October 17, 2011 Business Outlook Survey - Autumn 2011 Responses to the autumn survey point to less optimism among firms than in the summer survey. Indicators of future business activity, capacity constraints and price pressures have all moved down from the levels recorded in the previous survey. Content Type(s): Publications, Business Outlook Survey
Fixed-Term and Permanent Employment Contracts: Theory and Evidence Staff Working Paper 2011-21 Shutao Cao, Enchuan Shao, Pedro Silos This paper constructs a theory of the coexistence of fixed-term and permanent employment contracts in an environment with ex-ante identical workers and employers. Workers under fixed-term contracts can be dismissed at no cost while permanent employees enjoy labor protection. Content Type(s): Staff research, Staff working papers Topic(s): Labour markets, Potential output, Productivity JEL Code(s): H, H2, H29, J, J2, J23, J3, J38
A Stochastic Volatility Model with Conditional Skewness Staff Working Paper 2011-20 Bruno Feunou, Roméo Tedongap We develop a discrete-time affine stochastic volatility model with time-varying conditional skewness (SVS). Importantly, we disentangle the dynamics of conditional volatility and conditional skewness in a coherent way. Content Type(s): Staff research, Staff working papers Topic(s): Asset pricing, Econometric and statistical methods JEL Code(s): C, C1, C5, G, G1, G12
Exchange Rates and Individual Good’s Price Misalignment: Some Preliminary Evidence of Long-Horizon Predictability Staff Discussion Paper 2011-8 Wei Dong, Deokwoo Nam When prices are sticky, movements in the nominal exchange rate have a direct impact on international relative prices. A relative price misalignment would trigger an adjustment in consumption and employment, and may help to predict future movements in the exchange rate. Content Type(s): Staff research, Staff discussion papers Topic(s): Exchange rates, International topics JEL Code(s): F, F3, F31, F4, F47
Measuring Systemic Importance of Financial Institutions: An Extreme Value Theory Approach Staff Working Paper 2011-19 Toni Gravelle, Fuchun Li In this paper, we define a financial institution’s contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the financial institution. The higher the contribution is, the more systemically important is the institution for the system. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial institutions, Financial stability, Financial system regulation and policies JEL Code(s): C, C1, C14, C5, C58, G, G2, G21, G3, G32
September 27, 2011 Managing Risks in the New Global Economic Landscape Remarks Tiff Macklem National Insurance Conference of Canada Vancouver, British Columbia Senior Deputy Governor Tiff Macklem discusses some of the challenges facing the private and public sectors as they manage risk in the new global economic landscape. Content Type(s): Press, Speeches and appearances, Remarks
September 25, 2011 Some Current Issues in Financial Reform Remarks Mark Carney Institute of International Finance Washington, D.C. Governor Mark Carney discusses current financial system reform initiatives in a speech to the Institute of International Finance. Content Type(s): Press, Speeches and appearances, Remarks
September 25, 2011 Financial System Reform Initiatives Mark Real Progress, Says Mark Carney, Governor of the Bank of Canada Media Relations Washington, D.C. Content Type(s): Press, Press releases
September 20, 2011 Recent Economic Developments Remarks Mark Carney Saint John Board of Trade Saint John, New Brunswick Governor Mark Carney discusses the changing global economic environment and the significant challenges and opportunities it presents for Canada. Content Type(s): Press, Speeches and appearances, Remarks
September 20, 2011 Global Economic Environment Presents Significant Challenges and Opportunities for Canada Media Relations Saint John, New Brunswick Recent changes in the global economic environment present both significant challenges and opportunities for Canada, Governor Mark Carney said in a speech to the Saint John Board of Trade. Content Type(s): Press, Press releases