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3045 Results

Does Indexation Bias the Estimated Frequency of Price Adjustment?

Staff Working Paper 2007-15 Maral Kichian, Oleksiy Kryvtsov
We assess the implications of price indexation for estimated frequency of price adjustment in sticky price models of business cycles. These models predominantly assume that non-reoptimized prices are indexed to lagged or average inflation.

ToTEM: The Bank of Canada's New Quarterly Projection Model

Technical Report No. 97 Stephen Murchison, Andrew Rennison
The authors provide a detailed technical description of the Terms-of-Trade Economic Model (ToTEM), which replaced the Quarterly Projection Model (QPM) in December 2005 as the Bank's principal projection and policy-analysis model for the Canadian economy.
Content Type(s): Staff research, Technical reports Research Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): E, E1, E17, E2, E20, E3, E30, E4, E40, E5, E50, F, F4, F41

Has wage setting changed in Canada? Evidence from the pre-pandemic 2020 Wage-Setting Survey

Staff Analytical Note 2022-10 David Amirault, Sarah Miller, Matthieu Verstraete
Just before the pandemic began, the Bank of Canada conducted the 2020 Wage-Setting Survey. The goal was to explore the unusual trend of subdued wage growth in 2018 and 2019 despite a tightening in the labour market. Although this wage puzzle was beginning to resolve at the time of the survey, results highlight changes in several factors that may have important impacts on wage dynamics.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Central bank research, Labour markets JEL Code(s): J, J3, J31, J32, J33, J6, J63

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

Food Aid Delivery, Food Security and Aggregate Welfare in a Small Open Economy: Theory and Evidence

Staff Working Paper 1998-1 Patrick Osakwe
A small-open-economy model is developed to examine how the method of food aid disbursement affects labor employment, food security and aggregate welfare, in recipient countries, in an environment in which private sector firms pay efficiency wages to induce effort. Two forms of food aid delivery are considered: first is project food aid, under which food […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics JEL Code(s): J, J4, O, O1, Q, Q1

Mandatory Retention Rules and Bank Risk

Staff Working Paper 2023-3 Yuteng Cheng
This paper studies, theoretically and empirically, the unintended consequences of mandatory retention rules in securitization. It proposes a novel model showing that while retention strengthens monitoring, it may also encourage banks to shift risk.

Quantifying Contagion Risk in Funding Markets: A Model-Based Stress-Testing Approach

Staff Working Paper 2015-32 Kartik Anand, Céline Gauthier, Moez Souissi
We propose a tractable, model-based stress-testing framework where the solvency risks, funding liquidity risks and market risks of banks are intertwined.
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