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287
result(s)
Examining the Impact of Home Purchase Restrictions on China’s Housing Market
Staff Working Paper 2021-18
Zhentong Lu,
Sisi Zhang,
Jian Hong
How do “cooling measures” in the housing market—policies aimed to stabilize prices—affect the market? We use a structural model of housing demand and price competition among developers to evaluate China’s home purchase restriction policies implemented in 2010–11.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Housing,
Market structure and pricing
JEL Code(s):
O,
O1,
O18,
R,
R3,
R31,
R38
Trade and Market Power in Product and Labor Markets
Staff Working Paper 2021-17
Gaelan MacKenzie
Trade liberalizations increase the sales and input purchases of productive firms relative to their less productive domestic competitors. This reallocation affects firms’ market power in their product and input markets. I quantify how the labour market power of employers affects the distribution and size of the gains from trade.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Labour markets,
Market structure and pricing,
Productivity,
Trade integration
JEL Code(s):
D,
D4,
D43,
F,
F1,
F12,
F6,
J,
L,
L1,
L13
Labor Demand Response to Labor Supply Incentives: Lessons from the German Mini-Job Reform
Staff Working Paper 2021-15
Gabriela Galassi
How do firms change their employment decisions when tax benefits for low-earning workers are expanded? Some firms increase employment overall, whereas others replace high-earning workers with low-earning workers, according to German linked employer-employee data.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Firm dynamics,
Labour markets
JEL Code(s):
E,
E2,
E24,
E6,
E64,
H,
H2,
H20,
H24,
H3,
H32,
I,
I3,
I38,
J,
J2,
J23,
J3,
J38
Market Concentration and Uniform Pricing: Evidence from Bank Mergers
Staff Working Paper 2021-9
João Granja,
Nuno Paixao
We show that US banks price deposits almost uniformly across their branches and that this pricing practice is more important than increases in local market concentration in explaining the deposit rate dynamics following bank mergers.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial system regulation and policies,
Market structure and pricing
JEL Code(s):
D,
D4,
G,
G2,
G20,
G21,
G28,
G3,
G34,
L,
L1,
L11
Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in Canada and the United States
Staff Working Paper 2021-8
Marie-Hélène Felt,
Fumiko Hayashi,
Joanna Stavins,
Angelika Welte
Although credit cards are more expensive for merchants to accept than cash or debit cards, merchants typically pass through their costs evenly to all customers. Along with consumer card rewards and banking fees, this creates cross-subsidies between payment methods. Because higher-income individuals tend to use credit cards more than those with lower incomes, our results indicate that these cross-subsidies might lead to regressive distributional effects.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Financial institutions,
Financial services,
Market structure and pricing,
Payment clearing and settlement systems
JEL Code(s):
D,
D1,
D12,
D2,
D23,
D3,
D31,
E,
E4,
E42,
G,
G2,
G21,
L,
L8,
L81
Strategic Uncertainty in Financial Markets: Evidence from a Consensus Pricing Service
Staff Working Paper 2020-55
Lerby Ergun,
Andreas Uthemann
We look at the informational content of consensus pricing in opaque over-the-counter markets. We show that the availability of price data informs participants mainly about other participants’ valuations, rather than about the value of a financial security.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial markets,
Market structure and pricing
JEL Code(s):
C,
C5,
C58,
D,
D5,
D53,
D8,
D83,
G,
G1,
G12,
G14
Labor Market Policies During an Epidemic
Staff Working Paper 2020-54
Serdar Birinci,
Fatih Karahan,
Yusuf Mercan,
Kurt See
We study the labour market and welfare effects of expanding unemployment insurance benefits and introducing payroll subsidies during the COVID-19 pandemic. We find that both policies are complementary and are beneficial to different types of workers. Payroll subsidies preserve the employment of workers in highly productive jobs, while unemployment insurance replaces lost income for workers who experience inevitable job loss.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Coronavirus disease (COVID-19),
Fiscal policy,
Labour markets
JEL Code(s):
E,
E2,
E24,
E6,
E62,
J,
J6,
J64
Towards a HANK Model for Canada: Estimating a Canadian Income Process
Staff Discussion Paper 2020-13
Iskander Karibzhanov
How might one simulate a million realistic income paths and compute their statistical moments in under a second? Using CUDA-based methods to estimate the Canadian earnings process, I find that the distribution of labour income growth is sharply peaked with heavy tails—similar to that in the United States.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Economic models,
Labour markets
JEL Code(s):
D,
D3,
D31,
E,
E2,
E24,
J,
J3,
J31
How Should Unemployment Insurance Vary over the Business Cycle?
Staff Working Paper 2020-47
Serdar Birinci,
Kurt See
Should unemployment benefits be more generous during economic downturns? The optimal amount and duration of benefit payments ultimately depend on the demographic and wealth characteristics of benefit recipients.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Fiscal policy,
Labour markets
JEL Code(s):
E,
E2,
E24,
E3,
E32,
J,
J6,
J64,
J65