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2360
result(s)
Exchange Rate Pass-Through, Currency of Invoicing and Market Share
Staff Working Paper 2015-31
Michael Devereux,
Wei Dong,
Ben Tomlin
This paper investigates the impact of market structure on the joint determination of exchange rate pass-through and currency of invoicing in international trade. A novel feature of the study is the focus on market share of firms on both sides of the market—that is, exporting firms and importing firms.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Inflation and prices,
Market structure and pricing
JEL Code(s):
F,
F3,
F4
The Endogenous Relative Price of Investment
Staff Working Paper 2015-30
Joel Wagner
This paper takes a full-information model-based approach to evaluate the link between investment-specific technology and the inverse of the relative price of investment. The two-sector model presented includes monopolistic competition where firms can vary the markup charged on their product depending on the number of firms competing.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles
JEL Code(s):
E,
E3,
E32,
L,
L1,
L11,
L16
Examining Full Collateral Coverage in Canada’s Large Value Transfer System
Staff Working Paper 2015-29
Lana Embree,
Varya Taylor
The Large Value Transfer System (LVTS) is Canada’s main electronic interbank funds transfer system that financial institutions use daily to transmit thousands of payments worth several billions of dollars.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E47,
G,
G2,
G21
Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces
Staff Working Paper 2015-28
Farrukh Suvankulov
A significant body of empirical studies demonstrates sizable national border effects in foreign trade of Canadian provinces throughout the 1980s and 1990s. This paper revisits and expands the scope of the border effects analysis by estimating the border effect in trade with U.S. states as well as countries in the European Union (EU) and the G 20 using more recent data from 2001–10.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International topics
JEL Code(s):
F,
F1,
F14,
F15
Risk Sharing in the Presence of a Public Good
Staff Working Paper 2015-27
Josef Schroth
This paper studies an economy where agents can spend resources on consuming a private good and on funding a public good. There is asymmetric information regarding agents’ relative preference for private versus public good consumption.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Financial system regulation and policies,
Fiscal policy
JEL Code(s):
D,
D8,
D82,
D86,
E,
E6,
E62,
H,
H2,
H21,
H23,
H7,
H77
On the Welfare Cost of Rare Housing Disasters
Staff Working Paper 2015-26
Shaofeng Xu
This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I construct an overlapping generations general equilibrium model with recursive preferences and housing disaster shocks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Economic models,
Housing
JEL Code(s):
E,
E2,
E21,
E4,
E44,
G,
G1,
G11,
R,
R2,
R21
Managerial Compensation Duration and Stock Price Manipulation
Staff Working Paper 2015-25
Josef Schroth
I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Labour markets,
Recent economic and financial developments
JEL Code(s):
D,
D8,
D82,
G,
G1,
G14,
G3,
G30,
M,
M1,
M12
Model Averaging in Markov-Switching Models: Predicting National Recessions with Regional Data
Staff Working Paper 2015-24
Pierre Guérin,
Danilo Leiva-Leon
This paper introduces new weighting schemes for model averaging when one is interested in combining discrete forecasts from competing Markov-switching models. In particular, we extend two existing classes of combination schemes – Bayesian (static) model averaging and dynamic model averaging – so as to explicitly reflect the objective of forecasting a discrete outcome.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods
JEL Code(s):
C,
C5,
C53,
E,
E3,
E32,
E37
Revisiting the Macroeconomic Impact of Oil Shocks in Asian Economies
Staff Working Paper 2015-23
Juncal Cunado,
Soojin Jo,
Fernando Perez de Gracia
This paper analyzes the macroeconomic impact of oil shocks in four of the largest oil-consuming Asian economies, using a structural vector autoregressive model. We identify three different types of oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-specific demand shock.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
International topics
JEL Code(s):
E,
E3,
E32,
O,
O5,
O53,
Q,
Q4,
Q43