Immigration and Provision of Public Goods: Evidence at the Local Level in the U.S. Staff Working Paper 2023-57 Anna Maria Mayda, Mine Z. Senses, Walter Steingress Using U.S. county-level data from 1990 to 2010, we study the causal impact of immigration on the provision of local public goods. We uncover substantial heterogeneity across immigrants with different skills and immigrants of different generations, which leads to unequal fiscal effects across U.S. counties. Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, International topics, Regional economic developments JEL Code(s): F, F2, F22, H, H4, H41, H7, J, J6, J61, J68, R, R5
Do Peer Group Members Outperform Individual Borrowers? A Test of Peer Group Lending Using Canadian Micro-Credit Data Staff Working Paper 2003-33 Rafael Gomez, Eric Santor Microfinance institutions now serve over 10 million poor households in the developing and developed world, and much of their success has been attributed to their innovative use of peer group lending. There is very little empirical evidence, however, to suggest that group lending schemes offer a superior institutional design over lending programs that serve individual borrowers. Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics JEL Code(s): E, J, J2, J23, O, O1, O17
International Transmission of Quantitative Easing Policies: Evidence from Canada Staff Working Paper 2022-30 Serdar Kabaca, Kerem Tuzcuoglu This paper examines the cross-border spillovers from major economies’ quantitative easing (QE) policies to their trading partners. We concentrate on spillovers from the US to Canada during the zero lower bound period when QE policies were actively used. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, International topics, Monetary policy transmission JEL Code(s): E, E5, E52, F, F4, F41, F44
How Do You Pay? The Role of Incentives at the Point-of-Sale Staff Working Paper 2011-23 Carlos Arango, Kim Huynh, Leonard Sabetti This paper uses discrete-choice models to quantify the role of consumer socioeconomic characteristics, payment instrument attributes, and transaction features on the probability of using cash, debit card, or credit card at the point-of-sale. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Econometric and statistical methods, Financial services JEL Code(s): C, C3, C35, C8, C83, E, E4, E41
Bank Capital, Agency Costs, and Monetary Policy Staff Working Paper 2004-6 Césaire Meh, Kevin Moran Evidence suggests that banks, like firms, face financial frictions when raising funds. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Financial institutions, Monetary policy transmission JEL Code(s): E, E4, E44, E5, E52, G, G2, G21
The Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies Staff Working Paper 2016-38 Gregory Bauer, Gurnain Pasricha, Rodrigo Sekkel, Yaz Terajima This paper analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada. The paper starts by summarizing recent work on financial cycles and their growing correlation across borders. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, Housing, International financial markets, Monetary policy framework JEL Code(s): E, E4, E42, E43, E44, E5, E52, F, F4, F41
Windfall Income Shocks with Finite Planning Horizons Staff Working Paper 2022-40 Michael Boutros How do households respond when they receive unanticipated income, such as an inheritance or government stimulus cheque? This paper studies these windfall income shocks through a model of household behaviour that generates a realistic consumption response for households along the entire distribution of wealth. Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components, Economic models, Fiscal policy JEL Code(s): D, D9, D91, E, E2, E21, G, G5, G51
Real Effects of Collapsing Exchange Rate Regimes: An Application to Mexico Staff Working Paper 1999-10 Patrick Osakwe, Lawrence L. Schembri This paper examines the impact of a collapsing exchange rate regime on output in an open economy in which shocks to capital flows and exports predominate. A sticky-price rational expectations model is used to compare the variability of output under the collapsing regime to that under alternative fixed and flexible regimes. Output is found to […] Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates JEL Code(s): F, F3, F31, F4, F41
April 15, 2015 Monetary Policy Report – April 2015 Real GDP in Canada is expected to grow by 1.9 per cent in 2015 and 2.5 per cent in 2016 and by 2.0 per cent in 2017. Content Type(s): Publications, Monetary Policy Report
Untapped Potential: Mobile Device Ownership and Mobile Payments in Canada Staff Working Paper 2024-25 Marie-Hélène Felt, Angelika Welte, Katrina Talavera We present a two-stage model of mobile phone and mobile payment usage that controls for selectivity. This reveals unobserved factors that work against having a mobile phone and toward mobile paying. Therefore, people who are unable to acquire or choose not to own a mobile device might have unmet payment needs. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C3, C39, D, D1, D12, E, E4, E42