Staff Working Papers

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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

18-3: 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

17-54: What Drives Episodes of Settlement Fails in the Government of Canada Bond Market?

Jean-Sebastien Fontaine, James Pinnington and Adrian Walton

17-53: Competing Currencies in the Laboratory

Janet Hua Jiang and Cathy Zhang

17-52: Good Volatility, Bad Volatility and Option Pricing

Bruno Feunou and Cédric Okou

17-51: Identifying the Degree of Collusion Under Proportional Reduction

Oleksandr Shcherbakov and Naoki Wakamori

17-50: Is the Discretionary Income Effect of Oil Price Shocks a Hoax?

Christiane Baumeister, Lutz Kilian and Xiaoqing Zhou

17-49: The Causal Impact of Migration on US Trade: Evidence from Political Refugees

Walter Steingress

17-48: Optimal Interbank Regulation

Thomas Carter

17-47: Cash Versus Card: Payment Discontinuities and the Burden of Holding Coins

Heng Chen, Kim Huynh and Oz Shy

17-46: On the Tail Risk Premium in the Oil Market

Reinhard Ellwanger

17-45: Identification of Random Resource Shares in Collective Households Without Preference Similarity Restrictions

Geoffrey Dunbar, Arthur Lewbel and Krishna Pendakur

17-44: Measuring Limits of Arbitrage in Fixed-Income Markets

Jean-Sebastien Fontaine and Guillaume Nolin

17-43: The Mode is the Message: Using Predata as Exclusion Restrictions to Evaluate Survey Design

Heng Chen, Geoffrey Dunbar and Rallye Shen

17-42: Policy Rules for Capital Controls

Gurnain Pasricha

17-41: Global Trade Flows: Revisiting the Exchange Rate Elasticities

Matthieu Bussiere, Guillaume Gaulier and Walter Steingress

17-40: Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan

Wataru Miyamoto, Thuy Lan Nguyen and Dmitriy Sergeyev

17-39: Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada

Julien Champagne and Rodrigo Sekkel

17-38: A Counterfactual Valuation of the Stock Index as a Predictor of Crashes

Tom Roberts

17-37: Aggregate Fluctuations and the Role of Trade Credit

Lin Shao

17-36: The Rise of Non-Regulated Financial Intermediaries in the Housing Sector and its Macroeconomic Implications

Hélène Desgagnés

17-35: Did the Renewable Fuel Standard Shift Market Expectations of the Price of Ethanol?

Christiane Baumeister, Reinhard Ellwanger and Lutz Kilian

17-34: Cross-Border Bank Flows and Monetary Policy: Implications for Canada

Ricardo Correa, Teodora Paligorova, Horacio Sapriza and Andrei Zlate

17-33: Optimal Estimation of Multi-Country Gaussian Dynamic Term Structure Models Using Linear Regressions

Antonio Diez de los Rios

17-32: How to Predict Financial Stress? An Assessment of Markov Switching Models

Thibaut Duprey and Benjamin Klaus

17-31: Downward Nominal Wage Rigidity in Canada: Evidence Against a “Greasing Effect”

Joel Wagner

17-30: Retrieving Implied Financial Networks from Bank Balance-Sheet and Market Data

Jose Fique

17-29: Information Contagion and Systemic Risk

Toni Ahnert and Co-Pierre Georg

17-28: Adoption of a New Payment Method: Theory and Experimental Evidence

Jasmina Arifovic, John Duffy and Janet Hua Jiang