Un modèle « PAC » d'analyse et de prévision des dépenses des ménages américains Staff Working Paper 2003-13 Marc-André Gosselin, René Lalonde Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have been induced by changes in expectations, and responses to expectations, that have been delayed because of adjustment costs. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models JEL Code(s): C, C3, C32, E, E2, E21, E3, E32
Competition in Banking: A Review of the Literature Staff Working Paper 2004-24 Carol Ann Northcott The author reviews the theoretical and empirical literature to examine the traditional perception that the following trade-off exists between economic efficiency and stability in the banking system: a competitive banking system is more efficient and therefore important to growth, but market power is necessary for stability in the banking system. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services, Market structure and pricing JEL Code(s): G, G2, G21, G28, L, L1, L11, L12, L13, L16
October 19, 2006 Release of the Monetary Policy Report Opening statement David Dodge The Canadian economy is judged to be operating just above its production capacity. While global economic growth is expected to be a little higher than previously anticipated, a weaker near-term outlook for the U.S. economy has curbed the near-term prospects for Canadian exports and growth. Content Type(s): Press, Speeches and appearances, Opening statements
Real and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment Staff Working Paper 2009-36 Michael K. Johnston Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identified from time series. I evaluate the plausibility of capital specificity as a source of real rigidities using a two-dimensional generalized (s,S) model calibrated to micro evidence. Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy transmission JEL Code(s): E, E1, E12, E2, E22, E3, E31
Working Time over the 20th Century Staff Working Paper 2006-18 Alexander Ueberfeldt From 1870 to 2000, the workweek length of employed persons decreased by 41 per cent in industrialized countries. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Labour markets, Productivity JEL Code(s): E, E1, E13, E2, E24, O, O1, O11
Money and Credit Factors Staff Working Paper 2006-3 Paul Gilbert, Erik Meijer The authors introduce new measures of important underlying macroeconomic phenomena that affect the financial side of the economy. Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Econometric and statistical methods, Monetary aggregates JEL Code(s): C, C4, C43, C8, C82, E, E5, E51
Structural Change in Covariance and Exchange Rate Pass-Through: The Case of Canada Staff Working Paper 2006-2 Lynda Khalaf, Maral Kichian The authors address empirically the implications of structural breaks in the variance-covariance matrix of inflation and import prices for changes in pass-through. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C5, C52, E, E3, E31, F, F3, F31, F4, F40
An Evaluation of MLE in a Model of the Nonlinear Continuous-Time Short-Term Interest Rate Staff Working Paper 2005-45 Ingrid Lo The author compares the performance of three Gaussian approximation methods - by Nowman (1997), Shoji and Ozaki (1998), and Yu and Phillips (2001) - in estimating a model of the nonlinear continuous-time short-term interest rate. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Interest rates JEL Code(s): C, C1, E, E4
Subordinated Debt and Market Discipline in Canada Staff Working Paper 2005-40 Greg Caldwell The author documents the use by Canadian banks of subordinated debt (SD) as a capital instrument. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions JEL Code(s): G, G2, G21, G28
October 21, 2007 Credit Market Turbulence and Policy Challenges Ahead Remarks David Dodge Institute of International Finance Washington, D.C. Given the Institute's membership and its focus on financial stability, I feel safe in saying that all of us here today watched this summer's turbulence in credit markets with interest, to put it mildly. What began in the spring as a repricing of credit risk turned into dislocations that have yet to fully run their course. Content Type(s): Press, Speeches and appearances, Remarks