Staff Working Papers

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13-46: Heterogeneous Returns to U.S. College Selectivity and the Value of Graduate Degree Attainment

Mai Seki

13-45: Expansion of Higher Education, Employment and Wages: Evidence from the Russian Transition

Natalia Kyui

13-44: Expectations and Monetary Policy: Experimental Evidence

Oleksiy Kryvtsov and Luba Petersen

13-43: Perceived Inflation Persistence

Monica Jain

13-42: High-Frequency Real Economic Activity Indicator for Canada

Gitanjali Kumar

13-41: Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy

Ianthi Vayid

13-40: Unemployment Fluctuations in a Small Open-Economy Model with Segmented Labour Markets: The Case of Canada

Yahong Zhang

13-39: The Financialization of Food?

Valentina Bruno, Bahattin Buyuksahin and Michel Robe

13-38: Some Economics of Private Digital Currency

Joshua Gans and Hanna Halaburda

13-37: Measuring Uncertainty in Monetary Policy Using Implied Volatility and Realized Volatility

Bo Young Chang and Bruno Feunou

13-36: Public/Private Transitions and Firm Financing

Kim Huynh, Teodora Paligorova and Robert Petrunia

13-35: The Common Component of CPI: An Alternative Measure of Underlying Inflation for Canada

Mikael Khan, Louis Morel and Patrick Sabourin

13-34: The Safety of Government Debt

Kartik Anand and Prasanna Gai

13-33: Housing and Tax Policy

Sami Alpanda and Sarah Zubairy

13-32: Which Parametric Model for Conditional Skewness?

Bruno Feunou, Mohammad Jahan-Parvar and Roméo Tedongap

13-31: The ‘Celtic Crisis’: Guarantees, Transparency and Systemic Liquidity Risk

Philipp König, Kartik Anand and Frank Heinemann

13-30: Endogenous Trade Participation with Incomplete Exchange Rate Pass-Through

Yuko Imura

13-29: Volatility and Liquidity Costs

Selma Chaker

13-28: Forecasting the Real Price of Oil in a Changing World: A Forecast Combination Approach

Christiane Baumeister and Lutz Kilian

13-27: Analyzing Fiscal Sustainability

Huixin Bi and Eric Leeper

13-26: Uncertain Fiscal Consolidations

Huixin Bi, Eric Leeper and Campbell Leith

13-25: Are Product Spreads Useful for Forecasting? An Empirical Evaluation of the Verleger Hypothesis

Christiane Baumeister, Lutz Kilian and Xiaoqing Zhou

13-24: Is There a Quality Bias in the Canadian CPI? Evidence from Micro Data

Oleksiy Kryvtsov

13-23: A Blessing in Disguise: The Implications of High Global Oil Prices for the North American Market

Ron Alquist and Justin-Damien Guenette

13-22: The Threat of Counterfeiting in Competitive Search Equilibrium

Enchuan Shao

13-21: Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flow Concerns

Joshua Aizenman and Gurnain Pasricha

13-20: Money Market Rates and Retail Interest Regulation in China: The Disconnect between Interbank and Retail Credit Conditions

Nathan Porter and TengTeng Xu

13-19: Business Cycle Effects of Credit Shocks in a DSGE Model with Firm Defaults

Mohammad Pesaran and TengTeng Xu

13-18: Booms and Busts in House Prices Explained by Constraints in Housing Supply

Narayan Bulusu, Jefferson Duarte and Carles Vergara-Alert

13-17: Fire-Sale FDI or Business as Usual?

Ron Alquist, Rahul Mukherjee and Linda Tesar

13-16: Multivariate Tests of Mean-Variance Efficiency and Spanning with a Large Number of Assets and Time-Varying Covariances

Sermin Gungor and Richard Luger

13-15: What Central Bankers Need to Know about Forecasting Oil Prices

Christiane Baumeister and Lutz Kilian

13-14: Are Sunspots Learnable? An Experimental Investigation in a Simple General-Equilibrium Model

Jasmina Arifovic, George Evans and Olena Kostyshyna

13-13: A Semiparametric Early Warning Model of Financial Stress Events

Ian Christensen and Fuchun Li

13-12: Jump-Diffusion Long-Run Risks Models, Variance Risk Premium and Volatility Dynamics

Jianjian Jin

13-11: Forecasting with Many Models: Model Confidence Sets and Forecast Combination

Jon Samuels and Rodrigo Sekkel

13-10: A New Linear Estimator for Gaussian Dynamic Term Structure Models

Antonio Diez de los Rios

13-9: An Equilibrium Analysis of the Rise in House Prices and Mortgage Debt

Shaofeng Xu

13-8: Countercyclical Bank Capital Requirement and Optimized Monetary Policy Rules

Carlos de Resende, Ali Dib, René Lalonde and Nikita Perevalov

13-7: A Tractable Monetary Model Under General Preferences

Russell Wong

13-6: To Link or Not To Link? Netting and Exposures Between Central Counterparties

Stacey Anderson, Jean-Philippe Dion and Hector Perez Saiz

13-5: Market Structure and Cost Pass-Through in Retail

Gee Hee Hong and Nicholas Li

13-4: Financial Development and the Volatility of Income

Tiago Pinheiro, Francisco Rivadeneyra and Marc Teignier

13-3: Real-financial Linkages through Loan Default and Bank Capital

Tamon Takamura

13-2: House Prices, Consumption and the Role of Non-Mortgage Debt

Katya Kartashova and Ben Tomlin

13-1: The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

Olivier Coibion, Yuriy Gorodnichenko and Gee Hee Hong

12-43: On the Welfare Effects of Credit Arrangements

Jonathan Chiu, Mei Dong and Enchuan Shao

12-42: Financial Crisis Resolution

Josef Schroth

12-41: Estimating the Policy Rule from Money Market Rates when Target Rate Changes Are Lumpy

Jean-Sebastien Fontaine

12-40: The Effects of Oil Price Uncertainty on the Macroeconomy

Soojin Jo