Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering Staff Working Paper 2016-8 Angelika Welte Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Market structure and pricing, Payment clearing and settlement systems JEL Code(s): D, D1, D12, E, E5, E58, G, G2, G28
A No-Arbitrage Analysis of Macroeconomic Determinants of Term Structures and the Exchange Rate Staff Working Paper 2007-21 Fousseni Chabi-Yo, Jun Yang We study the joint dynamics of macroeconomic variables, bond yields, and the exchange rate in an empirical two-country New-Keynesian model complemented with a no-arbitrage term structure model. With Canadian and US data, we are able to study the impact of macroeconomic shocks from both countries on their yield curves and the exchange rate. Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Econometric and statistical methods, Exchange rates, Financial markets, Interest rates JEL Code(s): E, E1, E12, E4, E43, F, F4, F41, G, G1, G12, G15
An Examination of Canadian Firms Delisting from U.S. Exchanges Staff Working Paper 2008-11 Jonathan Witmer This paper examines Canadian and other foreign firms that have been involuntarily delisted from major U.S. exchanges. I find that, for most countries, less than 10% of firms get delisted from a U.S. exchange during my sample period. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38
Monetary Rules When Economic Behaviour Changes Staff Working Paper 1999-8 Robert Amano, Donald Coletti, Tiff Macklem This paper examines the implications of changes in economic behaviour for simple inflation-forecast–based monetary rules of the type currently used at two inflation-targeting central banks. Three types of changes in economic behaviour are considered, changes that are motivated by developments in monetary and fiscal policy in the 1990s: changes in monetary policy credibility, changes in […] Content Type(s): Staff research, Staff working papers Research Topic(s): Credibility, Monetary policy and uncertainty, Monetary policy framework JEL Code(s): E, E5, E52
Exchange Rate Pass-through and Monetary Policy: How Strong is the Link? Staff Working Paper 2009-29 Stephen Murchison Several authors have presented reduced-form evidence suggesting that the degree of exchange rate pass-through to the consumer price index has declined in Canada since the early 1980s and is currently close to zero. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Monetary policy transmission JEL Code(s): E, E5, E52, F, F3, F31, F4, F41
Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy Staff Working Paper 2013-41 Ianthi Vayid The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Credibility, Financial stability, Inflation targets, Monetary policy framework, Monetary policy implementation JEL Code(s): E, E5, E52, E58
Are Hedge Funds a Hedge for Increasing Government Debt Issuance? Staff Discussion Paper 2025-7 Adam Epp, Jeffrey Gao This paper studies the rapid increase since 2019 of Government of Canada (GoC) debt issuance alongside greater hedge fund participation at GoC bond auctions. We find a systematic relationship between GoC debt stock and hedge fund bidding shares at auction. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Financial institutions, Financial markets, Financial stability JEL Code(s): D, D4, D44, G, G1, G12, G2, G23, H, H6, H63
Monetary Policy Pass-Through with Central Bank Digital Currency Staff Working Paper 2021-10 Janet Hua Jiang, Yu Zhu Many central banks are considering issuing a central bank digital currency (CBDC). This would introduce a new policy tool—interest on CBDC. We investigate how this new tool would interact with traditional monetary policy tools, such as the interest on central bank reserves. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Monetary policy transmission JEL Code(s): E, E5, E50, E52
Filtering for Current Analysis Staff Working Paper 2002-28 Simon van Norden This paper shows how existing band-pass filtering techniques and their extension can be applied to the common current-analysis problem of estimating current trends or cycles. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Potential output JEL Code(s): C, C1
Exporting and FDI with Endogenous Productivity Staff Working Paper 2007-14 Oana Secrieru, Marianne Vigneault This paper provides an analysis of how a firm’s decision to serve a foreign market by exporting or by engaging in foreign direct investment (FDI) affects firm productivity, when productivity is endogeneous as a function of training. The main result of our paper is that, with endogeneous productivity, exporting results in lower productivity than does FDI, but exporting may result in higher or lower employment and output than does FDI. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics, Labour markets, Productivity JEL Code(s): F, F2, F22, F23