Staff Working Papers

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20-27: Why Fixed Costs Matter for Proof-of-Work Based Cryptocurrencies

Rodney Garratt and Maarten van Oordt

20-26: Monetary Policy Independence and the Strength of the Global Financial Cycle

Jonathan Witmer

20-25: Monetary Policy Independence and the Strength of the Global Financial Cycle

Christian Friedrich, Pierre Guérin and Danilo Leiva-Leon

20-24: An Economic Perspective on Payments Migration

Anneke Kosse, Zhentong Lu and Gabriel Xerri

20-23: Trading for Bailouts

Toni Ahnert, Caio Machado and Ana Elisa Pereira

20-22: Dynamic Competition in Negotiated Price Markets

Jason Allen and Shaoteng Li

20-21: Classical Decomposition of Markowitz Portfolio Selection

Christopher Demone, Olivia Di Matteo and Barbara Collignon

20-20: Trading on Long-term Information

Corey Garriot and Ryan Riordan

20-19: The Term Structures of Loss and Gain Uncertainty

Bruno Feunou, Ricardo Lopez Aliouchkin, Roméo Tedongap and Lai Xu

20-18: How Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from Canadian Consumers

Katya Kartashova and Xiaoqing Zhou

20-17: Identifying Aggregate Shocks with Micro-level Heterogeneity: Financial Shocks and Investment Fluctuation

Xing Guo

20-16: Endogenous Time Variation in Vector Autoregressions

Danilo Leiva-Leon and Luis Uzeda

20-15: A Simple Method for Extracting the Probability of Default from American Put Option Prices

Bo Young Chang and Greg Orosi

20-14: Learning, Equilibrium Trend, Cycle, and Spread in Bond Yields

Guihai Zhao

20-13: Interest Rate Uncertainty as a Policy Tool

Fabio Ghironi and Galip Ozhan

20-12: Multi-Product Pricing: Theory and Evidence from Large Retailers in Israel

Marco Bonomo, Carlos Carvalho, Oleksiy Kryvtsov, Sigal Ribon and Rodolfo Rigato

20-11: Optimal Taxation in Asset Markets with Adverse Selection

S. Mohammad R. Davoodalhosseini

20-10: Do Protectionist Trade Policies Integrate Domestic Markets? Evidence from the Canada-U.S. Softwood Lumber Dispute

Jinggang Guo and Craig Johnston

20-9: Welfare Analysis of Equilibria With and Without Early Termination Fees in the US Wireless Industry

Joseph Cullen, Nicolas Schutz and Oleksandr Shcherbakov

20-8: The Effect of Oil Price Shocks on Asset Markets: Evidence from Oil Inventory News

Ron Alquist, Reinhard Ellwanger and Jianjian Jin

20-7: Demand for Payment Services and Consumer Welfare: The Introduction of a Central Bank Digital Currency

Kim Huynh, Jozsef Molnar, Oleksandr Shcherbakov and Qinghui Yu

20-6: A Portfolio-Balance Model of Inflation and Yield Curve Determination

Antonio Diez de los Rios

20-5: Identifying Consumer-Welfare Changes when Online Search Platforms Change Their List of Search Results

Ryan Martin

20-4: A Spatial Model of Bank Branches in Canada

Heng Chen and Matthew Strathearn

20-3: Managing GDP Tail Risk

Thibaut Duprey and Alexander Ueberfeldt

20-2: Social Learning and Monetary Policy at the Effective Lower Bound

Jasmina Arifovic, Alex Grimaud, Isabelle Salle and Gauthier Vermandel

20-1: Contagion in Dealer Networks

Jean-Sebastien Fontaine and Adrian Walton

19-52: Monetary Policy and Government Debt Dynamics Without Commitment

Dmitry Matveev

19-51: Technology Adoption in Input-Output Networks

Xintong Han and Lei Xu

19-50: Monetary Payoff and Utility Function in Adaptive Learning Models

Erhao Xie

19-49: On the Evolution of Multiple Jobholding in Canada

Olena Kostyshyna and Etienne Lalé

19-48: Model Uncertainty and Wealth Distribution

Edouard Djeutem and Shaofeng Xu

19-47: Loan Insurance, Market Liquidity, and Lending Standards

Toni Ahnert and Martin Kuncl

19-46: Extreme Downside Risk in Asset Returns

Lerby Ergun

19-45: What Do Survey Data Tell Us About US Businesses?

Anmol Bhandari, Serdar Birinci, Ellen McGrattan and Kurt See

19-44: Interconnected Banks and Systemically Important Exposures

Alan Roncoroni, Stefano Battiston, Marco D’Errico, Grzegorz Halaj and Christoffer Kok

19-43: A Macroprudential Theory of Foreign Reserve Accumulation

Fernando Arce, Julien Bengui and Javier Bianchi

19-42: Amazon Effects in Canadian Online Retail Firm-Product-Level Data

Alex Chernoff

19-41: Trade Flows and Exchange Rates: Importers, Exporters and Products

Michael Devereux, Wei Dong and Ben Tomlin

19-40: The Economics of Cryptocurrencies—Bitcoin and Beyond

Jonathan Chiu and Thorsten Koeppl

19-39: The BoC-BoE Sovereign Default Database: What’s New in 2019?

David Beers and Patrisha de Leon-Manlagnit

19-38: What Does Structural Analysis of the External Finance Premium Say About Financial Frictions?

Jelena Zivanovic

19-37: Bank Runs, Portfolio Choice, and Liquidity Provision

Toni Ahnert and Mahmoud Elamin

19-36: No Double Standards: Quantifying the Impact of Standard Harmonization on Trade

Julia Schmidt and Walter Steingress

19-35: The Simple Economics of Global Fuel Consumption

Doga Bilgin and Reinhard Ellwanger

19-34: Exchange Rates, Retailers, and Importing: Theory and Firm-Level Evidence

Alex Chernoff and Patrick Alexander

19-33: The Intergenerational Correlation of Employment: Is There a Role for Work Culture?

Gabriela Galassi, David Koll and Lukas Mayr

19-32: Explaining the Interplay Between Merchant Acceptance and Consumer Adoption in Two-Sided Markets for Payment Methods

Kim Huynh, Gradon Nicholls and Oleksandr Shcherbakov

19-31: Financial Frictions, Durable Goods and Monetary Policy

Ugochi Emenogu and Leo Michelis

19-30: Resolving Failed Banks: Uncertainty, Multiple Bidding & Auction Design

Jason Allen, Robert Clark, Brent Hickman and Eric Richert