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3031 Results

International Economic Sanctions and Third-Country Effects

Staff Working Paper 2023-46 Fabio Ghironi, Daisoon Kim, Galip Kemal Ozhan
We study the transmission and third-country effects of international sanctions. A sanctioned country’s losses are mitigated, and the sanctioning country’s losses amplified, if a third country does not join the sanctions, but the third country benefits from not joining.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Exchange rates, International topics JEL Code(s): F, F3, F31, F4, F41, F42, F5, F51

Price Discovery in Canadian Government Bond Futures and Spot Markets

Staff Working Paper 2007-4 Christopher Chung, Bryan Campbell, Scott Hendry
In this paper we look at the relative information content of cash and futures prices for Canadian Government bonds. We follow the information-share approaches introduced by Hasbrouck (1995) and Harris et al (1995), applying the techniques in Gonzalo-Granger (1995), to evaluate the relative contributions of trading in the cash and futures markets to the price discovery process.
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
August 4, 2010

Governor's Award

Annual research grants for a term of up to two years.

Price-Level Targeting

Staff Discussion Paper 2007-8 Agathe Côté
In November 2006, the Bank of Canada announced its intention to lead a concerted research program over the next few years on the type of monetary policy framework that would best contribute to the economic well-being of Canadians in the decades ahead. The research will focus on two broad questions: whether economic welfare might be […]
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Monetary policy framework JEL Code(s): E, E5, E52, E58

A Framework for Analyzing Monetary Policy in an Economy with E-money

Staff Working Paper 2019-1 Yu Zhu, Scott Hendry
This paper considers an economy where central-bank-issued fiat money competes with privately issued e-money. We study a policy-setting game between the central bank and the e-money issuer and find (1) the optimal monetary policy of the central bank depends on the policy of the private issuer and may deviate from the Friedman rule; (2) multiple equilibria may exist; (3) when the economy approaches a cashless state, the central bank’s optimal policy improves the market power of the e-money issuer and can lead to a discrete decrease in welfare and a discrete increase in inflation; and (4) first best cannot be achieved.
Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Monetary policy JEL Code(s): E, E5, E52

Securitization under Asymmetric Information over the Business Cycle

Staff Working Paper 2015-9 Martin Kuncl
This paper studies the efficiency of financial intermediation through securitization in a model with heterogeneous investment projects and asymmetric information about the quality of securitized assets. I show that when retaining part of the risk, the issuer of securitized assets may credibly signal its quality.

Fixed-Term and Permanent Employment Contracts: Theory and Evidence

Staff Working Paper 2011-21 Shutao Cao, Enchuan Shao, Pedro Silos
This paper constructs a theory of the coexistence of fixed-term and permanent employment contracts in an environment with ex-ante identical workers and employers. Workers under fixed-term contracts can be dismissed at no cost while permanent employees enjoy labor protection.
Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets, Potential output, Productivity JEL Code(s): H, H2, H29, J, J2, J23, J3, J38

Reconciling Jaimovich-Rebelo Preferences, Habit in Consumption and Labor Supply

Staff Working Paper 2018-26 Tom D. Holden, Paul Levine, Jonathan Swarbrick
This note studies a form of a utility function of consumption with habit and leisure that (a) is compatible with long-run balanced growth, (b) hits a steady-state observed target for hours worked and (c) is consistent with micro-econometric evidence for the inter-temporal elasticity of substitution and the Frisch elasticity of labor supply.

Monetary Policy Uncertainty: A Tale of Two Tails

Staff Working Paper 2018-50 Tatjana Dahlhaus, Tatevik Sekhposyan
We document a strong asymmetry in the evolution of federal funds rate expectations and map this observed asymmetry into measures of monetary policy uncertainty. We show that periods of monetary policy tightening and easing are distinctly related to downside (policy rate is higher than expected) and upside (policy rate is lower than expected) uncertainty.
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