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3046 Results

Endogenous Time Variation in Vector Autoregressions

Staff Working Paper 2020-16 Danilo Leiva-Leon, Luis Uzeda
We introduce a new class of time-varying parameter vector autoregressions (TVP-VARs) where the identified structural innovations are allowed to influence — contemporaneously and with a lag — the dynamics of the intercept and autoregressive coefficients in these models.

Assessing Global Potential Output Growth: April 2019

This note presents the updated estimates of potential output growth for the global economy through 2021. Global potential output is expected to grow by 3.3 per cent per year over the projection horizon.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): International topics, Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4

Multiple Fixed Effects in Binary Response Panel Data Models

Staff Working Paper 2014-17 Karyne B. Charbonneau
This paper considers the adaptability of estimation methods for binary response panel data models to multiple fixed effects. It is motivated by the gravity equation used in international trade, where important papers such as Helpman, Melitz and Rubinstein (2008) use binary response models with fixed effects for both importing and exporting countries.
Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C2, C23, C25, F, F1, F14

Information, Amplification and Financial Crisis

Staff Working Paper 2014-30 Ali Kakhbod, Toni Ahnert
We propose a parsimonious model of information choice in a global coordination game of regime change that is used to analyze debt crises, bank runs or currency attacks. A change in the publicly available information alters the uncertainty about the behavior of other investors.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability JEL Code(s): D, D8, D83, G, G0, G01

International Borrowing, Specialization and Unemployment in a Small, Open Economy

Staff Working Paper 1998-2 Patrick Osakwe, Shouyong Shi
Empirical evidence suggests that the unemployment rate and the export/GNP ratio are positively correlated with external debt across developing countries. This paper develops a dynamic model that provides an explanation for the aforementioned relationships. The central idea of our paper is that international borrowing affects unemployment and specialization patterns by unevenly changing the risk-sharing structure—across […]
Content Type(s): Staff research, Staff working papers Research Topic(s): International topics JEL Code(s): F, F3, J, J6

Canadian Bank Balance-Sheet Management: Breakdown by Types of Canadian Financial Institutions

Staff Discussion Paper 2012-7 David Xiao Chen, H. Evren Damar, Hani Soubra, Yaz Terajima
The authors document leverage, capital and liquidity ratios of banks in Canada. These ratios are important indicators of different types of risk with respect to a bank’s balance‐sheet management. Particular attention is given to the observations by different types of banks, including small banks that historically received less attention.

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

Sources of pandemic-era inflation in Canada: An application of the Bernanke and Blanchard model

Staff Analytical Note 2024-13 Fares Bounajm, Jean Garry Junior Roc, Yang Zhang
We explore the drivers of the surge in inflation in Canada during the COVID-19 pandemic. This work is part of a joint effort by 11 central banks using the model developed by Bernanke and Blanchard (2023) to identify similarities and differences across economies.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Economic models, Inflation and prices, Labour markets JEL Code(s): E, E2, E24, E3, E31, E37, E5, E52, E6

How Do People View Price and Wage Inflation?

Staff Working Paper 2022-34 Monica Jain, Olena Kostyshyna, Xu Zhang
This paper examines household-level data from the Canadian Survey of Consumer Expectations (CSCE) to understand households’ expectations about price and wage inflation, how those expectations link to views about labour market conditions and the subsequent impact on households’ outlook for real spending growth.
Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Monetary policy communications JEL Code(s): C, C8, C83, D, D8, D84, E, E2, E21, E24, E3, E31
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