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2360
result(s)
The BoC-BoE Sovereign Default Database: What’s New in 2019?
Staff Working Paper 2019-39
David Beers,
Patrisha de Leon-Manlagnit
Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Development economics,
Financial stability,
International financial markets
JEL Code(s):
F,
F3,
F34,
G,
G1,
G10,
G14,
G15
What Does Structural Analysis of the External Finance Premium Say About Financial Frictions?
Staff Working Paper 2019-38
Jelena Zivanovic
I use a structural vector autoregression (SVAR) with sign restrictions to provide conditional evidence on the behavior of the US external finance premium (EFP). The results indicate that the excess bond premium, a proxy for the EFP, reacts countercyclically to supply and monetary policy shocks and procyclically to demand shocks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Financial markets,
Recent economic and financial developments
JEL Code(s):
E,
E3,
E32,
E4,
E44
Bank Runs, Portfolio Choice, and Liquidity Provision
Staff Working Paper 2019-37
Toni Ahnert,
Mahmoud Elamin
After the financial crisis of 2007–09, many jurisdictions introduced new banking regulations to make banks more resilient and less likely to fail. These regulations included tighter limits for the quality and quantity of bank capital and introduced minimum standards for liquidity. But what was the impact of these changes?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Wholesale funding
JEL Code(s):
G,
G0,
G01,
G2,
G21
Home Equity Extraction and Household Spending in Canada
Staff Analytical Note 2019-27
Anson T. Y. Ho,
Mikael Khan,
Monica Mow,
Brian Peterson
We use rich microdata to measure home equity extraction in Canada and track its evolution over time. We find home equity extraction has been rising in recent years and has likely contributed materially to dynamics in household spending.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial stability,
Housing
JEL Code(s):
D,
D1,
D12,
E,
E2,
E21,
G,
G2,
G20
No Double Standards: Quantifying the Impact of Standard Harmonization on Trade
Staff Working Paper 2019-36
Julia Schmidt,
Walter Steingress
Product standards are omnipresent in industrialized societies. Though standardization can be beneficial for domestic producers, divergent product standards have been categorized as a major obstacle to international trade. This paper quantifies the effect of standard harmonization on trade flows and characterizes the extent to which it changes the cost and demand structure of exporting.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
International topics
JEL Code(s):
F,
F1,
F13,
F14,
F15,
L,
L1,
L15
The Simple Economics of Global Fuel Consumption
Staff Working Paper 2019-35
Doga Bilgin,
Reinhard Ellwanger
This paper presents a structural framework of the global oil market that relies on information on global fuel consumption to identify flow demand for oil. We show that under mild identifying assumptions, data on global fuel consumption help to provide comparatively sharp insights on elasticities and other key structural parameters of the global oil market.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models
JEL Code(s):
C,
C5,
C51,
L,
L7,
L71,
Q,
Q4,
Q41,
Q43
Exchange Rates, Retailers, and Importing: Theory and Firm-Level Evidence
Staff Working Paper 2019-34
Alex Chernoff,
Patrick Alexander
We develop a model with firm heterogeneity in importing and cross-border shopping among consumers. Exchange-rate appreciations lower the cost of imported goods, but also lead to more cross-border shopping; hence, the net impact on aggregate retail prices and sales is ambiguous.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
International topics,
Service sector
JEL Code(s):
F,
F1,
F10,
F14,
L,
L8,
L81
The Intergenerational Correlation of Employment: Is There a Role for Work Culture?
Staff Working Paper 2019-33
Gabriela Galassi,
David Koll,
Lukas Mayr
We document a substantial positive correlation of employment status between mothers and their children in the United States, linking data from the National Longitudinal Survey of Youth 1979 (NLSY79) and the NLSY79 Children and Young Adults. After controlling for ability, education and wealth, a one-year increase in a mother’s employment is associated with six weeks more employment of her child on average.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Economic models,
Labour markets
JEL Code(s):
E,
E2,
E24,
J,
J2,
J21,
J22,
J6,
J62
A Comprehensive Evaluation of Measures of Core Inflation in Canada: An Update
Staff Discussion Paper 2019-9
Helen Lao,
Ceciline Steyn
We provide an updated evaluation of the value of various measures of core inflation that could be used in the conduct of monetary policy. We find that the Bank of Canada’s current preferred measures of core inflation—CPI-trim, CPI-median and CPI-common—continue to outperform alternative core measures across a range of criteria.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Inflation and prices,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E5,
E52