,
Market structure and pricing,
Monetary policy transmission
JEL Code(s):
E,
E3,
E31,
E32,
E5,
E52,
L,
L1,
L11,
L2,
L25,
L8,
L81,
M,
M3,
M31
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
High-Frequency Trading Competition
Staff Working Paper 2014-19
Jonathan Brogaard,
Corey Garriott,
Anna Pomeranets
We analyze trading dynamics as successive high-frequency trading (HFT) firms begin to trade stocks in an equity market. Entrants compete with incumbents for volume, and there is crowding out.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G14,
G2,
G20,
L,
L1
Uncertain Costs and Vertical Differentiation in an Insurance Duopoly
Staff Working Paper 2014-14
Radoslav Raykov
Classical oligopoly models predict that firms differentiate vertically as a way of softening price competition, but some metrics suggest very little quality differentiation in the U.S. auto insurance market.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Market structure and pricing
JEL Code(s):
D,
D4,
D43,
D8,
D81,
G,
G2,
G22,
L,
L2,
L22
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
Technology Shocks, Labour Mobility and Aggregate Fluctuations
Staff Working Paper 2014-4
Daniela Hauser
We provide evidence regarding the dynamic behaviour of net labour flows across U.S. states in response to a positive technology shock. Technology shocks are identified as disturbances that increase relative state productivity in the long run for 226 state pairs, encompassing 80 per cent of labour flows across U.S. states in the 1976 - 2008 period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Labour markets
JEL Code(s):
E,
E2,
E24,
E3,
E32,
J,
J6,
J61
Heterogeneous Returns to U.S. College Selectivity and the Value of Graduate Degree Attainment
Staff Working Paper 2013-46
Mai Seki
Existing studies on the returns to college selectivity have mixed results, mainly due to the difficulty of controlling for selection into more-selective colleges based on unobserved ability.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets
JEL Code(s):
C,
C3,
C30,
I,
I2,
I21