Staff Working Papers

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07-54: Expenditure-Switching Effect and the Choice of Exchange Rate Regime

Wei Dong

07-53: Testing Uncovered Interest Parity: A Continuous-Time Approach

Antonio Diez de los Rios and Enrique Sentana

07-52: Where Does Price Discovery Occur in FX Markets?

Chris D'Souza

07-51: Rediscounting Under Aggregate Risk with Moral Hazard

James Chapman and Antoine Martin

07-50: Do Firms Adjust Toward a Target Leverage Level?

Zhaoxia Xu

07-49: Examining Simple Joint Macroeconomic and Term-Structure Models: A Practitioner's Perspective

David Bolder and Shudan Liu

07-48: Estimating and Comparing the Implied Cost of Equity for Canadian and U.S. Firms

Jonathan Witmer and Lorie Zorn

07-47: Implications of Asymmetry Risk for Portfolio Analysis and Asset Pricing

Fousseni Chabi-Yo, Dietmar Leisen and Eric Renault

07-46: Endogenously Segmented Asset Market in an Inventory Theoretic Model of Money Demand

Jonathan Chiu

07-45: Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s: (Hard) Lessons Learned for Monetary Policy in a Small Open Economy

Michael Bordo, Ali Dib and Lawrence Schembri

07-44: Cyclical Behavior of Debt and Equity Using a Panel of Canadian Firms

Francisco Covas and Wouter den Haan

07-43: Price Discovery in Canadian and U.S. 10-Year Government Bond Markets

Bryan Campbell and Scott Hendry

07-42: Trend Inflation, Wage and Price Rigidities, and Welfare

Robert Amano, Kevin Moran, Stephen Murchison and Andrew Rennison

07-41: Multilateral Adjustment and Exchange Rate Dynamics: The Case of Three Commodity Currencies

Jeannine Bailliu, Ali Dib, Takashi Kano and Lawrence Schembri

07-40: Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms

Michael King and Eric Santor

07-39: Liquidity, Redistribution, and the Welfare Cost of Inflation

Jonathan Chiu and Miguel Molico

07-38: The Canadian Business Cycle: A Comparison of Models

Frederick Demers and Ryan Macdonald

07-37: A Vision for IMF Surveillance

Robert Lavigne, Philipp Maier and Eric Santor

07-36: Cross-Country Estimates of the Degree of Fiscal Dominance and Central Bank Independence

Carlos de Resende

07-35: Gold Prices and Inflation

Greg Tkacz

07-34: Oil Price Movements and the Global Economy: A Model-Based Assessment

Selim Elekdag, René Lalonde, Douglas Laxton, Dirk Muir and Paolo Pesenti

07-33: Domestic versus External Borrowing and Fiscal Policy in Emerging Markets

Garima Vasishtha

07-32: Computing Optimal Policy in a Timeless-Perspective: An Application to a Small-Open Economy

Michel Juillard and Florian Pelgrin

07-31: Micro Foundations of Price-Setting Behaviour: Evidence from Canadian Firms

Daniel de Munnik and Kuan Xu

07-30: Term Structure Transmission of Monetary Policy

Sharon Kozicki and Peter Tinsley

07-29: Exchange Rate Regimes, Globalisation, and the Cost of Capital in Emerging Markets

Antonio Diez de los Rios

07-28: Modelling Payments Systems: A Review of the Literature

Jonathan Chiu and Alexandra Lai

07-27: Price Formation and Liquidity Provision in Short-Term Fixed Income Markets

Chris D'Souza, Ingrid Lo and Stephen Sapp

07-26: Optimal Monetary Policy and Price Stability Over the Long-Run

Oleksiy Kryvtsov, Malik Shukayev and Alexander Ueberfeldt

07-25: Managing Adverse Dependence for Portfolios of Collateral in Financial Infrastructures

Alejandro Garcia and Ramazan Gencay

07-24: Corporate Balance Sheets in Developed Economies: Implications for Investment

Denise Côté and Christopher Graham

07-23: Order Aggressiveness and Quantity: How Are They Determined in a Limit Order Market?

Ingrid Lo and Stephen Sapp

07-22: IMF-Supported Adjustment Programs: Welfare Implications and the Catalytic Effect

Carlos de Resende

07-21: A No-Arbitrage Analysis of Macroeconomic Determinants of Term Structures and the Exchange Rate

Fousseni Chabi-Yo and Jun Yang

07-20: Multivariate Realized Stock Market Volatility

Gregory Bauer and Keith Vorkink

07-19: Perhaps the FOMC Did What It Said It Did: An Alternative Interpretation of the Great Inflation

Sharon Kozicki and Peter Tinsley

07-18: Central Bank Performance under Inflation Targeting

Marc-André Gosselin

07-17: Firms Dynamics, Bankruptcy Laws and Total Factor Productivity

Hajime Tomura

07-16: World Real Interest Rates: A Global Savings and Investment Perspective

Brigitte Desroches and Michael Francis

07-15: Does Indexation Bias the Estimated Frequency of Price Adjustment?

Maral Kichian and Oleksiy Kryvtsov

07-14: Optimization in a Simulation Setting: Use of Function Approximation in Debt Strategy Analysis

David Bolder and Tiago Rubin

07-13: Optimization in a Simulation Setting: Use of Function Approximation in Debt Strategy Analysis

David Bolder and Tiago Rubin

07-12: Schooling, Inequality and Government Policy

Oleksiy Kryvtsov and Alexander Ueberfeldt

07-11: Uncollateralized Overnight Loans Settled in LVTS

Scott Hendry and Nadja Kamhi

07-10: Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring

Philipp Maier

07-9: Best Instruments for Market Discipline in Banking

Greg Caldwell

07-8: Evaluating Forecasts from Factor Models for Canadian GDP Growth and Core Inflation

Calista Cheung and Frederick Demers

07-7: Technology Shocks and Business Cycles: The Role of Processing Stages and Nominal Rigidities

Louis Phaneuf and Nooman Rebei

07-6: Monetary Policy Committees in Action: Is There Room for Improvement?

Philipp Maier

07-5: Impact of Electronic Trading Platforms on the Brokered Interdealer Market for Government of Canada Benchmark Bonds

Natasha Khan