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2166 Results

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.

Allocative Efficiency and the Productivity Slowdown

Staff working paper 2021-1 Lin Shao, Rongsheng Tang
In our analysis of the US productivity slowdown in the 1970s and 2000s, we find that a significant portion of this deceleration can be attributed to a lack of improvement in allocative efficiency across sectors. Our analysis further identifies increased sector-level volatility as a major contributor to this lack of improvement in allocative efficiency.

Do Canadian Broker-Dealers Act as Agents or Principals in Bond Trading?

Staff analytical note 2017-11 Daniel Hyun, Jesse Johal, Corey Garriott
Technology, risk tolerance and regulation may influence dealers to reduce their trading as principals (using their own balance sheets for sales and purchases of securities) in favour of agency trading (matching client trades).

Wage Growth in Canada and the United States: Factors Behind Recent Weakness

This note examines the relatively subdued pace of wage growth in Canada since the commodity price decline in 2014 and assesses whether the weakness is attributable to cyclical (e.g., labour market slack) or structural factors (e.g., resource reallocation and demographic change).

The Impact of Mortgage Interest Costs on Rental Inflation Amid Population Growth

Staff analytical paper 2026-14 Amina Enkhbold, Serdar Kabaca
This note finds evidence of a positive and nonlinear relationship between mortgage interest costs (MIC) and rental inflation: the impact of MIC on rents is small when population growth is near its historical norm, but significantly stronger during periods of rapid population growth.

Crowdfunding and Risk

Staff working paper 2023-28 David Cimon
Crowdfunding may enable unique products to reach the consumer market. I model a crowdfunding technology that publicly screens consumer demand early in the production process. In this model, entrepreneurs like crowdfunding for risky projects where demand is uncertain, but not for large, safe projects or for projects where production costs are uncertain.
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