Staff Working Papers

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25-12: Liquidation Mechanisms and Price Impacts in DeFi

Phoebe Tian and Yu Zhu

25-11: The Mutable Geography of Firms’ International Trade

Lu Han

25-10: Estimating Discrete Choice Demand Models with Sparse Market-Product Shocks

Zhentong Lu and Kenichi Shimizu

25-9: The Prudential Toolkit with Shadow Banking

Kinda Hachem and Martin Kuncl

25-8: Breaking Down the US Employment Multiplier Using Micro-Level Data

Edoardo Briganti, Holt Dwyer, Ricardo Duque Gabriel and Victor Sellemi

25-7: Markups, Pass-Through, and Firm Heterogeneity with Sequentially Mixed Search

Alex Chernoff, Allen Head and Beverly Lapham

25-6: High-Cost Consumer Credit: Desperation, Temptation and Default

Joaquín Saldain

25-5: Anchored Inflation Expectations: What Recent Data Reveal

Olena Kostyshyna, Isabelle Salle and Hung Truong

25-4: Quantile VARs and Macroeconomic Risk Forecasting

Stéphane Surprenant

25-3: Differentiable, Filter Free Bayesian Estimation of DSGE Models Using Mixture Density Networks

Christopher Naubert

25-2: Non-Bank Dealing and Liquidity Bifurcation in Fixed-Income Markets

Michael Brolley and David Cimon

25-1: The International Exposure of the Canadian Banking System

Christian Friedrich, Hanno Friedrich, Nick Lawrence, Javier Cortes Orihuela and Phoebe Tian

24-52: CBDC in the Market for Payments at the Point of Sale: Equilibrium Impact and Incumbent Responses

Walter Engert, Oleksandr Shcherbakov and Andre Stenzel

24-51: Bouncing Back: How Mothballing Curbs Prices

Thibaut Duprey, Artur Kotlicki, Daniel E. Rigobon and Philip Schnattinger

24-50: Consumer Search, Productivity Heterogeneity, Prices, Markups, and Pass-through: Theory and Estimation

Alex Chernoff, Allen Head and Beverly Lapham

24-49: The Distributional Origins of the Canada-US GDP and Labour Productivity Gaps

James (Jim) MacGee and Joel Rodrigue

24-48: Familiarity with Crypto and Financial Concepts: Cryptoasset Owners, Non-Owners, and Gender Differences

Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, Doina Rusu and Marcel Voia

24-47: The (Mis)Allocation of Corporate News

Xing Guo, Alistair Macaulay and Wenting Song

24-46: Is This Normal? The Cost of Assuming that Derivatives Have Normal Returns

Radoslav Raykov

24-45: How Preferences, Monetary Policy and Household Inflation

Geoffrey Dunbar

24-44: How Do Households Respond to Expected Inflation? An Investigation of Transmission Mechanisms

Janet Hua Jiang, Rupal Kamdar, Kelin Lu and Daniela Puzzello

24-43: Gender Gaps in Time Use and Entrepreneurship

Pedro Bento, Lin Shao and Faisal Sohail

24-42: Monetary Policy Transmission amid Demand Reallocations

Julien Bengui, Lu Han and Gaelan MacKenzie

24-41: Monetary Policy Transmission to Small Business Loan Performance: Evidence from Loan-Level Data

Rodrigo Sekkel, Tamon Takamura and Yaz Terajima

24-40: Immigration and US Shelter Prices: The Role of Geographical and Immigrant Heterogeneity

James Cabral and Walter Steingress

24-39: From Micro to Macro Hysteresis: Long-Run Effects of Monetary Policy

Felipe Alves and Giovanni Violante

24-38: Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge in the US?

Jing Cynthia Wu, Yinxi Xie and Ji Zhang

24-37: An Anatomy of Firms’ Political Speech

Pablo Ottonello, Wenting Song and Sebastian Sotelo

24-36: Consumer Credit Regulation and Lender Market Power

Zachary Bethune, Joaquín Saldain and Eric Young

24-35: Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?

Jonathan Chiu and Cyril Monnet

24-34: Estimating the Portfolio-Balance Effects of the Bank of Canada’s Government of Canada Bond Purchase Program

Antonio Diez de los Rios

24-33: Household Food Inflation in Canada

Olena Kostyshyna and Maude Ouellet

24-32: Let’s Get Physical: Impacts of Climate Change Physical Risks on Provincial Employment

Thibaut Duprey, Soojin Jo and Geneviève Vallée

24-31: Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge

Alberto Cavallo and Oleksiy Kryvtsov

24-30: Decision Synthesis in Monetary Policy

Tony Chernis, Gary Koop, Emily Tallman and Mike West

24-29: Entry and Exit in Treasury Auctions

Jason Allen, Ali Hortacsu, Eric Richert and Milena Wittwer

24-28: Housing Affordability and Parental Income Support

Jason Allen, Kyra Carmichael, Robert Clark, Shaoteng Li and Nicolas Vincent

24-27: Central Bank Digital Currency and Transmission of Monetary Policy

Saroj Bhattarai, S. Mohammad R. Davoodalhosseini and Zhenning Zhao

24-26: Credit Card Minimum Payment Restrictions

Jason Allen, Michael Boutros and Benedict Guttman-Kenney

24-25: Untapped Potential: Mobile Device Ownership and Mobile Payments in Canada

Marie-Helene Felt, Angelika Welte and Katrina Talavera

24-24: Non-Parametric Identification and Testing of Quantal Response Equilibrium

Johannes Hoelzemann, Ryan Webb and Erhao Xie

24-23: Demand for Canadian Banknotes from International Travel: Indirect Evidence from the COVID-19 Pandemic

Hongyu Xiao

24-22: The Role of Beliefs in Entering and Exiting the Bitcoin Market

Daniela Balutel, Christopher Henry, Jorge Vásquez and Marcel Voia

24-21: Saving after Retirement and Preferences for Residual Wealth

Giulio Fella, Martin Holm and Thomas Michael Pugh

24-20: Markups and Inflation in Oligopolistic Markets: Evidence from Wholesale Price Data

Patrick Alexander, Lu Han, Oleksiy Kryvtsov and Ben Tomlin

24-19: Decomposing Systemic Risk: The Roles of Contagion and Common Exposures

Grzegorz Halaj and Ruben Hipp

24-18: Fire Sales and Liquidity Requirements

Yuteng Cheng and Roberto Robatto

24-17: Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm

Sofia Priazhkina, Samuel Palmer, Pablo Martín-Ramiro, Román Orús, Samuel Mugel and Vladimir Skavysh

24-16: The Macroeconomic Implications of Coholding

Michael Boutros and Andrej Mijakovic

24-15: Finding a Needle in a Haystack: A Machine Learning Framework for Anomaly Detection in Payment Systems

Ajit Desai, Anneke Kosse and Jacob Sharples