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2143 Results

Energy Efficiency and Fluctuations in CO2 Emissions

Staff working paper 2021-47 Soojin Jo, Lilia Karnizova
Carbon dioxide emissions have been commonly modelled as rising and falling with total output. Yet many factors, such as energy-efficiency improvements and shifts to cleaner energy, can break this relationship. We evaluate these factors using US data and find that changes in energy efficiency of consumption goods explain a significant proportion of emissions fluctuations. This finding also implies that models that omit energy efficiency likely overestimate the trade-off between environmental protection and economic performance.

Agency Costs, Risk Shocks and International Cycles

Staff working paper 2016-2 Marc-André Letendre, Joel Wagner
We add agency costs as in Carlstrom and Fuerst (1997) into a two-country, two-good international business-cycle model. In our model, changes in the relative price of investment arise endogenously.

How Do Households Respond to Expected Inflation? An Investigation of Transmission Mechanisms

Staff working paper 2024-44 Janet Hua Jiang, Rupal Kamdar, Kelin Lu, Daniela Puzzello
We conduct surveys to study how consumer spending responds to higher inflation expectations. Most respondents spend the same, sticking to fixed budget plans or not considering inflation for spending decisions. About 20% decrease spending because they feel poorer and cut spending to invest in inflation-proof assets. Very few increase spending.

Reconciling the Differences in Aggregate U.S. Wage Series

Staff working paper 2016-1 Julien Champagne, André Kurmann, Jay Stewart
Average hourly real wage series from the Labor Productivity and Costs (LPC) program and the Current Employment Statistics (CES) program have evolved very differently over the past decades.

Monetary Policy Implementation in a Negative Rate Environment

Staff working paper 2017-25 Michael Boutros, Jonathan Witmer
Monetary policy implementation could, in theory, be constrained by deeply negative rates since overnight market participants may have an incentive to invest in cash rather than lend to other participants.

Climate Change and Socio-economic inequality in the US

Staff working paper 2026-16 Barbara Sadaba, Tatjana Dahlhaus
This paper examines how climate change affects income inequality across US states. Using a new climate-inequality VAR and a century of daily temperature data, it shows that shifts across the full temperature distribution—not just average warming—have diverse effects on within-state inequality.
November 11, 2008

Merchants' Costs of Accepting Means of Payment: Is Cash the Least Costly?

In a competitive sales environment, merchants are compelled to offer consumers the option of paying for goods and services using a variety of payment methods, including cash, debit card, or credit card. Each method entails different costs and benefits to merchants. To better understand the costs of accepting retail payments, the Bank of Canada surveyed over 500 Canadian merchants and found that most consider cash the least costly. This article investigated this perception by calculating the variable costs per transaction of accepting different means of payment. The findings are that costs for each payment method vary by merchant and transaction value, with debit cards the least costly payment for a broad cross-section of merchants.

Crisis facilities as a source of public information

Staff analytical note 2025-7 Lerby Ergun
During the COVID-19 financial market crisis, central banks introduced programs to support liquidity in important core funding markets. As well as acting as a backstop to market prices, these programs produce useful trading data on prevailing market conditions. When summary information from this data is shared publicly, it can help market participants understand current conditions and aid the recovery of market functioning.

Fiscal Spillovers: The Case of US Corporate and Personal Income Taxes

Staff working paper 2021-41 Madeline Hanson, Daniela Hauser, Romanos Priftis
How do changes to personal and corporate income tax rates in the United States affect its trading partners? Spillover effects from cuts in the two taxes differ. They are generally small and negative for corporate taxes, but sizable and positive for personal income taxes.
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