Belief Dispersion and Order Submission Strategies in the Foreign Exchange Market Staff Working Paper 2011-8 Ingrid Lo, Stephen Sapp This paper empirically examines how dispersions across investors beliefs influence traders order submission decisions in the foreign exchange market. Previous research has found that dispersion in traders beliefs regarding future macroeconomic announcements has a significant impact on both price dynamics and trading volume before the announcements in the foreign exchange and other financial markets. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Market structure and pricing JEL Code(s): D, D4, G, G1
Global Commodity Markets and Rebalancing in China: The Case of Copper Staff Discussion Paper 2019-3 Jeannine Bailliu, Doga Bilgin, Kun Mo, Kurt Niquidet, Benjamin Sawatzky Given that China accounts for about half of global copper consumption, it is reasonable to expect that any significant change in Chinese copper consumption will have an impact on the global market. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Econometric and statistical methods, International topics JEL Code(s): O, O1, O13, O14, Q, Q0, Q02
January 24, 2012 Stress Testing the Corporate Loans Portfolio of the Canadian Banking Sector Financial System Review - June 2007 Miroslav Misina, David Tessier, Shubhasis Dey Content Type(s): Publications, Financial System Review articles
La fiabilité des estimations de l'écart de production au Canada Staff Working Paper 2002-10 Jean-Philippe Cayen, Simon van Norden In this paper, we measure, with Canadian data, the scope of the revisions to real-time estimates of the output gap generated with several univariate and multivariate techniques. We also make an empirical evaluation of the usefulness of the output gap estimates for predicting inflation. Content Type(s): Staff research, Staff working papers Research Topic(s): Potential output JEL Code(s): E, E3, E32
2013 Methods-of-Payment Survey Results Staff Discussion Paper 2015-4 Christopher Henry, Kim Huynh, Rallye Shen As the sole issuer of bank notes, the Bank of Canada conducts methods-of-payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech JEL Code(s): E, E4
November 19, 2015 The Effect of Regulatory Changes on Monetary Policy Implementation Frameworks Bank of Canada Review - Autumn 2015 Meyer Aaron, Annick Demers, Sean Durr This article provides an analysis of some recent banking regulatory initiatives that are likely to influence the activities of financial intermediaries and the effectiveness of central bank monetary policy implementation frameworks. Although the effects of individual regulations can be anticipated in most cases, the combined regulatory impact is not yet clear. Central banks should, however, be able to accommodate the effects of the emerging regulatory environment within their existing policy implementation frameworks. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Financial institutions, Financial markets, Financial system regulation and policies, Monetary policy implementation JEL Code(s): E, E5, E52, G, G2, G21, L, L5, L50
May 19, 2002 Private Capital Flows to Emerging-Market Economies Bank of Canada Review - Spring 2002 Jean-François Perrault This article explores the evolution of capital flows to emerging markets over the last 30 years with emphasis on the past decade. Capital markets in emerging-market economies have evolved substantially over the period, becoming increasingly deep and resilient. The author looks at how capital flows to these countries have changed in terms of magnitude, geographical distribution, the financial instruments used, and the country of origin. He also examines how changes in the investor base have affected these flows and reviews the factors underlying the growth of private capital flows in the 1990s. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Development economics
Macroprudential Policy with Capital Buffers Staff Working Paper 2019-8 Josef Schroth The countercyclical capital buffer is part of Basel III, the set of regulatory measures developed in response to the financial crisis of 2007–09. This study focuses on how time-varying capital buffers can address inefficiencies in economies with endogenous financial crises. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Credit risk management, Financial stability, Financial system regulation and policies, Lender of last resort JEL Code(s): E, E1, E13, E3, E32, E4, E44
Comparing Forward Guidance and Neo-Fisherianism as Strategies for Escaping Liquidity Traps Staff Analytical Note 2016-16 Robert Amano, Thomas J. Carter, Rhys R. Mendes What path should policy-makers select for the nominal rate when faced with a liquidity trap during which the effective lower bound binds? Content Type(s): Staff research, Staff analytical notes Research Topic(s): Central bank research, Economic models, Inflation and prices, Interest rates, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E4, E5
Labour Supply and Firm Size Staff Working Paper 2023-47 Lin Shao, Faisal Sohail, Emircan Yurdagul This paper documents a systematic pattern of how wages, hours and their relationship vary across firms of different sizes. Using a model with heterogeneous firms and workers, we show how the interplay between wages, hours and firm size affect worker sorting and inequality. Content Type(s): Staff research, Staff working papers Research Topic(s): Firm dynamics, Labour markets JEL Code(s): E, E2, E24, J, J2, J3, J31