Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1306
result(s)
Trends in U.S. Hours and the Labor Wedge
Staff Working Paper 2010-28
Simona Cociuba,
Alexander Ueberfeldt
From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured as the discrepancy between a representative household's marginal rate of substitution between consumption and leisure and the marginal product of labor, declined substantially.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Labour markets,
Potential output
JEL Code(s):
E,
E2,
E24,
H,
H2,
H20,
H3,
H31,
J,
J2,
J22
Stability versus Flexibility: The Role of Temporary Employment in Labour Adjustment
Staff Working Paper 2010-27
Shutao Cao,
Danny Leung
In Canada, temporary workers account for 14 per cent of jobs in the non-farm business sector, are present in a range of industries, and account for 40 per cent of the total job reallocation. Yet most models of job reallocation abstract from temporary workers.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Productivity
JEL Code(s):
D,
D2,
D24,
J,
J3,
J32
Capital Requirement and Financial Frictions in Banking: Macroeconomic Implications
Staff Working Paper 2010-26
Ali Dib
The author develops a dynamic stochastic general-equilibrium model with an active banking sector, a financial accelerator, and financial frictions in the interbank and bank capital markets.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Financial markets,
Financial stability
JEL Code(s):
E,
E3,
E32,
E4,
E44,
G,
G1
The Effect of Exchange Rate Movements on Heterogeneous Plants: A Quantile Regression Analysis
Staff Working Paper 2010-25
Ben Tomlin,
Loretta Fung
In this paper, we examine how the effect of movements in the real exchange rate on manufacturing plants depends on the plant's placement within the productivity distribution. Appreciations of the local currency expose domestic plants to more competition from abroad as export opportunities shrink and import competition intensifies.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Market structure and pricing,
Productivity
JEL Code(s):
D,
D2,
D21,
F,
F1,
L,
L1,
L16,
L6,
L60
Banks, Credit Market Frictions, and Business Cycles
Staff Working Paper 2010-24
Ali Dib
The author proposes a micro-founded framework that incorporates an active banking sector into a dynamic stochastic general-equilibrium model with a financial accelerator.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Credit and credit aggregates,
Economic models,
Financial stability
JEL Code(s):
E,
E3,
E32,
E4,
E44,
G,
G1
Central Bank Haircut Policy
Staff Working Paper 2010-23
James Chapman,
Jonathan Chiu,
Miguel Molico
We present a model of central bank collateralized lending to study the optimal choice of the haircut policy. We show that a lending facility provides a bundle of two types of insurance: insurance against liquidity risk as well as insurance against downside risk of the collateral.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Financial services,
Financial system regulation and policies,
Monetary policy implementation,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E40,
E5,
E50
Liquidity Transformation and Bank Capital Requirements
Staff Working Paper 2010-22
Hajime Tomura
This paper presents a dynamic general equilibrium model where asymmetric information about asset quality leads to asset illiquidity. Banking arises endogenously in this environment as banks can pool illiquid assets to average out their idiosyncratic qualities and issue liquid liabilities backed by pooled assets whose total quality is public information.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Financial system regulation and policies
JEL Code(s):
D,
D8,
D82,
E,
E4,
E44,
G,
G2,
G21
Identifying Asymmetric Comovements of International Stock Market Returns
Staff Working Paper 2010-21
Fuchun Li
Based on a new approach for measuring the comovements between stock market returns, we provide a nonparametric test for asymmetric comovements in the sense that stock market downturns will lead to stronger comovements than market upturns.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Financial stability,
Financial system regulation and policies,
International topics
JEL Code(s):
C,
C4,
C49,
F,
F2,
F21,
G,
G1,
G15,
G19
An Assessment of the Bank of Canada's Term PRA Facility
Staff Working Paper 2010-20
Emanuella Enenajor,
Alex Sebastian,
Jonathan Witmer
This paper empirically assesses the effectiveness of the Bank of Canada's term Purchase and Resale Agreement (PRA) facility in reducing short-term bank funding pressures, as measured by the CDOR-OIS spread.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Financial stability
JEL Code(s):
E,
E5,
E58,
G,
G1,
G12,
G18