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3045 Results

Unsecured Debt, Consumer Bankruptcy, and Small Business

Staff Working Paper 2008-5 Césaire Meh, Yaz Terajima
In this paper we develop a quantitative model of entrepreneurial activity (risk-taking) and consumer bankruptcy choices and use the model to study the effects of bankruptcy regulations on entrepreneurial activity, bankruptcy rate and welfare.

The Macroeconomic Implications of Coholding

Staff Working Paper 2024-16 Michael Boutros, Andrej Mijakovic
Coholder households simultaneously carry high-cost credit card debt and low-yield cash. We study the implications of this behavior for fiscal and monetary policy, finding that coholder households have smaller consumption responses in the short run but larger responses in the long run.

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 Research Topic(s): Financial markets, Market structure and pricing JEL Code(s): G, G1, G12, G13, G14

Assessing the effects of higher immigration on the Canadian economy and inflation

We assess the complex macroeconomic implications of Canada’s recent population increases. We find that newcomers significantly boost the non-inflationary, potential growth of the economy, but existing imbalances in the housing sector may be exacerbated. Greater housing supply is needed to complement the long-term economic benefits of population growth.

The Canadian Dollar and Commodity Prices: Has the Relationship Changed over Time?

Staff Discussion Paper 2008-15 Philipp Maier, Brian DePratto
The authors examine the impact of the recent run-up in energy and non-energy commodity prices on the Canadian dollar. Using the Bank of Canada's exchange rate equation, they find that the differences between the actual value of the Canadian exchange rate and the simulated values observed in 2007 are not historically large. Still, given that […]
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Exchange rates JEL Code(s): F, F3, F31

The Intergenerational Correlation of Employment: Is There a Role for Work Culture?

Staff Working Paper 2019-33 Gabriela Galassi, David Koll, Lukas Mayr
We document a substantial positive correlation of employment status between mothers and their children in the United States, linking data from the National Longitudinal Survey of Youth 1979 (NLSY79) and the NLSY79 Children and Young Adults. After controlling for ability, education and wealth, a one-year increase in a mother’s employment is associated with six weeks more employment of her child on average.

Price-Level Targeting and Stabilization Policy: A Review

Staff Discussion Paper 2007-11 Steve Ambler
The author surveys recent articles on the costs and benefits of price-level targeting versus inflation targeting, focusing on the benefits and costs of price-level targeting as a tool for stabilization policy. He reviews papers that examine how price-level targeting affects the short-run trade-off between output and inflation variability by influencing expectations of future inflation. The […]
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Monetary policy framework JEL Code(s): E, E3, E31, E32, E5, E52
August 23, 2003

Financial Developments in Canada: Past Trends and Future Challenges

Freedman and Engert focus on the changing pattern of lending and borrowing in Canada in the past thirty to forty years, including the types of financial instruments used and the relative roles of financial institutions and financial markets. They examine how borrowing mechanisms have changed over time and consider the challenges facing the Canadian financial sector, including whether our financial markets are in danger of disappearing because of the size and pre-eminence of U.S. financial markets. Some of the trends examined here include syndicated lending, securitization, and credit derivatives, a form of financial engineering that has become increasingly important in the last few years. They also study bond and equity markets to determine whether Canadian capital markets have been hollowed out or abandoned by Canadian firms and conclude that the data do not provide much support for that view.
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