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9255 Results

Equilibrium in Two-Sided Markets for Payments: Consumer Awareness and the Welfare Cost of the Interchange Fee

Staff Working Paper 2022-15 Kim Huynh, Gradon Nicholls, Oleksandr Shcherbakov
We construct and estimate a structural two-stage model of equilibrium in a market for payments in order to quantify the network externalities and identify the main determinants of consumer and merchant decisions.

Job Ladder and Business Cycles

Staff Working Paper 2022-14 Felipe Alves
During downturns, workers get stuck in low-productivity jobs and wages remain stagnant. I build an heterogenous agent incomplete market model with a full job ladder that accounts for these facts. An adverse financial shock calibrated to the US Great Recession replicates the period’s slow recovery and missing disinflation.

Jaime Trujillo

Jaime Trujillo is a Principal Economist in the Bank of Canada’s International Projection Division.

COVID-19, Containment and Consumption

We assess the impact of COVID-19 on consumption indicators by estimating the effects of government-mandated containment measures and of the willingness of individuals to voluntarily physically distance to prevent contagion.
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