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3045 Results

The Role of Time-Varying Price Elasticities in Accounting for Volatility Changes in the Crude Oil Market

Staff Working Paper 2011-28 Christiane Baumeister, Gert Peersman
There has been a systematic increase in the volatility of the real price of crude oil since 1986, followed by a decline in the volatility of oil production since the early 1990s. We explore reasons for this evolution. We show that a likely explanation of this empirical fact is that both the short-run price elasticities of oil demand and of oil supply have declined considerably since the second half of the 1980s.

Do Exchange Rates Affect the Capital-Labour Ratio? Panel Evidence from Canadian Manufacturing Industries

Staff Working Paper 2005-12 Danny Leung, Terence Yuen
Using industry-level data for Canadian manufacturing industries from 1981 to 1997, the authors find empirical evidence of a negative relationship between the capital-labour ratio and the user cost of capital relative to the price of labour.
Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Productivity JEL Code(s): F, F4

Let’s Get Physical: Impacts of Climate Change Physical Risks on Provincial Employment

Staff Working Paper 2024-32 Thibaut Duprey, Soojin Jo, Geneviève Vallée
We analyze 40 years’ worth of natural disasters using a local projection framework to assess their impact on provincial labour markets in Canada. We find that disasters decrease hours worked within a week and lower wage growth in the medium run. Our study highlights that disasters affect vulnerable workers through the income channel.
Content Type(s): Staff research, Staff working papers Research Topic(s): Climate change, Labour markets, Regional economic developments JEL Code(s): C, C3, C33, E, E2, E24, J, J3, Q, Q5, Q54
August 4, 2010

Governor's Award

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

Non-Performing Loans, Fiscal Costs and Credit Expansion in China

Staff Working Paper 2018-53 Huixin Bi, Yongquan Cao, Wei Dong
This paper studies how the credit expansion policy pursued by the Chinese government in an effort to stimulate its economy in the post-crisis period affects bank–firm loan contracts and the macroeconomy. We build a structural model with financial frictions in which the optimal loan contract reflects the trade-off between leverage and the probability of default.

The Dynamics of Capital Flow Episodes

Staff Working Paper 2016-9 Christian Friedrich, Pierre Guérin
This paper proposes a novel methodology for identifying episodes of strong capital flows based on a regime-switching model. In comparison with the existing literature, a key advantage of our methodology is to estimate capital flow regimes without the need for context- and sample-specific assumptions.

Housing and Tax-Deferred Retirement Accounts

Staff Working Paper 2016-24 Anson T. Y. Ho, Jie Zhou
Assets in tax-deferred retirement accounts (TDA) and housing are two major components of household portfolios. In this paper, we develop a life-cycle model to examine the interaction between households’ use of TDA and their housing decisions.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Housing JEL Code(s): C, C6, C61, D, D1, D14, D9, D91, E, E2, E21, H, H2, H24, R, R2, R21
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