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3045 Results

Do Peer Group Members Outperform Individual Borrowers? A Test of Peer Group Lending Using Canadian Micro-Credit Data

Staff Working Paper 2003-33 Rafael Gomez, Eric Santor
Microfinance institutions now serve over 10 million poor households in the developing and developed world, and much of their success has been attributed to their innovative use of peer group lending. There is very little empirical evidence, however, to suggest that group lending schemes offer a superior institutional design over lending programs that serve individual borrowers.
Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics JEL Code(s): E, J, J2, J23, O, O1, O17

House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data

Staff Working Paper 2022-39 Denis Gorea, Oleksiy Kryvtsov, Marianna Kudlyak
Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response.

On Inflation and the Persistence of Shocks to Output

Staff Working Paper 2001-22 Maral Kichian, Richard Luger
This paper empirically investigates the possibility that the effects of shocks to output depend on the level of inflation. The analysis extends Elwood's (1998) framework by incorporating in the model an inflation-threshold process that can potentially influence the stochastic properties of output.

Banking Regulation and Market Making

Staff Working Paper 2017-7 David Cimon, Corey Garriott
We model how securities dealers respond to regulations on leverage, position and liquidity such as those imposed by the Basel III framework. We show that while asset prices exhibit greater price impact, bid-ask spreads do not change and trading volumes may even increase.

Monetary Payoff and Utility Function in Adaptive Learning Models

Staff Working Paper 2019-50 Erhao Xie
When players repeatedly face an identical or similar game (e.g., coordination game, technology adoption game, or product choice game), they may learn through experience to perform better in the future. This learning behaviour has important economic implications.
Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Economic models JEL Code(s): C, C5, C57, C7, C72, C9, C92

Un modèle « PAC » d'analyse et de prévision des dépenses des ménages américains

Staff Working Paper 2003-13 Marc-André Gosselin, René Lalonde
Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have been induced by changes in expectations, and responses to expectations, that have been delayed because of adjustment costs.

Computing the Accuracy of Complex Non-Random Sampling Methods: The Case of the Bank of Canada's Business Outlook Survey

Staff Working Paper 2009-10 Daniel de Munnik, David Dupuis, Mark Illing
A number of central banks publish their own business conditions survey based on non-random sampling methods. The results of these surveys influence monetary policy decisions and thus affect expectations in financial markets. To date, however, no one has computed the statistical accuracy of these surveys because their respective non-random sampling method renders this assessment non-trivial.
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