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3045 Results

A Macroprudential Theory of Foreign Reserve Accumulation

Staff Working Paper 2019-43 Fernando Arce, Julien Bengui, Javier Bianchi
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation.

Measuring Potential Output within a State-Space Framework

Staff Working Paper 1999-9 Maral Kichian
In this paper we measure potential output (and consequently the output gap) using state-space models. Given that the estimated output gap is used as an indicator to measure the extent of inflationary pressures in the economy, we evaluate the use of such models for the implementation of monetary policy. Our starting point is the Gerlach […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Potential output JEL Code(s): D, D2, D24

A Wave of Protectionism? An Analysis of Economic and Political Considerations

Staff Working Paper 2008-2 Philipp Maier
In light of the U.S. current account deficit, pressure is high on Asian countries to revalue their currencies. The calls from some U.S. policymakers for tariffs on imports from China has sparked fears that this could trigger a world-wide surge in protectionism.
June 21, 2007

Financial System Review - June 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.

Schooling, Inequality and Government Policy

Staff Working Paper 2007-12 Oleksiy Kryvtsov, Alexander Ueberfeldt
This paper asks: What is the effect of government policy on output and inequality in an environment with education and labor-supply decisions? The answer is given in a general equilibrium model, consistent with the post 1960s facts on male wage inequality and labor supply in the U.S. In the model, education and labor-supply decisions depend on progressive income taxation, the education system, the social security system, and technology-driven wage differentials.
Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets, Potential output, Productivity JEL Code(s): H, H5, H52, J, J3, J31, J38

Exchange Rate Fluctuations and Labour Market Adjustments in Canadian Manufacturing Industries

Staff Working Paper 2015-45 Gabriel Bruneau, Kevin Moran
We estimate the link between exchange rate fluctuations and the labour input of Canadian manufacturing industries. The analysis is based on a dynamic model of labour demand, and the econometric strategy employs a panel two-step approach for cointegrating regressions.

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
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