Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1306
result(s)
Perceived Inflation Persistence
Staff Working Paper 2013-43
Monica Jain
The Survey of Professional Forecasters (SPF) has had vast influence on research related to better understanding expectation formation and the behaviour of macroeconomic agents. Inflation expectations, in particular, have received a great deal of attention, since they play a crucial role in determining real interest rates, the expectations-augmented Phillips curve and monetary policy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices
JEL Code(s):
E,
E3,
E31,
E37
High-Frequency Real Economic Activity Indicator for Canada
Staff Working Paper 2013-42
Gitanjali Kumar
I construct a weekly measure of real economic activity in Canada. Based on the work of Aruoba et al. (2009), the indicator is extracted as an unobserved component underlying the co-movement of four monthly observed real macroeconomic variables - employment, manufacturing sales, retail sales and GDP.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods
JEL Code(s):
C,
C3,
C38,
E,
E3,
E32
Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy
Staff Working Paper 2013-41
Ianthi Vayid
The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Credibility,
Financial stability,
Inflation targets,
Monetary policy framework,
Monetary policy implementation
JEL Code(s):
E,
E5,
E52,
E58
Unemployment Fluctuations in a Small Open-Economy Model with Segmented Labour Markets: The Case of Canada
Staff Working Paper 2013-40
Yahong Zhang
The recent financial crisis and subsequent recession have spurred great interest in the sources of unemployment fluctuations. Previous studies predominantly assume a single economy-wide labour market, and therefore abstract from differences across sectorspecific labour markets in the economy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Labour markets
JEL Code(s):
E,
E3,
E32,
E4,
E44,
J,
J6
The Financialization of Food?
Staff Working Paper 2013-39
Valentina G. Bruno,
Bahattin Buyuksahin,
Michel A. Robe
Commodity-equity and cross-commodity return co-movements rose dramatically after the 2008 financial crisis. This development took place following what has been dubbed the “financialization” of commodity markets.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International topics,
Recent economic and financial developments
JEL Code(s):
G,
G1,
G12,
G13,
Q,
Q1,
Q11,
Q13
Some Economics of Private Digital Currency
Staff Working Paper 2013-38
Joshua S. Gans,
Hanna Halaburda
This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Economic models,
Payment clearing and settlement systems
JEL Code(s):
D,
D4,
D42,
E,
E4,
L,
L5,
L51
Measuring Uncertainty in Monetary Policy Using Implied Volatility and Realized Volatility
Staff Working Paper 2013-37
Bo Young Chang,
Bruno Feunou
We measure uncertainty surrounding the central bank’s future policy rates using implied volatility computed from interest rate option prices and realized volatility computed from intraday prices of interest rate futures.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary and financial indicators,
Monetary policy and uncertainty
JEL Code(s):
E,
E4
Public/Private Transitions and Firm Financing
Staff Working Paper 2013-36
Kim Huynh,
Teodora Paligorova,
Robert Petrunia
A large body of empirical literature investigates differences in financing structures across firms. Private firms’ financing receives little attention due to the lack of data.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Financial markets
JEL Code(s):
G,
G3,
G30,
L,
L1,
L11
The Common Component of CPI: An Alternative Measure of Underlying Inflation for Canada
Staff Working Paper 2013-35
Mikael Khan,
Louis Morel,
Patrick Sabourin
In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly factor model on individual components of the CPI. This measure, labelled the common component of CPI, has intuitive appeal and a number of interesting features.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
Inflation and prices,
Monetary policy framework
JEL Code(s):
C,
C1,
E,
E3,
E31,
E32,
E5,
E52,
E58