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3037 Results

Crisis facilities as a source of public information

Staff Analytical Note 2025-7 Lerby Ergun
During the COVID-19 financial market crisis, central banks introduced programs to support liquidity in important core funding markets. As well as acting as a backstop to market prices, these programs produce useful trading data on prevailing market conditions. When summary information from this data is shared publicly, it can help market participants understand current conditions and aid the recovery of market functioning.
March 18, 2008

Canada's Experience with a Flexible Exchange Rate in the 1950s: Valuable Lessons Learned

Schembri studies Canada's post-World War II experience in introducing a floating exchange rate, including its effects on the Canadian economy and its influence on the development of macroeconomic theory. In particular, Canada's flexible exchange rate and high degree of capital mobility with the United States provided an unprecedented experiment for macroeconomic policy. The successes and difficulties encountered by Canadian authorities in managing monetary and fiscal policy under this regime drew the interest of researchers at the International Monetary Fund and elsewhere and had a significant impact on the development of the Mundell-Fleming model, the path-breaking innovation in modern open-economy macroeconomics.

Furor over the Fed : Presidential Tweets and Central Bank Independence

Staff Analytical Note 2019-33 Antoine Camous, Dmitry Matveev
We illustrate how market data can be informative about the interactions between monetary and fiscal policy. Federal funds futures are private contracts that reflect investor’s expectations about monetary policy decisions.

Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in Canada and the United States

Although credit cards are more expensive for merchants to accept than cash or debit cards, merchants typically pass through their costs evenly to all customers. Along with consumer card rewards and banking fees, this creates cross-subsidies between payment methods. Because higher-income individuals tend to use credit cards more than those with lower incomes, our results indicate that these cross-subsidies might lead to regressive distributional effects.

Estimating the Slope of the Demand Function at Auctions for Government of Canada Bonds

Staff Discussion Paper 2023-12 Bo Young Chang
We use bid data from Government of Canada bond auctions between 1999 and 2021 to gauge the yield sensitivity of these bonds to the issuance amount. Our new metric estimates the demand function of the bidders at each auction and offers insights into the relationship between supply and yield of government bonds.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Interest rates JEL Code(s): D, D4, D44, G, G1, G12

Measuring the Effectiveness of Salespeople: Evidence from a Cold-Drink Market

Staff Working Paper 2021-40 Haofeng Jin, Zhentong Lu
Salespeople are widely employed in many industries. We leverage a unique data set on retail sales from a leading Chinese cold-drink manufacturer and information on the firm’s salespeople assignment rule to measure the causal effect of salespeople on product revenue.
Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets, Service sector JEL Code(s): L, L8, L81, M, M3, M5

What Accounts for the U.S.-Canada Education-Premium Difference?

Staff Working Paper 2009-4 Oleksiy Kryvtsov, Alexander Ueberfeldt
This paper analyzes the differences in wage ratios of university graduates to less than university graduates, the education premium, in Canada and the United States from 1980 to 2000. Both countries experienced a similar increase in the fraction of university graduates and a similar increase in skill biased technological change based on capital-embodied technological progress, but only the United States had a large increase in the education premium.
Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets, Productivity JEL Code(s): E, E2, E24, E25, J, J2, J24, J3, J31

Corporate Debt Composition and Business Cycles

Staff Working Paper 2019-5 Jelena Zivanovic
Based on empirical evidence, I propose a dynamic stochastic general equilibrium model with two financial sectors to analyze the role of corporate debt composition (bank versus bond financing) in the transmission of economic shocks.
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