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Funding Liquidity, Market Liquidity and the Cross-Section of Stock Returns

Fontaine, Jean-Sébastien; Garcia, René; Gungor, Sermin - Bank of Canada - 2015

Following theory, we check that funding risk connects illiquidity, volatility and returns in the cross-section of stocks. We show that the illiquidity and volatility of stocks increase with funding shocks, while contemporaneous returns decrease with funding shocks. The dispersions of...

Persistent link: https://www.econbiz.de/10011206206

The Global Effects of U.S. Fiscal Policy

Flood, Kimberly - Bank of Canada - 2008

and Muir 2007). In particular, she examines the global macroeconomic implications of the expiration of major tax cuts in … that the expiration of previously enacted tax cuts in the United States will impose short-run costs on the U.S. economy …

Persistent link: https://www.econbiz.de/10005808268

Public Venture Capital and Entrepreneurship

Secrieru, Oana; Vigneault, Marianne - Bank of Canada - 2004

Entrepreneurship is a key factor in promoting growth in output and employment. Consequently, to encourage new start-ups, most governments in developed countries have public venture capital programs. The authors develop a model that endogenously determines the number of entrepreneurs and the...

Persistent link: https://www.econbiz.de/10005808330

Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?

Traclet, Virginie - Bank of Canada - 2004

Choosing a well-designed framework for fiscal and monetary policies is a challenge for economic authorities. Although they have chosen the same objectives to promote economic growth—price stability and fiscal sustainability—the Canadian and European economic authorities have adopted...

Persistent link: https://www.econbiz.de/10005808335

The 1975-78 Anti-Inflation Program in Retrospect

Sargent, John - Bank of Canada - 2005

The author provides an overview of the 1975–78 Anti-Inflation Program (AIP), in a background document prepared for a seminar organized by the Bank of Canada to mark the AIP's 30th anniversary. After reviewing Canada's experience with, and policy response to, inflation in the decade preceding...

Persistent link: https://www.econbiz.de/10005808363

Dynamic Employment and Hours Effects of Government Spending Shocks

Yuan, M.; Li, W. - Bank of Canada - 1999

In this paper, we analyze the dynamic behaviour of employment and hours worked per worker in a stochastic general … using the Generalized Methods of Moments (GMM) estimation technique. An increase in government spending raises hours worked … per worker, and crowds out private consumption due to a negative wealth effect. On the path converging towards the steady …

Persistent link: https://www.econbiz.de/10005536853

The Welfare Implications of Fiscal Dominance

Resende, Carlos De; Rebei, Nooman - Bank of Canada - 2008

This paper studies the interdependence between fiscal and monetary policy in a DSGE model with sticky prices and non-zero trend inflation. We characterize the fiscal and monetary policies by a rule whereby a given fraction k of the government debt must be backed by the discounted value of...

Persistent link: https://www.econbiz.de/10005536893

Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy

Rebei, Nooman - Bank of Canada - 2004

rigidities to test for the endogenous transmission mechanisms following shocks to government spending. He pursues a limited … disturbance in government spending. Generally, the results of the model are very close to the observed reactions, especially for …

Persistent link: https://www.econbiz.de/10005162386

The Institutional and Political Determinants of Fiscal Adjustment

Lavigne, Robert - Bank of Canada - 2006

The author empirically assesses the effects of institutional and political factors on the need and willingness of governments to make large fiscal adjustments. In contrast to earlier studies, which consider the role of political economy determinants only during periods of fiscal consolidation,...

Persistent link: https://www.econbiz.de/10005162400

Tendance des dépenses publiques et de l'inflation et évolution comparative du taux de chômage au Canada et aux États-Unis

St-Amant, P.; Tessier, D. - Bank of Canada - 1998

defined as those VAR innovations that cause a change in the trend of the public-spending-to-GDP ratio, while monetary policy …

Persistent link: https://www.econbiz.de/10005162454