Staff Working Papers

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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

16-5: Macroeconomic Uncertainty Through the Lens of Professional Forecasters

Soojin Jo and Rodrigo Sekkel

16-4: To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse

Radoslav Raykov

16-3: Monetary Commitment and the Level of Public Debt

Stefano Gnocchi and Luisa Lambertini

16-2: Agency Costs, Risk Shocks and International Cycles

Marc-André Letendre and Joel Wagner

16-1: Reconciling the Differences in Aggregate U.S. Wage Series

Julien Champagne, André Kurmann and Jay Stewart

15-47: Debt Overhang and Deleveraging in the US Household Sector: Gauging the Impact on Consumption

Bruno Albuquerque and Georgi Krustev

15-46: Tractable Term Structure Models

Anh Le, Bruno Feunou, Christian Lundblad and Jean-Sebastien Fontaine

15-45: Exchange Rate Fluctuations and Labour Market Adjustments in Canadian Manufacturing Industries

Gabriel Bruneau and Kevin Moran

15-44: Emergency Liquidity Facilities, Signalling and Funding Costs

Céline Gauthier, Alfred Lehar, Hector Perez Saiz and Moez Souissi

15-43: On the Essentiality of E-Money

Jonathan Chiu and Russell Wong

15-42: Speculators, Prices and Market Volatility

Celso Brunetti, Bahattin Buyuksahin and Jeffrey Harris

15-41: Monetary Policy and Financial Stability: Cross-Country Evidence

Christian Friedrich, Kristina Hess and Rose Cunningham

15-40: Credit Conditions and Consumption, House Prices and Debt: What Makes Canada Different?

John Muellbauer, Pierre St-Amant and David Williams

15-39: Option Valuation with Observable Volatility and Jump Dynamics

Peter Christoffersen, Bruno Feunou and Yoontae Jeon

15-38: Nowcasting BRIC+M in Real Time

Tatjana Dahlhaus, Justin-Damien Guenette and Garima Vasishtha

15-37: Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Gurnain Pasricha, Matteo Falagiarda, Martin Bijsterbosch and Joshua Aizenman

15-36: Downside Variance Risk Premium

Bruno Feunou, Mohammad Jahan-Parvar and Cédric Okou

15-35: The Carrot and the Stick: The Business Cycle Implications of Incentive Pay in the Labor Search Model

Julien Champagne

15-34: Heterogeneity in the Dynamic Effects of Uncertainty on Investment

Sung Je Byun and Soojin Jo

15-33: Cheap But Flighty: How Global Imbalances Create Financial Fragility

Toni Ahnert and Enrico Perotti

15-32: Quantifying Contagion Risk in Funding Markets: A Model-Based Stress-Testing Approach

Kartik Anand, Céline Gauthier and Moez Souissi

15-31: Exchange Rate Pass-Through, Currency of Invoicing and Market Share

Michael Devereux, Wei Dong and Ben Tomlin

15-30: The Endogenous Relative Price of Investment

Joel Wagner

15-29: Examining Full Collateral Coverage in Canada’s Large Value Transfer System

Lana Embree and Varya Taylor

15-28: Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces

Farrukh Suvankulov

15-27: Risk Sharing in the Presence of a Public Good

Josef Schroth

15-26: On the Welfare Cost of Rare Housing Disasters

Shaofeng Xu

15-25: Managerial Compensation Duration and Stock Price Manipulation

Josef Schroth

15-24: Model Averaging in Markov-Switching Models: Predicting National Recessions with Regional Data

Pierre Guérin and Danilo Leiva-Leon

15-23: Revisiting the Macroeconomic Impact of Oil Shocks in Asian Economies

Juncal Cuñado, Soojin Jo and Fernando Pérez de Gracia

15-22: Sheltered Income: Estimating Income Under-Reporting in Canada, 1998 and 2004

Geoffrey Dunbar and Chunling Fu

15-21: Large-Scale Asset Purchases: Impact on Commodity Prices and International Spillover Effects

Sharon Kozicki, Eric Santor and Lena Suchanek

15-20: Changes in Payment Timing in Canada’s Large Value Transfer System

Yinan Nellie Zhang

15-19: Productive Misallocation and International Transmission of Credit Shocks

Yuko Imura and Julia Thomas

15-18: Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes

Warren Weber

15-17: Testing for the Diffusion Matrix in a Continuous-Time Markov Process Model with Applications to the Term Structure of Interest Rates

Fuchun Li

15-16: Exploring Differences in Household Debt Across Euro Area Countries and the United States

Dimitris Christelis, Michael Ehrmann and Dimitris Georgarakos

15-15: Household Stockholding Behavior During the Great Financial Crisis

Jie Zhou

15-14: A Wake-Up-Call Theory of Contagion

Toni Ahnert and Christoph Bertsch

15-13: Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis

Michael Ehrmann and Marcel Fratzscher

15-12: Funding Liquidity, Market Liquidity and the Cross-Section of Stock Returns

Jean-Sebastien Fontaine, René Garcia and Sermin Gungor