Staff Working Papers

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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

18-17: Could a Higher Inflation Target Enhance Macroeconomic Stability?

José Dorich, Nicholas Labelle, Vadym Lepetyuk and Rhys Mendes

18-16: Order Flow Segmentation, Liquidity and Price Discovery: The Role of Latency Delays

Michael Brolley and David Cimon

18-15: Firm Dynamics and Multifactor Productivity: An Empirical Exploration

Pierre St-Amant and David Tessier

18-14: State Correlation and Forecasting: A Bayesian Approach Using Unobserved Components Models

Luis Uzeda

18-13: Did U.S. Consumers Respond to the 2014–2015 Oil Price Shock? Evidence from the Consumer Expenditure Survey

Patrick Alexander and Louis Poirier

18-12: Can Media and Text Analytics Provide Insights into Labour Market Conditions in China?

Jeannine Bailliu, Xinfen Han, Mark Kruger, Yu-Hsien Liu and Sri Thanabalasingam

18-11: The Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model

Stefan Hohberger, Romanos Priftis and Lukas Vogel

18-10: Dismiss the Gap? A Real-Time Assessment of the Usefulness of Canadian Output Gaps in Forecasting Inflation

Lise Pichette, Marie-Noëlle Robitaille, Mohanad Salameh and Pierre St-Amant

18-9: The “Too Big to Fail” Subsidy in Canada: Some Estimates

Patricia Mora

18-8: High-Frequency Trading and Institutional Trading Costs

Marie Chen and Corey Garriott

18-7: Adverse Selection with Heterogeneously Informed Agents

S. Mohammad R. Davoodalhosseini

18-6: Home Equity Extraction and the Boom-Bust Cycle in Consumption and Residential Investment

Xiaoqing Zhou

18-5: What Drives Interbank Loans? Evidence from Canada

Narayan Bulusu and Pierre Guérin

18-4: Modeling Fluctuations in the Global Demand for Commodities

Lutz Kilian and Xiaoqing Zhou

18-3: Speed Segmentation on Exchanges: Competition for Slow Flow

Lisa Anderson, Emad Andrews, Baiju Devani, Michael Mueller and Adrian Walton

18-2: How Do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts?

Monica Jain and Christopher Sutherland

18-1: Capital-Goods Imports and US Growth

Michele Cavallo and Anthony Landry

17-61: The Evolution of Unobserved Skill Returns in the U.S.: A New Approach Using Panel Data

Lance Lochner, Youngmin Park and Youngki Shin

17-60: Which Model to Forecast the Target Rate?

Maarten van Oordt

17-59: Credit Risk Transfer and Bank Insolvency Risk

Maarten van Oordt

17-58: Variance Premium, Downside Risk and Expected Stock Returns

Bruno Feunou, Ricardo Aliouchkin, Roméo Tedongap and Lai Xi

17-57: Credit Crunches from Occasionally Binding Bank Borrowing Constraints

Tom Holden, Paul Levine and Jonathan Swarbrick

17-56: Bitcoin Awareness and Usage in Canada

Christopher Henry, Kim Huynh and Gradon Nicholls

17-55: Risk-Neutral Moment-Based Estimation of Affine Option Pricing Models

Bruno Feunou and Cédric Okou