Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1320
result(s)
Incentive Compatibility on the Blockchain
Staff Working Paper 2018-34
Jonathan Chiu,
Thorsten Koeppl
A blockchain is a digital ledger that keeps track of a record of ownership without the need for a designated party to update and enforce changes to the record. The updating of the ledger is done directly by the users of the blockchain and is traditionally governed by a proof-of-work (PoW) protocol.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Economic models,
Payment clearing and settlement systems
JEL Code(s):
G,
G2,
H,
H4,
P,
P4,
P43
Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing
Staff Working Paper 2018-33
Itay Goldstein,
Jonathan Witmer,
Jing Yang
Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy,
Monetary policy implementation,
Monetary policy transmission
JEL Code(s):
E,
E5,
E58,
G,
G2,
G23
Sources of Borrowing and Fiscal Multipliers
Staff Working Paper 2018-32
Romanos Priftis,
Srecko Zimic
This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Economic models,
Fiscal policy,
International financial markets
JEL Code(s):
E,
E2,
E6,
E62,
F,
F4,
F41,
H,
H3
Does Outward Foreign Investment Matter for Canadian Productivity? Evidence from Greenfield Investments
Staff Working Paper 2018-31
Naveen Rai,
Lena Suchanek,
Maria Bernier
This paper seeks to understand how outward foreign direct investment (FDI) affects the productivity of Canadian firms. We estimate the impact of outward greenfield investment on measures of firm-level productivity using FDI data from roughly 2,000 Canadian firms and more than 4,000 outward FDI projects over the 2003–14 period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Firm dynamics,
Productivity
JEL Code(s):
D,
D2,
D24,
F,
F2,
F21,
F23
The BoC-BoE Sovereign Default Database Revisited: What’s New in 2018?
Staff Working Paper 2018-30
David Beers,
Jamshid Mavalwalla
Until recently, there have been few efforts to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada’s Credit Rating Assessment Group (CRAG) has developed a comprehensive database of sovereign defaults posted on the Bank of Canada’s website that now is updated in partnership with the Bank of England.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Development economics,
Financial stability,
International financial markets
JEL Code(s):
F,
F3,
F34,
G,
G1,
G10,
G14,
G15
A Look Inside the Box: Combining Aggregate and Marginal Distributions to Identify Joint Distributions
Staff Working Paper 2018-29
Marie-Hélène Felt
This paper proposes a method for estimating the joint distribution of two or more variables when only their marginal distributions and the distribution of their aggregates are observed. Nonparametric identification is achieved by modelling dependence using a latent common-factor structure.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C14,
D,
D1,
D14,
E,
E4,
E41
Bootstrapping Mean Squared Errors of Robust Small-Area Estimators: Application to the Method-of-Payments Data
Staff Working Paper 2018-28
Valéry Dongmo Jiongo,
Pierre Nguimkeu
This paper proposes a new bootstrap procedure for mean squared errors of robust small-area estimators. We formally prove the asymptotic validity of the proposed bootstrap method and examine its finite sample performance through Monte Carlo simulations.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C13,
C15,
C8,
C83,
E,
E4,
E41
Swedish Riksbank Notes and Enskilda Bank Notes: Lessons for Digital Currencies
Staff Working Paper 2018-27
Ben Fung,
Scott Hendry,
Warren E. Weber
This paper examines the experience of Sweden with government notes and private bank notes to determine how well the Swedish experience corresponds to that of Canada and the United States. Sweden is important to study because it has had government notes in circulation for more than 350 years, and it had government notes before private bank notes.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58
Reconciling Jaimovich-Rebelo Preferences, Habit in Consumption and Labor Supply
Staff Working Paper 2018-26
Tom D. Holden,
Paul Levine,
Jonathan Swarbrick
This note studies a form of a utility function of consumption with habit and leisure that (a) is compatible with long-run balanced growth, (b) hits a steady-state observed target for hours worked and (c) is consistent with micro-econometric evidence for the inter-temporal elasticity of substitution and the Frisch elasticity of labor supply.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Labour markets
JEL Code(s):
E,
E2,
E21,
E24