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2092 Results

Using Speed and Credit Limits to Address the Procyclicality of Initial Margin at Central Counterparties

Staff discussion paper 2016-18 Nikil Chande, Nicholas Labelle
This paper proposes a practical approach to address the procyclicality of initial margin at central counterparties (CCPs) that can work even in periods of extreme stress. The approach allows CCPs to limit the speed of margin increases resulting from spikes in market volatility.

Capital Flows to Developing Countries: Is There an Allocation Puzzle?

Staff working paper 2016-53 Josef Schroth
Foreign direct investment inflows are positively related to growth across developing countries—but so are savings in excess of investment. I develop an explanation for this well-established puzzle by focusing on the limited availability of consumer credit in developing countries together with general equilibrium effects.

Monetary Payoff and Utility Function in Adaptive Learning Models

Staff working paper 2019-50 Erhao Xie
When players repeatedly face an identical or similar game (e.g., coordination game, technology adoption game, or product choice game), they may learn through experience to perform better in the future. This learning behaviour has important economic implications.

From He-Cession to She-Stimulus? The Labor Market Impact of Fiscal Policy Across Gender

Staff working paper 2021-42 Alica Ida Bonk, Laure Simon
The effects of fiscal policy shocks on labour market outcomes across gender depend on the type of public expenditure. Women benefit most from increases in the government wage bill, while men are the main beneficiaries of higher investment spending.
November 19, 2015

The Effect of Regulatory Changes on Monetary Policy Implementation Frameworks

This article provides an analysis of some recent banking regulatory initiatives that are likely to influence the activities of financial intermediaries and the effectiveness of central bank monetary policy implementation frameworks. Although the effects of individual regulations can be anticipated in most cases, the combined regulatory impact is not yet clear. Central banks should, however, be able to accommodate the effects of the emerging regulatory environment within their existing policy implementation frameworks.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E5, E52, G, G2, G21, L, L5, L50

Housing Market Dynamics and Macroprudential Policy

Staff working paper 2016-31 Gabriel Bruneau, Ian Christensen, Césaire Meh
We perform an analysis to determine how well the introduction of a countercyclical loanto- value (LTV) ratio can reduce household indebtedness and housing price fluctuations compared with a monetary policy rule augmented with house price inflation.

Analyzing the house price boom in the suburbs of Canada’s major cities during the pandemic

Staff analytical note 2022-7 Louis Morel
We assess how location affects house prices in Canada. The gap in prices between suburbs and downtown was closing gradually before the pandemic. The gap has been closing faster since spring 2020. This finding reflects a shift in preferences toward more living space.

Banking Regulation and Market Making

Staff working paper 2017-7 David Cimon, Corey Garriott
We model how securities dealers respond to regulations on leverage, position and liquidity such as those imposed by the Basel III framework. We show that while asset prices exhibit greater price impact, bid-ask spreads do not change and trading volumes may even increase.
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