Staff Working Papers

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09-15: Heterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open Economy

Hajime Tomura

09-14: Testing for Financial Contagion with Applications to the Canadian Banking System

Fuchun Li

09-13: Price Movements in the Canadian Residential Mortgage Market

Jason Allen and Darcey McVanel

09-12: Complex Ownership and Capital Structure

Teodora Paligorova and Zhaoxia Xu

09-11: Information Flows and Aggregate Persistence

Oleksiy Kryvtsov

09-10: Computing the Accuracy of Complex Non-Random Sampling Methods: The Case of the Bank of Canada's Business Outlook Survey

Daniel de Munnik, David Dupuis and Mark Illing

09-9: Inventories and Real Rigidities in New Keynesian Business Cycle Models

Oleksiy Kryvtsov and Virgiliu Midrigan

09-8: Optimal Policy under Commitment and Price Level Stationarity

Gino Cateau

09-7: Assessing Indexation-Based Calvo Inflation Models

Jean-Marie Dufour, Lynda Khalaf and Maral Kichian

09-6: Inventories, Markups, and Real Rigidities in Menu Cost Models

Oleksiy Kryvtsov and Virgiliu Midrigan

09-5: Comparison of Auction Formats in Canadian Government Auctions

Olivier Armantier and Nourredine Lafhel

09-4: What Accounts for the U.S.-Canada Education-Premium Difference?

Oleksiy Kryvtsov and Alexander Ueberfeldt

09-3: Uninsurable Investment Risks and Capital Income Taxation

Cesaire Meh and Yaz Terajima

09-2: Monetary Policy Lag, Zero Lower Bound, and Inflation Targeting

Shin-Ichi Nishiyama

09-1: The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure

Zhaoxia Xu

08-49: Financial Intermediation, Liquidity and Inflation

Jonathan Chiu and Cesaire Meh

08-48: Futures Markets, Oil Prices and the Intertemporal Approach to the Current Account

Elif Arbatli

08-47: How Important Is Liquidity Risk for Sovereign Bond Risk Premia? Evidence from the London Stock Exchange

Ron Alquist

08-46: Indebtedness and the Household Financial Health: An Examination of the Canadian Debt Service Ratio Distribution

Umar Faruqui

08-45: Firm Size and Productivity

Danny Leung, Cesaire Meh and Yaz Terajima

08-44: The Role of Foreign Exchange Dealers in Providing Overnight Liquidity

Chris D'Souza

08-43: McCallum Rules, Exchange Rates, and the Term Structure of Interest Rates

Antonio Diez de los Rios

08-42: Which Bank is the "Central" Bank? An Application of Markov Theory to the Canadian Large Value Transfer System

Morten Bech, James Chapman and Rodney Garratt

08-41: Are There Canada-U.S. Differences in SME Financing?

Danny Leung, Cesaire Meh and Yaz Terajima

08-40: Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis

Ali Dib, Caterina Mendicino and Yahong Zhang

08-39: Import Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through

Stephane Dees, Matthias Burgert and Nicolas Parent

08-38: A Model of Costly Capital Reallocation and Aggregate Productivity

Shutao Cao

08-37: Adopting Price-Level Targeting under Imperfect Credibility: An Update

Oleksiy Kryvtsov, Malik Shukayev and Alexander Ueberfeldt

08-36: The Role of Bank Capital in the Propagation of Shocks

Cesaire Meh and Kevin Moran

08-35: Globalization and Inflation: The Role of China

Denise Côté and Carlos de Resende

08-34: Combining Canadian Interest-Rate Forecasts

David Bolder and Yuliya Romanyuk

08-33: Human Capital Risk and the Firmsize Wage Premium

Danny Leung and Alexander Ueberfeldt

08-32: Market Structure and the Diffusion of E-Commerce: Evidence from the Retail Banking Industry

Jason Allen, Robert Clark and Jean-Francois Houde

08-31: Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting

Cesaire Meh, José-Víctor Ríos-Rull and Yaz Terajima

08-30: Non-Linearities, Model Uncertainty, and Macro Stress Testing

Miroslav Misina and David Tessier

08-29: Macroeconomic Determinants of the Term Structure of Corporate Spreads

Jun Yang

08-28: The Welfare Implications of Fiscal Dominance

Carlos de Resende and Nooman Rebei

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

Paul Masson and Malik 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 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

Cesaire Meh and Yaz Terajima

08-18: Empirical Likelihood Block Bootstrapping

Jason Allen, Allan Gregory and Katsumi Shimotsu

08-17: Policy Coordination in an International Payment System

James 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