Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1306
result(s)
What Accounts for the U.S.-Canada Education-Premium Difference?
Staff Working Paper 2009-4
Oleksiy Kryvtsov,
Alexander Ueberfeldt
This paper analyzes the differences in wage ratios of university graduates to less than university graduates, the education premium, in Canada and the United States from 1980 to 2000. Both countries experienced a similar increase in the fraction of university graduates and a similar increase in skill biased technological change based on capital-embodied technological progress, but only the United States had a large increase in the education premium.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Productivity
JEL Code(s):
E,
E2,
E24,
E25,
J,
J2,
J24,
J3,
J31
Uninsurable Investment Risks and Capital Income Taxation
Staff Working Paper 2009-3
Césaire Meh,
Yaz Terajima
This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks.
Monetary Policy Lag, Zero Lower Bound, and Inflation Targeting
Staff Working Paper 2009-2
Shin-Ichi Nishiyama
Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively little attention has been paid to the idea. In this paper, we build on Svensson's (1997) inflation targeting framework by explicitly taking into account the lagged effect of monetary policy and characterize the optimal monetary policy reaction function both in the absence and in the presence of the zero lower bound on the nominal interest rate.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation targets,
Monetary policy framework,
Monetary policy implementation
JEL Code(s):
C,
C6,
C63,
E,
E5,
E52,
E58
The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure
Staff Working Paper 2009-1
Zhaoxia Xu
This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G3,
G32
Financial Intermediation, Liquidity and Inflation
Staff Working Paper 2008-49
Jonathan Chiu,
Césaire Meh
This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Regarding how banking affects the welfare costs of inflation: First, we find that, with banking, inflation generates smaller welfare costs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy framework
JEL Code(s):
E,
E4,
E40,
E5,
E50
Futures Markets, Oil Prices and the Intertemporal Approach to the Current Account
Staff Working Paper 2008-48
Elif Arbatli
The intertemporal approach to the current account suggests modeling movements in the current account in a forward-looking, dynamic framework. In this framework, the current account reflects consumption smoothing of agents that lend and borrow from the rest of the world in the face of transitory shocks to income.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Balance of payments and components
JEL Code(s):
C,
C2,
C22,
F,
F2,
F21,
F3,
F32,
G,
G1,
G13
How Important Is Liquidity Risk for Sovereign Bond Risk Premia? Evidence from the London Stock Exchange
Staff Working Paper 2008-47
Ron Alquist
This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and sovereign bond risk premia. The London Stock Exchange in the late 19th century is an ideal laboratory in which to test the proposition that liquidity risk affects the price of sovereign debt.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
F,
F2,
F21,
F3,
F34,
F36,
G,
G1,
G12,
G15
Indebtedness and the Household Financial Health: An Examination of the Canadian Debt Service Ratio Distribution
Staff Working Paper 2008-46
Umar Faruqui
The household debt-to-disposable income ratio in Canada increased from 110 per cent in 1999 to 127 per cent in 2007. This increase has raised questions about the ability of households to service their increased debt if faced with a negative economic or socio-economic shock.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Monetary and financial indicators
JEL Code(s):
D,
D1,
D11,
D14,
D3,
D39
Firm Size and Productivity
Staff Working Paper 2008-45
Danny Leung,
Césaire Meh,
Yaz Terajima
This paper examines the relationship between firm size and productivity. In contrast to previous studies, this paper offers evidence of the relationship not only from manufacturing firms, but from non-manufacturing firms as well.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Productivity
JEL Code(s):
L,
L1,
L11,
L2,
L25,
O,
O4,
O47