February 17, 2011
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287
result(s)
February 17, 2011
Adverse Selection and Financial Crises
The recent financial crisis has highlighted the importance of adverse selection as a contributing factor to financial market instability.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial stability,
Financial system regulation and policies,
Market structure and pricing
Private Information Flow and Price Discovery in the U.S. Treasury Market
Staff Working Paper 2011-5
George Jiang,
Ingrid Lo
Existing studies show that U.S. Treasury bond price changes are mainly driven by public information shocks, as manifested in macroeconomic news announcements and events. The literature also shows that heterogeneous private information contributes significantly to price discovery for U.S. Treasury securities.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G12,
G14
Building New Plants or Entering by Acquisition? Estimation of an Entry Model for the U.S. Cement Industry
Staff Working Paper 2011-1
Héctor Pérez Saiz
In many industries, firms usually have two choices when expanding into new markets: They can either build a new plant (greenfield entry) or they can acquire an existing incumbent. In the U.S. cement industry, the comparative advantage (e.g., TFP or size) of entrants versus incumbents and regulatory entry barriers are important factors that determine the means of expansion.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Market structure and pricing,
Productivity
JEL Code(s):
L,
L1,
L13,
L4,
L40,
L6,
L61
Trends in U.S. Hours and the Labor Wedge
Staff Working Paper 2010-28
Simona Cociuba,
Alexander Ueberfeldt
From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured as the discrepancy between a representative household's marginal rate of substitution between consumption and leisure and the marginal product of labor, declined substantially.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Labour markets,
Potential output
JEL Code(s):
E,
E2,
E24,
H,
H2,
H20,
H3,
H31,
J,
J2,
J22
Stability versus Flexibility: The Role of Temporary Employment in Labour Adjustment
Staff Working Paper 2010-27
Shutao Cao,
Danny Leung
In Canada, temporary workers account for 14 per cent of jobs in the non-farm business sector, are present in a range of industries, and account for 40 per cent of the total job reallocation. Yet most models of job reallocation abstract from temporary workers.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Productivity
JEL Code(s):
D,
D2,
D24,
J,
J3,
J32
The Effect of Exchange Rate Movements on Heterogeneous Plants: A Quantile Regression Analysis
Staff Working Paper 2010-25
Ben Tomlin,
Loretta Fung
In this paper, we examine how the effect of movements in the real exchange rate on manufacturing plants depends on the plant's placement within the productivity distribution. Appreciations of the local currency expose domestic plants to more competition from abroad as export opportunities shrink and import competition intensifies.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Market structure and pricing,
Productivity
JEL Code(s):
D,
D2,
D21,
F,
F1,
L,
L1,
L16,
L6,
L60
Exchange Rate Fluctuations, Plant Turnover and Productivity
Staff Working Paper 2010-18
Ben Tomlin
In a small open economy fluctuations in the real exchange rate can affect plant turnover, and thus aggregate productivity, by altering the makeup of plants that populate the market. An appreciation of the local currency increases the level of competition in the domestic market as import competition intensifies and export opportunities shrink, forcing less productive plants from the market and compelling new entrants to be more competitive than they otherwise would have been.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Market structure and pricing,
Productivity
JEL Code(s):
D,
D2,
D21,
D24,
L,
L1,
L11
June 9, 2010
Crude Oil Futures: A Crystal Ball?
Based on recent research, this article discusses three ways that oil-futures prices can improve our understanding of current conditions and future prospects in the global market for crude oil. First, the response of the oil-futures curve can be used to identify the persistence of oil-price shocks and to obtain an indicator of the rate at which they will diminish. Second, the spread between the current futures price and the spot price of oil can be interpreted as an indicator of the precautionary demand for oil. Third, because oil-futures prices are volatile, forecasts of the future spot price of oil using futures prices should be supplemented with other information to improve their accuracy.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Econometric and statistical methods,
Market structure and pricing
Relative Price Movements and Labour Productivity in Canada: A VAR Analysis
Staff Discussion Paper 2010-5
Michael Dolega,
David Dupuis,
Lise Pichette
In recent years, the Canadian economy has been affected by strong movements in relative prices brought about by the surging costs of energy and non-energy commodities, with significant implications for the terms of trade, the exchange rate, and the allocation of resources across Canadian sectors and regions.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Labour markets,
Productivity,
Recent economic and financial developments
JEL Code(s):
E,
E2,
E23,
E24,
O,
O4,
O47