Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
1320
result(s)
Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s: (Hard) Lessons Learned for Monetary Policy in a Small Open Economy
Staff Working Paper 2007-45
Michael Bordo,
Ali Dib,
Lawrence L. Schembri
This paper revisits Canada's pioneering experience with floating exchange rate over the period 1950–1962. It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open economy model of the Canadian economy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Exchange rates
JEL Code(s):
E,
E3,
E32,
E37,
F,
F3,
F31,
F32,
N,
N1
Cyclical Behavior of Debt and Equity Using a Panel of Canadian Firms
Staff Working Paper 2007-44
Francisco Covas,
Wouter den Haan
We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm-level Canadian data.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles
JEL Code(s):
E,
E3,
E32,
G,
G3,
G32
Price Discovery in Canadian and U.S. 10-Year Government Bond Markets
Staff Working Paper 2007-43
Bryan Campbell,
Scott Hendry
This paper presents some new results on the price discovery process in both the Canadian and U.S. 10-year Government bond markets using high-frequency data not previously analyzed. Using techniques introduced by Hasbrouck (1995) and Gonzalo-Granger (1995), we look at the relative information content of cash and futures prices in the market for Canadian Government bonds using futures market data from the Montreal Exchange and OTC cash market data reflecting the inter-dealer market covered by CanPx.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G12,
G13,
G14
Trend Inflation, Wage and Price Rigidities, and Welfare
Staff Working Paper 2007-42
Robert Amano,
Kevin Moran,
Stephen Murchison,
Andrew Rennison
This paper studies the steady-state costs of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation: costs and benefits
JEL Code(s):
E,
E0,
E5
Multilateral Adjustment and Exchange Rate Dynamics: The Case of Three Commodity Currencies
Staff Working Paper 2007-41
Jeannine Bailliu,
Ali Dib,
Takashi Kano,
Lawrence L. Schembri
In this paper, we empirically investigate whether multilateral adjustment to large U.S. external imbalances can help explain movements in the bilateral exchange rates of three commodity currencies – the Australian, Canadian and New Zealand (ACNZ) dollars.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Exchange rates
JEL Code(s):
C,
C1,
C11,
C2,
C22,
F,
F3,
F31,
F32
Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms
Staff Working Paper 2007-40
Michael R. King,
Eric Santor
This study examines how family ownership affects the performance and capital structure of 613 Canadian firms using a panel dataset from 1998 to 2005.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G1,
G12,
G15
Liquidity, Redistribution, and the Welfare Cost of Inflation
Staff Working Paper 2007-39
Jonathan Chiu,
Miguel Molico
This paper studies the long run welfare costs of inflation in a micro-founded model with trading frictions and costly liquidity management.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation: costs and benefits
JEL Code(s):
E,
E4,
E40,
E5,
E50
The Canadian Business Cycle: A Comparison of Models
Staff Working Paper 2007-38
Frédérick Demers,
Ryan Macdonald
This paper examines the ability of linear and nonlinear models to replicate features of real Canadian GDP. We evaluate the models using various business-cycle metrics.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods
JEL Code(s):
C,
C3,
C32,
E,
E3,
E37
A vision for IMF Surveillance
Staff Working Paper 2007-37
Robert Lavigne,
Philipp Maier,
Eric Santor
The ongoing review of the IMF, initiated in 2005 by Managing Director De Rato, presents an excellent opportunity to re-examine the role, functions and governance of the Fund.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
International topics
JEL Code(s):
F,
F3,
F33