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
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
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
Central Bank Liquidity Facilities and Market Making Staff Working Paper 2022-9 David Cimon, Adrian Walton We create a theoretical model of central bank asset purchases. The model helps explain how, in a crisis, these purchases ease pressures on investment dealers. Content Type(s): Staff research, Staff working papers Research Topic(s): Coronavirus disease (COVID-19), Economic models, Financial institutions, Financial markets, Market structure and pricing JEL Code(s): G, G1, G10, G2, G20, L, L1, L10
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
How Fast Can China Grow? The Middle Kingdom’s Prospects to 2030 Staff Working Paper 2016-15 Jeannine Bailliu, Mark Kruger, Argyn Toktamyssov, Wheaton Welbourn Given its size and importance for global commodity markets, the question of how fast the Chinese economy can grow over the medium term is an important one. This paper addresses this question by examining the evolution of the supply side of the Chinese economy over history and projecting how it will evolve over the next 15 years. Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics, International topics, Potential output, Productivity JEL Code(s): E, E2, E22, E23, E3, E32, O4
February 1, 2012 Governance and Financial Fragility Financial System Review - December 2003 Michael Francis Content Type(s): Publications, Financial System Review articles
Demographics and the Demand for Currency Staff Working Paper 2014-59 Geoffrey R. Dunbar I use data from the Bank of Canada’s Bank Note Distribution System and exploit a natural experiment offered by the timing of Easter in the Gregorian calendar to analyze the effects of demographic change for currency demand. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Econometric and statistical methods JEL Code(s): C, C3, C31, C36, E, E4, E41
Multinationals and Exchange Rate Pass-Through Staff Working Paper 2006-30 Alexandra Lai, Oana Secrieru The authors examine the impact of multinational enterprises (MNEs) on exchange rate pass-through in an environment where an MNE engages in Cournot (quantity) competition with domestic and foreign rivals. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Exchange rates, Market structure and pricing JEL Code(s): F, F2, F23, L, L1, L16
Payments on Digital Platforms: Resiliency, Interoperability and Welfare Staff Working Paper 2021-19 Jonathan Chiu, Tsz-Nga Wong This paper studies the business model choice between running a cash platform and a token platform, as well as its welfare and policy implications. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E5, L, L5