Working Papers

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08-27: Are Bygones not Bygones? Modeling Price Level Targeting with an Escape Clause and Lessons from the Gold Standard

Paul R. Masson and Malik D. Shukayev

08-26: Price-Level versus Inflation Targeting with Financial Market Imperfections

Francisco Covas and Yahong Zhang

08-25: Good Policies or Good Fortune: What Drives the Compression in Emerging Market Spreads?

Philipp Maier and Garima Vasishtha

08-24: Do Central Banks Respond to Exchange Rate Movements? Some New Evidence from Structural Estimation

Wei Dong

08-23: On the Amplification Role of Collateral Constraints

Caterina Mendicino

08-22: Information Shocks, Jumps, and Price Discovery -- Evidence from the U.S. Treasury Market

George J. Jiang, Ingrid Lo and Adrien Verdelhan

08-21: The Cost of Equity in Canada: An International Comparison

Jonathan Witmer

08-20: The Effect of the Sarbanes-Oxley Act on CEO Pay for Luck

Teodora Paligorova

08-19: Inflation, Nominal Portfolios, and Wealth Redistribution in Canada

Césaire Meh and Yaz Terajima

08-18: Empirical Likelihood Block Bootstrapping

Jason Allen, Allan W. Gregory and Katsumi Shimotsu

08-17: Policy Coordination in an International Payment System

James Thompson Edward Chapman

08-16: On Portfolio Separation Theorems with Heterogeneous Beliefs and Attitudes towards Risk

Fousseni Chabi-Yo, Eric Ghysels and Eric Renault

08-15: Price Level versus Inflation Targeting under Model Uncertainty

Gino Cateau

08-14: Driving Forces of the Canadian Economy: An Accounting Exercise

Simona E. Cociuba and Alexander Ueberfeldt

08-13: Uncertainty, Inflation, and Welfare

Jonathan Chiu and Miguel Molico

08-12: A Model of Tiered Settlement Networks

James Thompson Edward Chapman, Jonathan Chiu and Miguel Molico

08-11: An Examination of Canadian Firms Delisting from U.S. Exchanges

Jonathan Witmer

08-10: Credit, Asset Prices, and Financial Stress in Canada

Miroslav Misina and Greg Tkacz

08-9: A Model of Housing Boom and Bust in a Small Open Economy

Hajime Tomura

08-8: Welfare Effects of Commodity Price and Exchange Rate Volatilities in a Multi-Sector Small Open Economy Model

Ali Dib

08-7: Markups in Canada: Have They Changed and Why?

Danny Leung

08-6: Inflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy Considerations

Donald Coletti, René Lalonde and Dirk Muir

08-5: Unsecured Debt, Consumer Bankruptcy, and Small Business

Césaire A. Meh and Yaz Terajima

08-4: What Affects MFP in the Long-Run? Evidence from Canadian Industries

Danny Leung and Yi Zheng

08-3: Adopting Price-Level Targeting under Imperfect Credibility

Oleksiy Kryvtsov, Malik Shukayev and Alexander Ueberfeldt

08-2: A Wave of Protectionism? An Analysis of Economic and Political Considerations

Philipp Maier

08-1: Default Dependence: The Equity Default Relationship

Stuart M. Turnbull and Jun Yang

07-58: Electronic Transactions as High-Frequency Indicators of Economic Activity

John W. Galbraith and Greg Tkacz

07-57: Uncertainty and the Specificity of Human Capital

Martin Gervais, Igor Livshits and Césaire Meh

07-56: Estimation and Inference by the Method of Projection Minimum Distance

Oscar Jorda and Sharon Kozicki

07-55: The Impact of Emerging Asia on Commodity Prices

Calista Cheung and Sylvie Morin

07-54: Expenditure-Switching Effect and the Choice of Exchange Rate Regime

Wei Dong

07-53: Testing Uncovered Interest Parity: A Continuous-Time Approach

Antonio Diez de los Rios and Enrique Sentana

07-52: Where Does Price Discovery Occur in FX Markets?

Chris D'Souza

07-51: Rediscounting Under Aggregate Risk with Moral Hazard

James Thompson Edward Chapman and Antoine Martin

07-50: Do Firms Adjust Toward a Target Leverage Level?

Zhaoxia Xu

07-48: Estimating and Comparing the Implied Cost of Equity for Canadian and U.S. Firms

Jonathan Witmer and Lorie Zorn

07-47: Implications of Asymmetry Risk for Portfolio Analysis and Asset Pricing

Fousseni Chabi-Yo, Dietmar Leisen and Eric Renault

07-46: Endogenously Segmented Asset Market in an Inventory Theoretic Model of Money Demand

Jonathan Chiu

07-45: Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s: (Hard) Lessons Learned for Monetary Policy in a Small Open Economy

Michael Bordo, Ali Dib and Lawrence Schembri

07-44: Cyclical Behavior of Debt and Equity Using a Panel of Canadian Firms

Francisco Covas and Wouter J. Den Haan

07-43: Price Discovery in Canadian and U.S. 10-Year Government Bond Markets

Bryan Campbell and Scott Hendry

07-42: Trend Inflation, Wage and Price Rigidities, and Welfare

Robert Amano, Kevin Moran, Stephen Charles Murchison and Andrew Rennison

07-41: Multilateral Adjustment and Exchange Rate Dynamics: The Case of Three Commodity Currencies

Jeannine Bailliu, Ali Dib, Takashi Kano and Lawrence Schembri

07-40: Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms

Michael R. King and Eric Santor

07-39: Liquidity, Redistribution, and the Welfare Cost of Inflation

Jonathan Chiu and Miguel Molico

07-38: The Canadian Business Cycle: A Comparison of Models

Frederick Demers and Ryan Macdonald

07-37: A Vision for IMF Surveillance

Robert Lavigne, Philipp Maier and Eric Santor

07-36: Cross-Country Estimates of the Degree of Fiscal Dominance and Central Bank Independence

Carlos de Resende

07-35: Gold Prices and Inflation

Greg Tkacz