Similar Search Results

Information Flows and Aggregate Persistence

Kryvtsov, Oleksiy - Bank of Canada - 2009

Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of...

Persistent link: https://www.econbiz.de/10005673373

Are Currency Crises Low-State Equilibria? An Empirical, Three-Interest-Rate Model

Cornell, Christopher M.; Solomon, Raphael H. - Bank of Canada - 2006

Suppose that the dynamics of the macroeconomy were given by (partly) random fluctuations between two equilibria: "good" and "bad." One would interpret currency crises (or recessions) as a shift from the good equilibrium to the bad. In this paper, the authors specify a dynamic...

Persistent link: https://www.econbiz.de/10005808364

Indebtedness and the Household Financial Health: An Examination of the Canadian Debt Service Ratio Distribution

Faruqui, Umar - Bank of Canada - 2008

The household debt-to-disposable income ratio in Canada increased from 110 per cent in 1999 to 127 per cent in 2007. This increase has raised questions about the ability of households to service their increased debt if faced with a negative economic or socio-economic shock. <br><br> The debt service...

Persistent link: https://www.econbiz.de/10005162513

The Threat of Counterfeiting in Competitive Search Equilibrium

Shao, Enchuan - Bank of Canada - 2013

Recent studies in monetary theory show that if buyers can use lotteries to signal the quality of bank notes, counterfeiting does not occur in a pooling equilibrium. In this paper, I investigate the robustness of this non-existence result by considering an alternative trading mechanism....

Persistent link: https://www.econbiz.de/10010849966

Money and Price Posting under Private Information

Dong, Mei; Jiang, Janet Hua - Bank of Canada - 2011

discounts. Buyers spend only when they have high enough preferences. As their preferences are higher, they spend more till they …

Persistent link: https://www.econbiz.de/10009352262

Are Sunspots Learnable? An Experimental Investigation in a Simple General-Equilibrium Model

Arifovic, Jasmina; Evans, George; Kostyshyna, Olena - Bank of Canada - 2013

We conduct experiments with human subjects in a model with a positive production externality in which productivity is a non-decreasing function of the average level of employment of other firms. The model has three steady states: the low and high steady states are expectationally stable...

Persistent link: https://www.econbiz.de/10010667179

Information, Amplification and Financial Crisis

Ahnert, Toni; Kakhbod, Ali - Bank of Canada - 2014

We propose a parsimonious model of information choice in a global coordination game of regime change that is used to analyze debt crises, bank runs or currency attacks. A change in the publicly available information alters the uncertainty about the behavior of other investors. Greater strategic...

Persistent link: https://www.econbiz.de/10010798201

A Tractable Monetary Model Under General Preferences

Wong, Tsz-Nga - Bank of Canada - 2013

Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show … that preferences satisfying UXXUHH – (UXH)2 = 0 is a sufficient condition for the existence and uniqueness of monetary … order partial differential equation. This class of preferences includes ones with constant return to scale, for example …

Persistent link: https://www.econbiz.de/10010630749

Counterfeit Quality and Verification in a Monetary Exchange

Fung, Ben; Shao, Enchuan - Bank of Canada - 2011

Recent studies on counterfeiting in a monetary search framework show that counterfeiting does not occur in a monetary equilibrium. These findings are inconsistent with the observation that counterfeiting of bank notes has been a serious problem in some countries. In this paper, we show that...

Persistent link: https://www.econbiz.de/10008835204

Macroeconomic Experiences and Risk Taking of Euro Area Households

Ampudia, Miguel; Ehrmann, Michael - Bank of Canada - 2014

This paper studies to what extent the experiences of households shape their willingness to take financial risks. It follows the methodology of Malmendier and Nagel (2011) and applies it to a novel data set on household finances covering euro area households. We show that experienced stock market...

Persistent link: https://www.econbiz.de/10010762043

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