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3046 Results

Common Trends and Common Cycles in Canadian Sectoral Output

Staff Working Paper 2003-44 Francisco Barillas, Christoph Schleicher
The authors examine evidence of long- and short-run co-movement in Canadian sectoral output data. Their framework builds on a vector-error-correction representation that allows them to test for and compute full-information maximum-likelihood estimates of models with codependent cycle restrictions.

CBDC: Banking and Anonymity

Staff Working Paper 2024-9 Yuteng Cheng, Ryuichiro Izumi
We examine the optimal amount of user anonymity in a central bank digital currency in the context of bank lending. Anonymity, defined as the lender’s inability to discern an entrepreneur’s actions that enable fund diversion, influences the choice of payment instrument due to its impact on a bank’s lending decisions.
Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech JEL Code(s): E, E4, E42, E5, E58, G, G2, G28

How Long Does It Take You to Pay? A Duration Study of Canadian Retail Transaction Payment Times

Staff Working Paper 2018-46 Geneviève Vallée
Using an exclusive data set of payment times for retail transactions made in Canada, I show that cash is the most time-efficient method of payment (MOP) when compared with payments by debit and credit cards. I model payment efficiency using Cox proportional hazard models, accounting for consumer choice of MOP.

How Rigid Are Nominal-Wage Rates?

Staff Working Paper 2001-8 Allan Crawford
This study examines the effect of nominal-wage rigidities on wage growth in Canada using a hazard model and micro data for union contracts. The hazard model is specified in a way that allows considerable flexibility in the shape of the estimated notional wage-change distribution.
Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation targets, Labour markets JEL Code(s): E, E2, E24, E5, E52, E6, E61

Managing Operational Risk in Payment, Clearing, and Settlement Systems

Staff Working Paper 2003-2 Kim McPhail
Awareness of operational risk has increased greatly in recent years, both at individual financial institutions and for payment, clearing, and settlement systems (PCSS). PCSS consist of networks of interconnected elements (i.e., central operators, participants, and settlement agents); operational problems at any one of the key elements have the potential to disrupt the system as a whole and negatively affect financial stability.

Reconsidering Cointegration in International Finance: Three Case Studies of Size Distortion in Finite Samples

Staff Working Paper 1997-1 Marie-Josée Godbout, Simon van Norden
This paper reconsiders several recently published but controversial results about the behaviour of exchange rates. In particular, it explores finite-sample problems in the application of cointegration tests and shows how these may have affected the conclusions of recent research.
Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C15, C2, C22, C3, C32, F, F3, F31

Downward Nominal Wage Rigidity in Canada: Evidence from Micro- Level Data

Staff Working Paper 2016-40 Dany Brouillette, Olena Kostyshyna, Natalia Kyui
We assess the importance of downward nominal wage rigidity (DNWR) in Canada using both firm- and worker-level microdata. In particular, we analyze employer-level administrative data from the Major Wage Settlements (MWS) and household-based survey data from the Survey of Labour Income Dynamics (SLID).
Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Labour markets JEL Code(s): E, E2, E24, J, J3, J30

Employment Effects Of Nominal-Wage Rigidity: An Examination Using Wage-Settlements Data

Staff Working Paper 2000-14 Umar Faruqui
The argument advocating a moderate level of inflation based on the downward nominal-wage rigidity (DNWR) hypothesis rests on three factors: its presence, extent, and negative impact in the labour market. This paper focuses on the employment effect of DNWR.
Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets JEL Code(s): C, C2, C23, J, J2, J23, J3, J30

From Micro to Macro Hysteresis: Long-Run Effects of Monetary Policy

Staff Working Paper 2024-39 Felipe Alves, Giovanni L. Violante
We explore the long-run effects of a monetary policy shock in a Heterogeneous Agent New Keynesian model built on the micro evidence that job losses lead to persistently lower individual earnings through a combination of skill decay and abandonment of the labour force.
Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets, Monetary policy transmission JEL Code(s): E, E2, E21, E24, E3, E31, E32, E5, E52, J, J2, J24, J6, J64
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