M - Business Administration and Business Economics; Marketing; Accounting

• Trends in Firm Entry and New Entrepreneurship in Canada

  Staff Discussion Paper 2015-11 Shutao Cao, Mohanad Salameh, Mai Seki, Pierre St-Amant

  Recently released data show downward trends for both the firm entry rate and the rate of new entrepreneurship since the early 1980s in Canada. This paper documents these trends and discusses potential explanations.

  Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Firm dynamics, Market structure and pricing, Productivity JEL Code(s): L, L1, L11, M, M1, M13

• Managerial Compensation Duration and Stock Price Manipulation

  Staff Working Paper 2015-25 Josef Schroth

  I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Labour markets, Recent economic and financial developments JEL Code(s): D, D8, D82, G, G1, G14, G3, G30, M, M1, M12

• 13 November 2014 Firm Strategy, Competitiveness and Productivity: The Case for Canada

  Bank of Canada Review - Autumn 2014 Lori Rennison, Farid Novin, Matthieu Verstraete

  At a time when the Bank is expecting a rotation of demand toward exports and investment, and transformative global trends are placing increasing emphasis on innovation, technology and organizational learning, an understanding of the competitiveness strategies of Canadian firms and the factors affecting them has become particularly relevant. This article summarizes findings from a Bank of Canada survey of 151 firms designed to extract signals on elements of firm strategy and organizational capital in order to help inform the macroeconomic outlook.

  Content Type(s): Publications, Bank of Canada Review Article Topic(s): Business fluctuations and cycles, Potential output, Productivity, Uncertainty and monetary policy JEL Code(s): D, D2, D23, D24, E, E2, E22, F, F2, F20, L, L1, L10, L2, L20, M, M1, M10, O, O3, O31, O4, O47

• On the Importance of Sales for Aggregate Price Flexibility

  Staff Working Paper 2014-45 Oleksiy Kryvtsov, Nicolas Vincent

  Macroeconomists have traditionally ignored the behavior of temporary price markdowns (“sales”) by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles, Economic models, Inflation and prices, Market structure and pricing, Transmission of monetary policy JEL Code(s): E, E3, E31, E32, E5, E52, L, L1, L11, L2, L25, L8, L81, M, M3, M31

• Is There a Quality Bias in the Canadian CPI? Evidence from Micro Data

  Staff Working Paper 2013-24 Oleksiy Kryvtsov

  Rising consumer prices may reflect shifts by consumers to new higher-priced products, mostly for durable and semi-durable goods. I apply Bils’ (2009) methodology to newly available Canadian consumer price data for non-shelter goods and services to estimate how price increases can be divided between quality growth and price inflation.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Inflation and prices, Potential output JEL Code(s): E, E3, E31, M, M1, M11, O, O4, O47

• Asking About Wages: Results from the Bank of Canada’s Wage Setting Survey of Canadian Companies

  Staff Discussion Paper 2013-1 David Amirault, Paul Fenton, Thérèse Laflèche

  The Bank of Canada conducted a Wage Setting Survey with a sample of 200 private sector firms from mid-October 2007 to May 2008. Results indicate that wage adjustments for the Canadian non-union private workforce are overwhelmingly time dependent, with a fixed duration of one year, and are clustered in the first four months of the year, suggesting that wage stickiness may not be constant over the year.

  Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Labour markets, Transmission of monetary policy JEL Code(s): E, E2, E24, J, J3, J33, M, M5, M52

• The Effect of the Sarbanes-Oxley Act on CEO Pay for Luck

  Staff Working Paper 2008-20 Teodora Paligorova

  According to the rent-extraction hypothesis, weak corporate governance allows entrenched CEOs to capture the pay-setting process and benefit from events outside of their control – get paid for luck.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Labour markets JEL Code(s): G, G3, G38, J, J3, J33, M, M5, M52

• Implications of New Accounting Standards for the Bank of Canada's Balance Sheet

  Staff Discussion Paper 2007-2 Grahame Johnson, Mark Zelmer

  The Canadian Institute of Chartered Accountants (CICA) has implemented new accounting standards for the valuation and reporting of financial instruments. They are effective for the Bank of Canada in 2007. As a result of these changes, the Bank has begun valuing its holdings of Government of Canada treasury bills on a fair value basis and […]

  Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Financial Institutions, Monetary policy framework JEL Code(s): E, E5, E58, M, M4

• Uninsured Idiosyncratic Production Risk with Borrowing Constraints

  Staff Working Paper 2005-26 Francisco Covas

  The author analyzes a general-equilibrium model of a heterogeneous agents economy in which the agents are subject to borrowing constraints and uninsurable idiosyncratic production risk.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Financial Institutions, Financial markets JEL Code(s): E, E2, E22, G, G1, G11, M, M1, M13

• Public Venture Capital and Entrepreneurship

  Staff Working Paper 2004-10 Oana Secrieru, Marianne Vigneault

  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.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Fiscal Policy, Labour markets JEL Code(s): D, D2, G, G2, G24, G28, J, J2, J24, M, M1, M13