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2400
result(s)
To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse
Staff Working Paper 2016-4
Radoslav Raykov
This paper studies how the allocation of residual losses affects trading and welfare in a central counterparty. I compare loss sharing under two loss-allocation mechanisms – variation margin haircutting and cash calls – and study the privately and socially optimal degree of loss sharing.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Payment clearing and settlement systems
JEL Code(s):
G,
G1,
G19,
G2,
G21
Monetary Commitment and the Level of Public Debt
Staff Working Paper 2016-3
Stefano Gnocchi,
Luisa Lambertini
We analyze the interaction between committed monetary policy and discretionary fiscal policy in a model with public debt, endogenous government expenditures, distortive taxation and nominal rigidities.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credibility,
Fiscal policy,
Inflation targets,
Monetary policy framework
JEL Code(s):
E,
E2,
E24,
E3,
E32,
E5,
E52
The Role of the International Monetary Fund in the Post-Crisis World
Staff Discussion Paper 2016-6
Mark Kruger,
Robert Lavigne,
Julie McKay
The International Monetary Fund (IMF, or the Fund) has undergone a number of significant policy changes and reforms in the wake of the global financial crisis. Most notably, in December 2015, the United States approved long-delayed legislation to increase the representation of developing countries in the Fund’s governance structure.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics
JEL Code(s):
F,
F3,
F33
What Is Behind the Weakness in Global Investment?
Staff Discussion Paper 2016-5
Maxime Leboeuf,
Robert Fay
The recovery in private business investment globally remains extremely weak more than seven years after the financial crisis. This paper contributes to the ongoing policy debate on the factors behind this weakness by analyzing the role of growth prospects and uncertainty in explaining developments in non-residential private business investment in large advanced economies since the crisis.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Central bank research,
Domestic demand and components,
Economic models,
International topics,
Monetary policy and uncertainty,
Recent economic and financial developments
JEL Code(s):
C,
C2,
C23,
C3,
C33,
D,
D2,
D24,
D8,
D80,
D84,
E,
E2,
E22,
F,
F0,
F01,
G,
G3,
G31
Limits to Arbitrage and Deviations from Covered Interest Rate Parity
Staff Discussion Paper 2016-4
James Pinnington,
Maral Shamloo
We document an increase in deviations from short-term covered interest rate parity (CIP) in the first half of 2015. Since the Swiss National Bank’s (SNB) decision to abandon its minimum exchange rate policy, both the magnitude and volatility of deviations from CIP have increased across several currency pairs. The effect is particularly pronounced for pairs involving the Swiss franc.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates,
International financial markets
JEL Code(s):
F,
F3,
F31,
G,
G1,
G15
New Housing Registrations as a Leading Indicator of the BC Economy
Staff Discussion Paper 2016-3
Calista Cheung,
Dmitry Granovsky
Housing starts and building permits data are commonly used as leading indicators of economic activity. In British Columbia, all new homes must be registered with the Homeowner Protection Office, a branch of BC Housing, before the issuance of building permits and the start of construction.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Housing,
Regional economic developments
JEL Code(s):
C,
C1,
C13,
C5,
C53,
E,
E3,
E32,
E37
Agency Costs, Risk Shocks and International Cycles
Staff Working Paper 2016-2
Marc-André Letendre,
Joel Wagner
We add agency costs as in Carlstrom and Fuerst (1997) into a two-country, two-good international business-cycle model. In our model, changes in the relative price of investment arise endogenously.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
International topics
JEL Code(s):
E,
E2,
E22,
E3,
E32,
E4,
E44,
F,
F4,
F44
Reconciling the Differences in Aggregate U.S. Wage Series
Staff Working Paper 2016-1
Julien Champagne,
André Kurmann,
Jay Stewart
Average hourly real wage series from the Labor Productivity and Costs (LPC) program and the Current Employment Statistics (CES) program have evolved very differently over the past decades.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Labour markets
JEL Code(s):
E,
E0,
E01,
E2,
E24,
E3,
E30,
J,
J3,
J30
Extending the Labour Market Indicator to the Canadian Provinces
Staff Discussion Paper 2016-2
Alexander Fritsche,
Katherine Ragan
Calculating the labour market indicator (LMI) at the provincial level provides useful insights into Canada’s regional economies and reveals differing trends in the state of underlying labour market conditions across provinces. Conclusions based on the Canadian LMI do not necessarily translate to the provinces. In most cases, the correlations between the provincial LMIs and the underlying labour market variables have the expected sign.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Labour markets,
Recent economic and financial developments
JEL Code(s):
E,
E2,
E24,
E27,
J,
J2,
J21,
J23