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Consumption, housing collateral, and the Canadian business cycle

Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - 2009

Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in the Canadian business cycle. Our findings show that the...

Persistent link: https://www.econbiz.de/10003933334

Unemployment fluctuations in a small open-economy model with segmented labour markets : the case of Canada

Zhang, Yahong - 2013

The recent financial crisis and subsequent recession have spurred great interest in the sources of unemployment fluctuations. Previous studies predominantly assume a single economy-wide labour market, and therefore abstract from differences across sectorspecific labour markets in the economy. In...

Persistent link: https://www.econbiz.de/10010201384

Canada's pioneering experience with a flexible exchange rate in the 1950s : (hard) lessons learned for monetary policy in a small open economy

Bordo, Michael D. (contributor); Dib, Ali (contributor); … - 2007

This paper revisits Canada's pioneering experience with floating exchange rate over the period 19501962. It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open economy model of the Canadian economy. The model is...

Persistent link: https://www.econbiz.de/10003560550

Business cycles in small, open economies : evidence from panel data between 1900 and 2013

Miyamoto, Wataru; Nguyen, Thuy Lan - 2016

Using a novel data set for 17 countries dating from 1900 to 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods. We...

Persistent link: https://www.econbiz.de/10011553776

Transmission of shocks to the Chinese economy in a global context : a model-based approach

Bailliu, Jeannine N.; Blagrave, Patrick - 2010

To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and...

Persistent link: https://www.econbiz.de/10003996844

Globalization and inflation : the role of China

Côté, Denise (contributor); De Resende, Carlos (contributor) - 2008

In this paper, we develop a theoretical model which identifies four channelsimport prices, competition with domestic suppliers and workers, and commodity pricesthrough which priceand wage-setting conditions in country j may affect inflation in country i. We estimate a dynamic inflation equation...

Persistent link: https://www.econbiz.de/10003773053

The impact of globalization and digitalization on the Phillips Curve

Friedrich, Christian; Selcuk, Peter - 2022 - Last updated: February 22, 2022

In this paper, we examine the impact of globalization and digitalization on the Phillips curve in a sample of 18 … assess the relative impact of globalization and digitalization on the slope coefficients of these Phillips curves, which … represent the sensitivity of inflation to economic slack. We measure globalization by increases in trade and financial …

Persistent link: https://www.econbiz.de/10012822142

Security transaction taxes and market quality

Pomeranets, Anna; Weaver, Daniel G. - 2011

We examine nine changes in the New York State Security Transaction Taxes (STT) between 1932 and 1981. We find that imposing or increasing an STT results in wider bidask spreads, lower volume, and increased price impact of trades. In contrast to theories of STT imposition as a means to reduce...

Persistent link: https://www.econbiz.de/10009377919

Managing adverse dependence for portfolios of collateral in financial infrastructures

García, Alejandro (contributor); … - 2007

We propose a framework that allows a portfolio manager to quantify the probability of simultaneous losses in multiple assets of a collateral portfolio. Using this framework, we propose a methodology to conduct stress tests on the market value of the portfolio of collateral when undesirable...

Persistent link: https://www.econbiz.de/10003462966

From LVTS to Lynx : quantitative assessment of payment system transition

Desai, Ajit; Lu, Zhentong; Rodrigo, Hiru; Sharples, Jacob; … - 2023 - Last updated: April 14, 2023

Modernizing Canada's wholesale payments system to Lynx from the Large Value Transfer System (LVTS) brings two key changes: (1) the settlement model shifts from a hybrid system that combined components of both real-time gross settlement (RTGS) and deferred net settlement (DNS) to an RTGS system;...

Persistent link: https://www.econbiz.de/10014253799