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3046 Results

Real and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment

Staff Working Paper 2009-36 Michael K. Johnston
Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identified from time series. I evaluate the plausibility of capital specificity as a source of real rigidities using a two-dimensional generalized (s,S) model calibrated to micro evidence.
Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy transmission JEL Code(s): E, E1, E12, E2, E22, E3, E31
November 28, 2017

Shoring Up the Foundations for a More Resilient Banking System: The Development of Basel III

The authors trace the development of the Basel III standards for banking regulation. Basel III builds on two earlier frameworks, in response to weaknesses revealed during the global financial crisis. They highlight how implementation of the standards will underpin greater financial stability and provide a sound foundation for economic growth.

Estimating DSGE-Model-Consistent Trends for Use in Forecasting

The workhorse DSGE model used for monetary policy evaluation is designed to capture business cycle fluctuations in an optimization-based format. It is commonplace to log-linearize models and express them with variables in deviation-from-steady-state format.
January 14, 2008

Backgrounder on Questions in the Business Outlook Survey Concerning Past Sales and Credit Conditions

Starting with the winter 2007–08 survey, the results of two additional questions became included in the Business Outlook Survey (BOS) publication: the balance of opinion on past sales and the balance of opinion on credit conditions. This backgrounder briefly describes the two questions and presents the correlations between the responses and relevant economic data.
Content Type(s): Background materials

The BoC-BoE Sovereign Default Database: What’s New in 2019?

Staff Working Paper 2019-39 David Beers, Patrisha de Leon-Manlagnit
Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE).

China's Exchange Rate Policy: A Survey of the Literature

Staff Discussion Paper 2008-5 Robert Lafrance
China's integration into the world economy has benefited its people by reducing poverty and raising living standards, and it has benefited the industrialized world by producing manufactured goods at lower cost. It has also raised geopolitical concerns as China's power grows, economic concerns as the manufacturing base in many industrialized countries erodes, and polemics as proposals of protectionist measures to counter China's export growth are put forward.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Exchange rate regimes JEL Code(s): F, F3, F33, F36
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