Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1302
result(s)
Interest Rate Uncertainty as a Policy Tool
Staff Working Paper 2020-13
Fabio Ghironi,
Galip Kemal Ozhan
We study a novel policy tool—interest rate uncertainty—that can be used to discourage inefficient capital inflows and to adjust the composition of external account between shortterm securities and foreign direct investment (FDI).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International financial markets,
Monetary policy and uncertainty,
Monetary policy framework
JEL Code(s):
E,
E3,
E32,
F,
F2,
F21,
F3,
F32,
G,
G1,
G15
Multi-Product Pricing: Theory and Evidence from Large Retailers in Israel
Staff Working Paper 2020-12
Marco Bonomo,
Carlos Carvalho,
Oleksiy Kryvtsov,
Sigal Ribon,
Rodolfo Rigato
Standard theories of price adjustment are based on the problem of a single-product firm, and therefore they may not be well suited to analyze price dynamics in the economy with multiproduct firms.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Market structure and pricing,
Monetary policy
JEL Code(s):
D,
D2,
D21,
D22,
E,
E3,
E31,
E5,
E52,
L,
L1,
L11
Optimal Taxation in Asset Markets with Adverse Selection
Staff Working Paper 2020-11
Mohammad Davoodalhosseini
What is the optimal tax schedule in over-the-counter markets, e.g., those for corporate bonds? I find that an optimal tax schedule is often non-monotonic. For example, trading of some high-price assets should be subsidized, and trading of some low-price assets should be taxed.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Financial markets,
Financial system regulation and policies,
Market structure and pricing
JEL Code(s):
D,
D8,
D82,
D83,
E,
E2,
E24,
G,
G1,
G10,
J,
J3,
J31,
J6,
J64
Do Protectionist Trade Policies Integrate Domestic Markets? Evidence from the Canada-U.S. Softwood Lumber Dispute
Staff Working Paper 2020-10
Jinggang Guo,
Craig Johnston
We consider the effects of protectionist trade policies on international and domestic market integration, using evidence from the long-standing softwood lumber trade dispute between Canada and the United States.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International topics,
Market structure and pricing,
Trade integration
JEL Code(s):
F,
F1,
F13,
Q,
Q1,
Q17
Welfare Analysis of Equilibria With and Without Early Termination Fees in the US Wireless Industry
Staff Working Paper 2020-9
Joseph Cullen,
Nicolas Schutz,
Oleksandr Shcherbakov
The elimination of long-term contracts and early termination fees (ETFs) in the US wireless industry at the end of 2015 increased monthly service fees by 2 to 5 percent. Nevertheless, consumers are clearly better off without ETFs. While firms’ revenues from ETFs vanish, their profits from monthly fees increase. As a result, the overall effect on producer profits is less clear.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Firm dynamics,
Market structure and pricing
JEL Code(s):
D,
D2,
D22,
L,
L1,
L15,
L9,
L96
The Effect of Oil Price Shocks on Asset Markets: Evidence from Oil Inventory News
Staff Working Paper 2020-8
Ron Alquist,
Reinhard Ellwanger,
Jianjian Jin
We quantify the reaction of U.S. equity, bond futures, and exchange rate returns to oil price shocks driven by oil inventory news.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Recent economic and financial developments
JEL Code(s):
D,
D8,
D83,
E,
E4,
E44,
G,
G1,
G14,
G15,
Q,
Q4,
Q41,
Q43
Demand for Payment Services and Consumer Welfare: The Introduction of a Central Bank Digital Currency
Staff Working Paper 2020-7
Kim Huynh,
Jozsef Molnar,
Oleksandr Shcherbakov,
Qinghui Yu
Using a two-stage model, we study the determinants of Canadian consumers’ choices of payment method at the point of sale. We estimate consumer preferences and adoption costs for various combinations of payment methods. We analyze how introducing a central bank digital currency would affect the market equilibrium.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
C,
C5,
C51,
E,
E4,
E42,
L,
L1,
L14,
L5,
L52
A Portfolio-Balance Model of Inflation and Yield Curve Determination
Staff Working Paper 2020-6
Antonio Diez de los Rios
How does the supply of nominal government debt affect the macroeconomy? To answer this question, we propose a portfolio-balance model of the yield curve in which inflation is determined through an interest rate rule.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Debt management,
Inflation and prices,
Interest rates,
Monetary policy
JEL Code(s):
E,
E4,
E43,
E5,
E52,
G,
G1,
G12,
H,
H6,
H63
Identifying Consumer-Welfare Changes when Online Search Platforms Change Their List of Search Results
Staff Working Paper 2020-5
Ryan Martin
Online shopping is often guided by search platforms. Consumers type keywords into query boxes, and search platforms deliver a list of products. Consumers' attention is limited, and exhaustive searches are often impractical.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Market structure and pricing
JEL Code(s):
C,
C1,
C14,
D,
D1,
D11,
D12,
D6,
D8,
D83,
L,
L4,
L40