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2133 Results

Monetary Policy Transmission to Small Business Loan Performance: Evidence from Loan-Level Data

Staff working paper 2024-41 Rodrigo Sekkel, Tamon Takamura, Yaz Terajima
We analyze the dynamic and heterogeneous responses of small-business loan performance to a monetary-policy shock using loan-level data in Canada. We find evidence of monetary policy transmission through the cash-flow channel and the aggregate demand channel as well as some, though limited, impact of collateral to discipline loan repayment.

Limiting Sender’s Information in Bayesian Persuasion

Staff working paper 2019-10 Shota Ichihashi
This paper studies how the outcome of Bayesian persuasion depends on a sender’s information. I study a game in which, prior to the sender’s information disclosure, the designer can restrict the most informative signal that the sender can generate.

Systemic Risk and Collateral Adequacy

Staff working paper 2019-23 Radoslav Raykov
Many derivatives markets use collateral requirements calculated with industry-standard but dated methods that are not designed with systemic risk in mind. This paper explores whether the conservative nature of conventional collateral requirements outweighs their lack of consideration of systemic risk.

Dating Systemic Financial Stress Episodes in the EU Countries

Staff working paper 2016-11 Benjamin Klaus, Tuomas Peltonen, Thibaut Duprey
This paper introduces a new methodology to date systemic financial stress events in a transparent, objective and reproducible way. The financial cycle is captured by a monthly country-specific financial stress index.
August 4, 2010

Governor's Award

Annual research grants for a term of up to two years.

Trade and Diffusion of Embodied Technology: An Empirical Analysis

Using data from patents, citations, inter-sectoral sales and customs, we examine the international diffusion of technology through imports of sectoral knowledge and production inputs. We develop an instrumental variable strategy to identify the causal effects of technology embodied in imports on innovation and diffusion outcomes.

Potential netting benefits from expanded central clearing in Canada’s fixed-income market

We assess whether more central clearing would enhance the resilience of Canadian fixed-income markets. Our analysis estimates the potential benefits of balance sheet netting under scenarios where central clearing is expanded to new participants.

The Determinants of Consumers’ Inflation Expectations: Evidence from the US and Canada

Staff working paper 2020-52 Charles Bellemare, Rolande Kpekou Tossou, Kevin Moran
We compare the determinants of consumer inflation expectations in the US and Canada by analyzing two current surveys. We find that Canadian consumers rely more on professional forecasts and the history of actual inflation when forming their expectations, while US consumers rely more on their own lagged expectations.
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