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287
result(s)
Labour Reallocation, Relative Prices and Productivity
Staff Working Paper 2010-2
Shutao Cao,
Danny Leung
This paper documents the rate at which labour flows between industries and between firms within industries using the most recent data available. It examines the determinants of these flows and their relationship with the productivity growth.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Labour markets,
Productivity
JEL Code(s):
D,
D2,
D23,
E,
E3,
E32,
J,
J6
Search Frictions and Asset Price Volatility
Staff Working Paper 2010-1
B. Ravikumar,
Enchuan Shao
We examine the quantitative effect of search frictions in product markets on asset price volatility. We combine several features from Shi (1997) and Lagos and Wright (2002) in a model without money. Households prefer special goods and general goods.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
E,
E4,
E44,
G,
G1,
G12
Cross-border Mergers and Hollowing-out
Staff Working Paper 2009-30
Oana Secrieru,
Marianne Vigneault
The purpose of our paper is to examine the profitability and social desirability of both domestic and foreign mergers in a location-quantity competition model, where we allow for the possibility of hollowing-out of the target firm. We refer to hollowing-out as the situation where the target firm is shut down following a merger with a domestic or foreign acquirer.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
International topics,
Market structure and pricing
JEL Code(s):
D,
D4,
D43,
G,
G3,
G34,
L,
L1,
L13,
L4,
L41
Structural Inflation Models with Real Wage Rigidities: The Case of Canada
Staff Working Paper 2009-21
Jean-Marie Dufour,
Lynda Khalaf,
Maral Kichian
Real wage rigidities have recently been proposed as a way of building intrinsic persistence in inflation within the context of New Keynesian Phillips Curves. Using two recent illustrative structural models, we evaluate empirically the importance of real wage rigidities in the data and the extent to which such models provide useful information regarding price stickiness.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices,
Labour markets
JEL Code(s):
C,
C1,
C13,
C5,
C52,
E,
E3,
E31
June 11, 2009
The Changing Pace of Labour Reallocation in Canada: Causes and Consequences
The number of job gains and losses across firms in Canada each year is roughly one-fifth the total number of jobs and generally occurs within sectors (industries) rather than across sectors. Since labour reallocation within sectors has been strongly related to productivity growth in Canada, defining the key drivers of this type of reallocation is important, given the higher rates of reallocation and productivity growth in the Untied States than in Canada. This article finds that the appreciation of the Canadian dollar and rising commodity prices led to above-average reallocation of labour across sectors over the 2005-08 period, but that the impact on productivity has been minor. Labour reallocation across firms, however, generates substantial labour productivity gains in manufacturing and the business sector as a whole.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Labour markets,
Productivity
Labour Shares and the Role of Capital and Labour Market Imperfections
Staff Discussion Paper 2009-2
Lena Suchanek
In continental Europe, labour shares in national income have exhibited considerable variation since 1970. Empirical and theoretical research suggests that the evolution of labour markets and labour market imperfections can, in part, explain this phenomenon.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Economic models,
Financial institutions,
Labour markets
JEL Code(s):
C,
C7,
C78,
E,
E2,
E25,
J,
J6,
J64
Comparison of Auction Formats in Canadian Government Auctions
Staff Working Paper 2009-5
Olivier Armantier,
Nourredine Lafhel
Using a rich sample of Canadian government securities auctions, we estimate the structural parameters of a share-auction model accounting for asymmetries across bidders. We find little evidence of asymmetries between participants at Canadian government nominal bond auctions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Financial markets,
Market structure and pricing
JEL Code(s):
D,
D4,
D44,
D6,
D63,
G,
G2,
G28
What Accounts for the U.S.-Canada Education-Premium Difference?
Staff Working Paper 2009-4
Oleksiy Kryvtsov,
Alexander Ueberfeldt
This paper analyzes the differences in wage ratios of university graduates to less than university graduates, the education premium, in Canada and the United States from 1980 to 2000. Both countries experienced a similar increase in the fraction of university graduates and a similar increase in skill biased technological change based on capital-embodied technological progress, but only the United States had a large increase in the education premium.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Productivity
JEL Code(s):
E,
E2,
E24,
E25,
J,
J2,
J24,
J3,
J31
November 11, 2008
The Role of Dealers in Providing Interday Liquidity in the Canadian-Dollar Market
Access to information about the future direction of the exchange rate can be extremely valuable in the foreign exchange market. Evidence presented in this article suggests that Canadian dealers are more likely to provide interday liquidity to foreign, rather than Canadian, financial customers, since foreign financial flows can be more informative about future movements in the exchange rate. The author reveals a statistical relationship between the supply of liquidity provided by non-financial firms and that provided by dealing institutions across time, and across markets, and suggests that the relationship between the positions of commercial clients and market-makers, and the role played by dealers in interday liquidity provision, has been understated in the market microstructure literature.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Exchange rates,
Financial institutions,
Financial markets,
Market structure and pricing