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2182 Results

Flight from Safety: How a Change to the Deposit Insurance Limit Affects Households’ Portfolio Allocation

Staff working paper 2019-29 H. Evren Damar, Reint Gropp, Adi Mordel
Deposit insurance protects depositors from failing banks, thus making insured deposits risk-free. When a deposit insurance limit is increased, some deposits that previously were uninsured become insured, thereby increasing the share of risk-free assets in households’ portfolios. This increase cannot simply be undone by households, because to invest in uninsured deposits, a household must first invest in insured deposits up to the limit. This basic insight is the starting point of the analysis in this paper.

What to Expect When China Liberalizes Its Capital Account

Staff discussion paper 2016-10 Mark Kruger, Gurnain Pasricha
When China joined the World Trade Organization in December 2001, it marked a watershed for the world economy. Ten years from now, the opening of China’s capital account and the financial integration that will unfold will be viewed as a milestone of similar importance.

On the Evolution of Multiple Jobholding in Canada

Staff working paper 2019-49 Olena Kostyshyna, Etienne Lalé
The number of workers who hold more than one job (a.k.a. multiple jobholders) has increased recently in Canada. While this seems to echo the view that non-standard work arrangements are becoming pervasive, the increase has in fact been trivial compared with the long-run rise of multiple jobholding that has occurred since the mid-1970s.

Market structure of cryptoasset exchanges: Introduction, challenges and emerging trends

This paper provides an overview of cryptoasset exchanges. We contrast their design with exchanges in traditional financial markets and discuss emerging regulatory trends and innovations aimed at solving the problems cryptoasset exchanges face.

Quantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach

Staff working paper 2016-55 Serdar Kabaca
This paper studies the effects of quantitative easing (QE) in a small open economy dynamic stochastic general-equilibrium model with international portfolio balancing. Portfolios are classified as imperfectly substitutable short-term and long-term subportfolios, each including domestic and foreign bonds.

The Trend Unemployment Rate in Canada: Searching for the Unobservable

In this paper, we assess several methods that have been used to measure the Canadian trend unemployment rate (TUR). We also consider improvements and extensions to some existing methods.

Non-Performing Loans, Fiscal Costs and Credit Expansion in China

Staff working paper 2018-53 Huixin Bi, Yongquan Cao, Wei Dong
This paper studies how the credit expansion policy pursued by the Chinese government in an effort to stimulate its economy in the post-crisis period affects bank–firm loan contracts and the macroeconomy. We build a structural model with financial frictions in which the optimal loan contract reflects the trade-off between leverage and the probability of default.

Unregulated Lending, Mortgage Regulations and Monetary Policy

Staff working paper 2022-28 Ugochi Emenogu, Brian Peterson
This paper evaluates the effectiveness of macroprudential policies when regulations are uneven across mortgage lender types. We look at credit tightening that results from macroprudential regulations and examine how much of it is counteracted by credit shifting to unregulated lenders. We also study the impact of monetary policy tightening when some lenders are unregulated.

Nowcasting Canadian GDP with Density Combinations

Staff discussion paper 2022-12 Tony Chernis, Taylor Webley
We present a tool for creating density nowcasts for Canadian real GDP growth. We demonstrate that the combined densities are a reliable and accurate tool for assessing the state of the economy and risks to the outlook.

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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