Staff Working Papers

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19-20: Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment

Jonathan Chiu, S. Mohammad R. Davoodalhosseini, Janet Hua Jiang and Yu Zhu

19-19: Reassessing Trade Barriers with Global Value Chains

Yuko Imura

19-18: Entrepreneurial Incentives and the Role of Initial Coin Offerings

Rodney Garratt and Maarten van Oordt

19-17: Estimating the Effect of Exchange Rate Changes on Total Exports

Thierry Mayer and Walter Steingress

19-16: Composite Likelihood Estimation of an Autoregressive Panel Probit Model with Random Effects

Kerem Tuzcuoglu

19-15: Labor Mobility in a Monetary Union

Daniela Hauser and Martin Seneca

19-14: Firm-level Investment Under Imperfect Capital Markets in Ukraine

Oleksandr Shcherbakov

19-13: The Trend Unemployment Rate in Canada: Searching for the Unobservable

Dany Brouillette, Marie-Noëlle Robitaille, Laurence Savoie-Chabot, Pierre St-Amant, Bassirou Gueye and Elise Martin

19-12: Local Labor Markets in Canada and the United States

David Albouy, Alex Chernoff, Chandler Lutz and Casey Warman

19-11: Do Survey Expectations of Stock Returns Reflect Risk Adjustments?

Klaus Adam, Dmitry Matveev and Stefan Nagel

19-10: Limiting Sender’s Information in Bayesian Persuasion

Shota Ichihashi

19-9: Inflation Targeting and Liquidity Traps Under Endogenous Credibility

Cars Hommes and Joep Lustenhouwer

19-8: Macroprudential Policy with Capital Buffers

Josef Schroth

19-7: Inequality in Parental Transfers and Optimal Need-Based Financial Aid

Youngmin Park

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