Trends in U.S. Hours and the Labor Wedge Staff Working Paper 2010-28 Simona Cociuba, Alexander Ueberfeldt From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured as the discrepancy between a representative household's marginal rate of substitution between consumption and leisure and the marginal product of labor, declined substantially. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Labour markets, Potential output JEL Code(s): E, E2, E24, H, H2, H20, H3, H31, J, J2, J22
November 17, 2011 Modelling the Counterfeiting of Bank Notes: A Literature Review Bank of Canada Review - Autumn 2011 Ben Fung, Enchuan Shao The objective of this article is to improve our understanding of counterfeiting and its policy implications by reviewing research in this area. There has been almost no empirical work on counterfeiting because of the limited availability of counterfeiting data and related statistics. The authors therefore focus on theoretical studies that directly model the behaviour of the relevant economic agents. They first establish some stylized facts about counterfeiting to provide a general understanding of the problem. They then briefly review several models of counterfeiting and summarize their relevant insights, focusing on the implications of the findings for the incentive to counterfeit, social welfare and anti-counterfeiting policies. The authors find that the policy implications of these studies support the Bank’s comprehensive anti-counterfeiting strategy. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Bank notes
Currency Fluctuations, Liability Dollarization, and the Choice of Exchange Rate Regimes in Emerging Markets Staff Working Paper 2002-6 Patrick Osakwe Traditional models of exchange rate regimes ignore the destabilizing effects of sharp and unanticipated exchange rate movements. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rate regimes JEL Code(s): E, E5, E52, F, F3, F31, F4, F41
The U.S. Stock Market and Fundamentals: A Historical Decomposition Staff Working Paper 2003-20 David Dupuis, David Tessier The authors identify the fundamentals behind the dynamics of the U.S. stock market over the past 30 years. They specify a structural vector-error-correction model following the methodology of King, Plosser, Stock, and Watson (1991). Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets JEL Code(s): G, G1
June 21, 2007 Financial System Review - June 2007 The Financial System Review is one vehicle that the Bank of Canada uses to contribute to the strength of the Canadian financial system. The Developments and Trends section of the Review aims to provide analysis and discussion of current developments and trends in the Canadian financial sector. Content Type(s): Publications, Financial Stability Report
Bank Loans for Private and Public Firms in a Credit Crunch Staff Working Paper 2011-13 Jason Allen, Teodora Paligorova Banks reliance on short-term funding has increased over time. While an effective source of financing in good times, the 2007 financial crisis has exposed the vulnerability of banks and ultimately firms to such a liability structure. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions JEL Code(s): G, G0, G01, G2, G20
Bank Competition and International Financial Integration: Evidence Using a New Index Staff Working Paper 2010-35 Gurnain Pasricha This paper finds a strong empirical link between domestic banking sector competitiveness and de facto international integration. De-facto international integration is measured through a new index of financial integration, which measures, for deviations from covered interest parity, the size of no-arbitrage bands and the speed of arbitrage outside the no-arbitrage band. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial markets, International topics JEL Code(s): F, F3, F32, G, G1, G15, G2, G21
A Three‐Frequency Dynamic Factor Model for Nowcasting Canadian Provincial GDP Growth Staff Discussion Paper 2017-8 Tony Chernis, Gabriella Velasco, Calista Cheung This paper estimates a three‐frequency dynamic factor model for nowcasting Canadian provincial gross domestic product (GDP). Canadian provincial GDP is released by Statistics Canada on an annual basis only, with a significant lag (11 months). Content Type(s): Staff research, Staff discussion papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Regional economic developments JEL Code(s): C, C5, C53, E, E3, E32, E37, R, R1, R11
Exploring Wage Phillips Curves in Advanced Economies Staff Discussion Paper 2019-8 Rose Cunningham, Vikram Rai, Kristina Hess We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices, Labour markets, Monetary policy JEL Code(s): C, C3, C33, E, E3, E31, E32
Heterogeneous Returns to U.S. College Selectivity and the Value of Graduate Degree Attainment Staff Working Paper 2013-46 Mai Seki Existing studies on the returns to college selectivity have mixed results, mainly due to the difficulty of controlling for selection into more-selective colleges based on unobserved ability. Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets JEL Code(s): C, C3, C30, I, I2, I21