Staff Working Papers

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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

17-27: Firm Heterogeneity, Technological Adoption, and Urbanization: Theory and Measurement

Alex Chernoff

17-26: Quantitative Easing and Long-Term Yields in Small Open Economies

Antonio Diez de los Rios and Maral Shamloo

17-25: Monetary Policy Implementation in a Negative Rate Environment

Michael Boutros and Jonathan Witmer

17-24: Understanding Monetary Policy and its Effects: Evidence from Canadian Firms Using the Business Outlook Survey

Matthieu Verstraete and Lena Suchanek

17-23: Understanding the Cross-Country Effects of US Technology Shocks

Wataru Miyamoto and Thuy Lan Nguyen

17-22: Detecting Scapegoat Effects in the Relationship Between Exchange Rates and Macroeconomic Fundamentals

Lorenzo Pozzi and Barbara Sadaba

17-21: Should Central Banks Worry About Nonlinearities of their Large-Scale Macroeconomic Models?

Vadym Lepetyuk, Lilia Maliar and Serguei Maliar

17-20: Volatility Risk and Economic Welfare

Shaofeng Xu

17-19: Assessing the Predictive Ability of Sovereign Default Risk on Exchange Rate Returns

Claudia Foroni, Francesco Ravazzolo and Barbara Sadaba

17-18: The Welfare Effects of Protection: A General Equilibrium Analysis of Canada’s National Policy

Patrick Alexander and Ian Keay

17-17: Vertical Specialization and Gains from Trade

Patrick Alexander

17-16: Downward Nominal Wage Rigidity Meets the Zero Lower Bound

Robert Amano and Stefano Gnocchi

17-15: Constrained Efficiency with Adverse Selection and Directed Search

S. Mohammad R. Davoodalhosseini

17-14: Strategic Complementarities and Money Market Fund Liquidity Management

Jonathan Witmer

17-13: Markov-Switching Three-Pass Regression Filter

Pierre Guérin, Danilo Leiva-Leon and Massimiliano Marcellino

17-12: Accounting for Real Exchange Rates Using Micro-Data

Mario Crucini and Anthony Landry

17-11: Anticipated Technology Shocks: A Re-Evaluation Using Cointegrated Technologies

Joel Wagner

17-10: Small‐Sample Tests for Stock Return Predictability with Possibly Non‐Stationary Regressors and GARCH‐Type Effects

Sermin Gungor and Richard Luger

17-9: Expropriation Risk and FDI in Developing Countries: Does Return of Capital Dominate Return on Capital?

M. Akhtaruzzaman, Nathan Berg and Christopher Hajzler

17-8: Adoption Costs of Financial Innovation: Evidence from Italian ATM Cards

Kim Huynh, Philipp Schmidt-Dengler, Gregor Smith and Angelika Welte

17-7: Banking Regulation and Market Making

David Cimon and Corey Garriott

17-6: Optimal Capital Regulation

Stéphane Moyen and Josef Schroth

17-5: Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies

Ben Fung, Scott Hendry and Warren Weber

17-4: Stability and Efficiency in Decentralized Two-Sided Markets with Weak Preferences

Radoslav Raykov

17-3: Price-Level Dispersion versus Inflation-Rate Dispersion: Evidence from Three Countries

David Fielding, Christopher Hajzler and James (Jim) MacGee

17-2: A Dynamic Factor Model for Nowcasting Canadian GDP Growth

Tony Chernis and Rodrigo Sekkel

17-1: Terms-of-Trade and House Price Fluctuations: A Cross-Country Study

Paul Corrigan

16-63: Information Sharing and Bargaining in Buyer-Seller Networks

Sofia Priazhkina and Frank Page

16-62: Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?

Narayan Bulusu, Jefferson Duarte and Carles Vergara-Alert

16-61: What Fed Funds Futures Tell Us About Monetary Policy Uncertainty

Jean-Sebastien Fontaine

16-60: Non-Bank Investors and Loan Renegotiations

Teodora Paligorova and Joao Santos

16-59: Monetary Policy, Private Debt and Financial Stability Risks

Gregory Bauer and Eleonora Granziera

16-58: Equity Option-Implied Probability of Default and Equity Recovery Rate

Bo Young Chang and Greg Orosi

16-57: Options Decimalization

Faith Chin and Corey Garriott

16-56: Bank Screening Heterogeneity

Thibaut Duprey