Staff Working Papers

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19-6: The Distributional Effects of Conventional Monetary Policy and Quantitative Easing: Evidence from an Estimated DSGE Model

Stefan Hohberger, Romanos Priftis and Lukas Vogel

19-5: Corporate Debt Composition and Business Cycles

Jelena Zivanovic

19-4: Frictional Capital Reallocation I: Ex Ante Heterogeneity

Randall Wright, Sylvia Xiao and Yu Zhu

19-3: Can Capital Deepening Explain the Global Decline in Labor’s Share?

Andy Glover and Jacob Short

19-2: The Productivity Slowdown in Canada: An ICT Phenomenon?

Jeffrey Mollins and Pierre St-Amant

19-1: A Framework for Analyzing Monetary Policy in an Economy with E-money

Yu Zhu and Scott Hendry

18-61: Limited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting

Gino Cateau and Malik Shukayev

18-60: Inference in Games Without Nash Equilibrium: An Application to Restaurants, Competition in Opening Hours

Erhao Xie

18-59: The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier?

Xiaodan Gao and Shaofeng Xu

18-58: Should the Central Bank Issue E-money?

Charles Kahn, Francisco Rivadeneyra and Russell Wong

18-57: The Trade War in Numbers

Karyne Charbonneau and Anthony Landry

18-56: The Propagation of Regional Shocks in Housing Markets: Evidence from Oil Price Shocks in Canada

Lutz Kilian and Xiaoqing Zhou

18-55: Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

Toni Ahnert, Kristin Forbes, Christian Friedrich and Dennis Reinhardt

18-54: Calibrating the Magnitude of the Countercyclical Capital Buffer Using Market-Based Stress Tests

Maarten van Oordt

18-53: Non-Performing Loans, Fiscal Costs and Credit Expansion in China

Huixin Bi, Yongquan Cao and Wei Dong

18-52: Evaluating the Bank of Canada Staff Economic Projections Using a New Database of Real-Time Data and Forecasts

Julien Champagne, Guillaume Poulin-Bellisle and Rodrigo Sekkel

18-51: Multibank Holding Companies and Bank Stability

Radoslav Raykov and Consuelo Silva-Buston

18-50: Monetary Policy Uncertainty: A Tale of Two Tails

Tatjana Dahlhaus and Tatevik Sekhposyan

18-49: Financial Development Beyond the Formal Financial Market

Lin Shao

18-48: Should Bank Capital Regulation Be Risk Sensitive?

Toni Ahnert, James Chapman and Carolyn Wilkins

18-47: Challenges in Implementing Worst-Case Analysis

Jon Danielsson, Lerby Ergun and Casper de Vries

18-46: How Long Does It Take You to Pay? A Duration Study of Canadian Retail Transaction Payment Times

Geneviève Vallée

18-45: Blockchain-Based Settlement for Asset Trading

Jonathan Chiu and Thorsten Koeppl

18-44: Price Selection

Carlos Carvalho and Oleksiy Kryvtsov

18-43: Market Size and Entry in International Trade: Product Versus Firm Fixed Costs

Walter Steingress

18-42: Responding to the First Era of Globalization: Canadian Trade Policy, 1870–1913

Patrick Alexander and Ian Keay

18-41: Seeking Safety

Toni Ahnert and Enrico Perotti

18-40: The Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household Heterogeneity

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

18-39: Sluggish Forecasts

Monica Jain

18-38: Time-Consistent Management of a Liquidity Trap with Government Debt

Dmitry Matveev

18-37: The Extensive Margin of Trade and Monetary Policy

Yuko Imura and Malik Shukayev

18-36: Central Bank Digital Currency and Monetary Policy

S. Mohammad R. Davoodalhosseini

18-35: The Impact of Government Debt Supply on Bond Market Liquidity: An Empirical Analysis of the Canadian Market

Jeffrey Gao, Jianjian Jin and Jacob Thompson

18-34: Incentive Compatibility on the Blockchain

Jonathan Chiu and Thorsten Koeppl

18-33: Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing

Itay Goldstein, Jonathan Witmer and Jing Yang

18-32: Sources of Borrowing and Fiscal Multipliers

Romanos Priftis and Srecko Zimic

18-31: Does Outward Foreign Investment Matter for Canadian Productivity? Evidence from Greenfield Investments

Naveen Rai, Lena Suchanek and Maria Bernier

18-30: The BoC-BoE Sovereign Default Database Revisited: What’s New in 2018?

David Beers and Jamshid Mavalwalla

18-29: A Look Inside the Box: Combining Aggregate and Marginal Distributions to Identify Joint Distributions

Marie-Helene Felt

18-28: Bootstrapping Mean Squared Errors of Robust Small-Area Estimators: Application to the Method-of-Payments Data

Valéry Jiongo and Pierre Nguimkeu

18-27: Swedish Riksbank Notes and Enskilda Bank Notes: Lessons for Digital Currencies

Ben Fung, Scott Hendry and Warren Weber

18-26: Reconciling Jaimovich-Rebelo Preferences, Habit in Consumption and Labor Supply

Tom Holden, Paul Levine and Jonathan Swarbrick

18-25: On the Evolution of the United Kingdom Price Distributions

Ba Chu, Kim Huynh, David Jacho-Chávez and Oleksiy Kryvtsov

18-24: Ambiguity, Nominal Bond Yields and Real Bond Yields

Guihai Zhao

18-23: Noisy Monetary Policy

Tatjana Dahlhaus and Luca Gambetti

18-22: Uncovered Return Parity: Equity Returns and Currency Returns

Edouard Djeutem and Geoffrey Dunbar

18-21: Analysis of Asymmetric GARCH Volatility Models with Applications to Margin Measurement

Elena Goldman and Xiangjin Shen

18-20: The (Un)Demand for Money in Canada

Geoffrey Dunbar and Casey Jones

18-19: The Political Impact of Immigration: Evidence from the United States

Anna Maria Mayda, Giovanni Peri and Walter Steingress

18-18: Housing Price Network Effects from Public Transit Investment: Evidence from Vancouver

Alex Chernoff and Andrea Craig