Staff Working Papers

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16-55: Quantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach

Serdar Kabaca

16-54: Producer Heterogeneity, Value-Added, and International Trade

Patrick Alexander

16-53: Capital Flows to Developing Countries: Is There an Allocation Puzzle?

Josef Schroth

16-52: Supervising Financial Regulators

Josef Schroth

16-51: Firm-Specific Shocks and Aggregate Fluctuations

Leonid Karasik, Danny Leung and Ben Tomlin

16-50: Broker Routing Decisions in Limit Order Markets

David Cimon

16-49: Monetary Policy Tradeoffs Between Financial Stability and Price Stability

Malik Shukayev and Alexander Ueberfeldt

16-48: Business Cycles in Small, Open Economies: Evidence from Panel Data Between 1900 and 2013

Wataru Miyamoto and Thuy Lan Nguyen

16-47: Managing Risk Taking with Interest Rate Policy and Macroprudential Regulations

Simona Cociuba, Malik Shukayev and Alexander Ueberfeldt

16-46: Fragility of Resale Markets for Securitized Assets and Policy of Asset Purchases

Martin Kuncl

16-45: Interpreting Volatility Shocks as Preference Shocks

Shaofeng Xu

16-44: Financial Constraint and Productivity: Evidence from Canadian SMEs

Shutao Cao and Danny Leung

16-43: On What States Do Prices Depend? Answers from Ecuador

Craig Benedict, Mario Crucini and Anthony Landry

16-42: On the Value of Virtual Currencies

Wilko Bolt and Maarten van Oordt

16-41: The Impact of Macroprudential Housing Finance Tools in Canada: 2005–10

Jason Allen, Timothy Grieder, Brian Peterson and Tom Roberts

16-40: Downward Nominal Wage Rigidity in Canada: Evidence from Micro- Level Data

Dany Brouillette, Olena Kostyshyna and Natalia Kyui

16-39: Are Counterparty Arrangements in Reinsurance a Threat to Financial Stability?

Matt Davison, Darrell Leadbetter, Bin Lu and Jane Voll

16-38: The Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies

Gregory Bauer, Gurnain Pasricha, Rodrigo Sekkel and Yaz Terajima

16-37: Starting from a Blank Page? Semantic Similarity in Central Bank Communication and Market Volatility

Michael Ehrmann and Jonathan Talmi

16-36: Output Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor Markets

Tomiyuki Kitamura and Tamon Takamura

16-35: Time-Varying Crash Risk: The Role of Stock Market Liquidity

Peter Christoffersen, Bruno Feunou, Yoontae Jeon and Chayawat Ornthanalai

16-34: International Banking and Cross-Border Effects of Regulation: Lessons from Canada

Evren Damar and Adi Mordel

16-33: Relationships in the Interbank Market

Jonathan Chiu and Cyril Monnet

16-32: Global Macro Risks in Currency Excess Returns

Kimberly Berg and Nelson Mark

16-31: Housing Market Dynamics and Macroprudential Policy

Gabriel Bruneau, Ian Christensen and Cesaire Meh

16-30: Financial Inclusion—What’s it Worth?

Miguel Ampudia Fraile and Michael Ehrmann

16-29: Financial Crisis Interventions

Josef Schroth

16-28: The Real-Time Properties of the Bank of Canada’s Staff Output Gap Estimates

Julien Champagne, Guillaume Poulin-Bellisle and Rodrigo Sekkel

16-27: Timing of Banks’ Loan Loss Provisioning During the Crisis

Leo de Haan and Maarten van Oordt

16-26: The Impact of Bankruptcy Reform on Insolvency Choice and Consumer Credit

Jason Allen and Kiana Basiri

16-25: What Are the Macroeconomic Effects of High-Frequency Uncertainty Shocks

Laurent Ferrara and Pierre Guérin

16-24: Housing and Tax-Deferred Retirement Accounts

Anson Ho and Jie Zhou

16-23: Identification and Estimation of Risk Aversion in First-Price Auctions with Unobserved Auction Heterogeneity

Serafin Grundl and Yu Zhu

16-22: Estimating Systematic Risk Under Extremely Adverse Market Conditions

Maarten van Oordt and Chen Zhou

16-21: Early Warning of Financial Stress Events: A Credit-Regime-Switching Approach

Fuchun Li and Hongyu Xiao

16-20: Retail Order Flow Segmentation

Corey Garriott and Adrian Walton

16-19: Should Monetary Policy Lean Against Housing Market Booms?

Sami Alpanda and Alexander Ueberfeldt

16-18: A General Approach to Recovering Market Expectations from Futures Prices with an Application to Crude Oil

Christiane Baumeister and Lutz Kilian

16-17: Opaque Assets and Rollover Risk

Toni Ahnert and Benjamin Nelson

16-16: Asset Encumbrance, Bank Funding and Financial Fragility

Toni Ahnert, Kartik Anand, Prasanna Gai and James Chapman

16-15: How Fast Can China Grow? The Middle Kingdom’s Prospects to 2030

Jeannine Bailliu, Mark Kruger, Argyn Toktamyssov and Wheaton Welbourn

16-14: A Bitcoin Standard: Lessons from the Gold Standard

Warren Weber

16-13: Government Corruption and Foreign Direct Investment Under the Threat of Expropriation

Christopher Hajzler and Jonathan Rosborough

16-12: Capital Structure, Pay Structure and Job Termination

Jason Allen and James Thompson

16-11: Dating Systemic Financial Stress Episodes in the EU Countries

Thibaut Duprey, Benjamin Klaus and Tuomas Peltonen

16-10: Measuring Systemic Risk Across Financial Market Infrastructures

Fuchun Li and Hector Perez Saiz

16-9: The Dynamics of Capital Flow Episodes

Christian Friedrich and Pierre Guérin

16-8: Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering

Angelika Welte

16-7: Understanding Firms' Inflation Expectations Using the Bank of Canada's Business Outlook Survey

Simon Richards and Matthieu Verstraete

16-6: A Microfounded Design of Interconnectedness-Based Macroprudential Policy

Jose Fique