Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1306
result(s)
Technological Change and the Education Premium in Canada: Sectoral Evidence
Staff Working Paper 2003-18
Jean Farès,
Terence Yuen
It has been well documented that the education premium measured by the wage difference between university and high school graduates has remained constant over the past two decades in Canada. Despite this stable pattern at the aggregate level, skill-biased technology could have important implications for the inter-industry wage structure.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets
JEL Code(s):
J,
J3,
J31,
O,
O3,
O30
Explaining and Forecasting Inflation in Emerging Markets: The Case of Mexico
Staff Working Paper 2003-17
Jeannine Bailliu,
Daniel Garcés,
Mark Kruger,
Miguel Messmacher
The authors apply existing inflation models that have worked well in industrialized countries to Mexico, an emerging market that has recently moved to adopt an inflation-targeting framework for monetary policy. They compare the performance of these models with a mark-up model that has been used extensively to analyze inflation in Mexico.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
International topics
JEL Code(s):
E,
E3,
E31,
E37
Some Notes on Monetary Policy Rules with Uncertainty
Staff Working Paper 2003-16
Gabriel Srour
The author explores the role that Taylor-type rules can play in monetary policy, given the degree of uncertainty in the economy. The optimal rule is derived from a simple infinite-horizon model of the monetary transmission mechanism, with only additive uncertainty.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy and uncertainty
JEL Code(s):
E,
E5,
E52
The Syndicated Loan Market: Developments in the North American Context
Staff Working Paper 2003-15
Jim Armstrong
The author describes the rapid development of the syndicated corporate loan market in the 1990s. He explores the historical forces that led to the development of the contemporary U.S. syndicated loan market, which is effectively a hybrid of the investment banking and commercial banking worlds.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial markets
JEL Code(s):
G,
G1,
G10,
G2,
G21
An Index of Financial Stress for Canada
Staff Working Paper 2003-14
Mark Illing,
Ying Liu
The authors develop an index of financial stress for the Canadian financial system. Stress is defined as the force exerted on economic agents by uncertainty and changing expectations of loss in financial markets and institutions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial markets
JEL Code(s):
E,
E5,
G,
G1,
G10
Un modèle « PAC » d'analyse et de prévision des dépenses des ménages américains
Staff Working Paper 2003-13
Marc-André Gosselin,
René Lalonde
Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have been induced by changes in expectations, and responses to expectations, that have been delayed because of adjustment costs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
Economic models
JEL Code(s):
C,
C3,
C32,
E,
E2,
E21,
E3,
E32
The Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis Framework
Staff Working Paper 2003-12
Alain Paquet,
Louis Phaneuf,
Nooman Rebei
The authors study the macroeconomic consequences of large military buildups using a New Neoclassical Synthesis (NNS) approach that combines nominal rigidities within imperfectly competitive goods and labour markets. They show that the predictions of the NNS framework generally are consistent with the sign, timing, and magnitude of how hours worked, after-tax real wages, and output actually respond to an upsurge in military purchases.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Fiscal policy
JEL Code(s):
E,
E3,
E32,
E6,
E62,
H,
H2
Collateral and Credit Supply
Staff Working Paper 2003-11
Joseph Atta-Mensah
The author examines the role of collateral in an environment where lenders and borrowers possess identical information and similar beliefs about its future value. Using option-pricing techniques, he shows that a secured loan contract is equivalent to a regular bond and an embedded option to the borrower to default.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Economic models
JEL Code(s):
E,
E5,
E51,
G,
G1,
G11,
G12,
G13
A Stochastic Simulation Framework for the Government of Canada's Debt Strategy
Staff Working Paper 2003-10
David Bolder
Debt strategy is defined as the manner in which a government finances an excess of government expenditures over revenues and any maturing debt issued in previous periods. The author gives a thorough qualitative description of the complexities of debt strategy analysis and then demonstrates that it is, in fact, a problem in stochastic optimal control.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Econometric and statistical methods,
Economic models
JEL Code(s):
C,
C0,
C1,
C15,
C5,
C52,
H,
H6,
H63