Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge in the US? Staff Working Paper 2024-38 Jing Cynthia Wu, Yinxi Xie, Ji Zhang We assess whether unconventional monetary and fiscal policy implemented in response to the COVID-19 pandemic in the U.S. contribute to the 2021-2023 inflation surge through the lens of several different empirical methodologies and establish a null result. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Central bank research, Fiscal policy, Inflation and prices, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E6, E63
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
Working Time over the 20th Century Staff Working Paper 2006-18 Alexander Ueberfeldt From 1870 to 2000, the workweek length of employed persons decreased by 41 per cent in industrialized countries. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Labour markets, Productivity JEL Code(s): E, E1, E13, E2, E24, O, O1, O11
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. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, G, G2, G21
Gaining Credibility for Inflation Targets Staff Working Paper 2001-11 James Yetman In this paper, I consider a simple model in which agents learn about the inflation target of a central bank over time by observing the policy instrument or inflation outcomes. Measuring credibility as the distance between the perceived target and the actual target, an increase in credibility is beneficial to the central bank because it brings the policy consistent with attaining the inflation target closer to that required to attain the output target. Content Type(s): Staff research, Staff working papers Research Topic(s): Credibility, Inflation targets JEL Code(s): E, E5, E52
Global Real Activity for Canadian Exports: GRACE Staff Discussion Paper 2017-2 André Binette, Tony Chernis, Daniel de Munnik Canadian exports have often disappointed since the Great Recession. The apparent disconnect between exports and the Bank of Canada’s current measure of foreign demand has created an impetus to search for an alternative. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Balance of payments and components, Econometric and statistical methods, Exchange rates JEL Code(s): F, F1, F10, F14, F4, F43
An Introduction to Wavelets for Economists Staff Working Paper 2002-3 Christoph Schleicher Wavelets are mathematical expansions that transform data from the time domain into different layers of frequency levels. Compared to standard Fourier analysis, they have the advantage of being localized both in time and in the frequency domain, and enable the researcher to observe and analyze data at different scales. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1
Innovation and Growth with Financial, and Other, Frictions Staff Working Paper 2011-25 Jonathan Chiu, Césaire Meh, Randall Wright The generation and implementation of ideas, or knowledge, is crucial for economic performance. We study this process in a model of endogenous growth with frictions. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Potential output, Productivity JEL Code(s): E, E4, G, G2, O, O3, O4
GAUSS™ Programs for the Estimation of State-Space Models with ARCH Errors: A User's Guide Staff Working Paper 2000-2 Maral Kichian State-space models have long been popular in explaining the evolution of various economic variables. This is mainly because they generally have more economic content than do others in their class of parsimonious models (for example, VARs). Yet, in spite of their advantages, use of these models until recently was limited by the assumption that all […] Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C3, C32, C8, C82, C87, C89
Modelling Financial Instability: A Survey of the Literature Staff Working Paper 2002-12 Alexandra Lai The magnitude and frequency of recent financial crises underscore the importance of understanding financial instability for the purpose of crisis prevention and crisis management. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial markets, Financial services JEL Code(s): G, G2, G20, G21, G28