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287
result(s)
Unemployment Fluctuations in a Small Open-Economy Model with Segmented Labour Markets: The Case of Canada
Staff Working Paper 2013-40
Yahong Zhang
The recent financial crisis and subsequent recession have spurred great interest in the sources of unemployment fluctuations. Previous studies predominantly assume a single economy-wide labour market, and therefore abstract from differences across sectorspecific labour markets in the economy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Labour markets
JEL Code(s):
E,
E3,
E32,
E4,
E44,
J,
J6
November 14, 2013
Fragmentation in Canadian Equity Markets
Changes in technology and regulation have resulted in an increasing number of trading venues in equity markets in Canada. New trading platforms have intensified price competition and have encouraged innovation, and they do not appear to have segmented trade. But the increasingly complex market structure has necessitated investments in expensive technology and has introduced new operational risks. Regulatory responses should be carefully adapted to retain the competition and innovation associated with this market fragmentation.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial institutions,
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G2,
L,
L1,
L13,
N,
N2,
N22
Volatility and Liquidity Costs
Staff Working Paper 2013-29
Selma Chaker
Observed high-frequency prices are contaminated with liquidity costs or market microstructure noise. Using such data, we derive a new asset return variance estimator inspired by the market microstructure literature to explicitly model the noise and remove it from observed returns before estimating their variance.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Financial markets,
Market structure and pricing
JEL Code(s):
C,
C1,
C14,
C5,
C51,
C58,
G,
G2,
G20
May 16, 2013
Explaining Canada’s Regional Migration Patterns
Understanding the factors that determine the migration of labour between regions is crucial for assessing the economy’s response to macroeconomic shocks and identifying policies that will encourage an efficient reallocation of labour. By examining the determinants of migration within Canada from 1991 to 2006, this article provides evidence that regional differences in employment rates and household incomes tend to increase labour migration, and that provincial borders and language differences are barriers to migration.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Econometric and statistical methods,
Labour markets,
Regional economic developments
JEL Code(s):
J,
J6,
J61,
R,
R2,
R23
Asking About Wages: Results from the Bank of Canada’s Wage Setting Survey of Canadian Companies
Staff Discussion Paper 2013-1
David Amirault,
Paul Fenton,
Thérèse Laflèche
The Bank of Canada conducted a Wage Setting Survey with a sample of 200 private sector firms from mid-October 2007 to May 2008. Results indicate that wage adjustments for the Canadian non-union private workforce are overwhelmingly time dependent, with a fixed duration of one year, and are clustered in the first four months of the year, suggesting that wage stickiness may not be constant over the year.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Labour markets,
Monetary policy transmission
JEL Code(s):
E,
E2,
E24,
J,
J3,
J33,
M,
M5,
M52
November 15, 2012
Access, Competition and Risk in Centrally Cleared Markets
Central counterparties can make over-the-counter markets more resilient and reduce systemic risk by mitigating and managing counterparty credit risk. These benefits are maximized when access to central counterparties is available to a wide range of market participants. In an over-the-counter market, there is an important trade-off between risk and competition. A model of an over-the-counter market shows how risk and competition could be influenced by the incentives of market participants as they move to central clearing. In a centrally cleared market, there may be less risk when participation is high. This helps to explain why regulators have put in place requirements for fair, open and risk-based access criteria.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial markets,
Financial system regulation and policies,
Market structure and pricing
JEL Code(s):
G,
G1,
G18,
G2,
G21,
L,
L1,
L13
Price Negotiation in Differentiated Products Markets: Evidence from the Canadian Mortgage Market
Staff Working Paper 2012-30
Jason Allen,
Robert Clark,
Jean-François Houde
This paper measures market power in a decentralized market where contracts are determined through a search and negotiation process. The mortgage industry has many institutional features which suggest competitiveness: homogeneous contracts, negotiable rates, and, for a given consumer, common lending costs across lenders.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial services,
Market structure and pricing
JEL Code(s):
D,
D4,
G,
G2,
G21,
L,
L2,
L22
What Drags and Drives Mobility: Explaining Canada’s Aggregate Migration Patterns
Staff Working Paper 2012-28
David Amirault,
Daniel de Munnik,
Sarah Miller
Using census data at the economic region level from 1991 to 2006 and a gravity model framework, this paper examines the factors that influence migration within Canada.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Labour markets,
Regional economic developments
JEL Code(s):
J,
J6,
J61,
R,
R2,
R23
Natural Monopoly and Distorted Competition: Evidence from Unbundling Fiber-Optic Networks
Staff Working Paper 2012-26
Naoaki Minamihashi
Can regulation solve problems arising from a natural monopoly? This paper analyzes whether “unbundling,” referring to regulations that enforce sharing of natural monopolistic infrastructure, prevents entrants from building new infrastructure.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Market structure and pricing,
Productivity
JEL Code(s):
K,
K2,
K23,
L,
L4,
L43,
L9,
L96