000	02113cam  2200313za 4500
001	9.859880
003	CaOODSP
005	20221107160345
007	cr |||||||||||
008	180731s2018    oncd    ob   f000 0 eng d
040	|aCaOODSP|beng
041	|aeng|bfre
086	1 |aFB3-5/2018-37E-PDF
100	1 |aImura, Yuko.
245	14|aThe extensive margin of trade and monetary policy |h[electronic resource] / |cby Yuko Imura and Malik Shukayev.
260	|a[Ottawa] : |bBank of Canada, |c2018.
300	|aii, 34 p. : |bcol. charts.
490	1 |aBank of Canada staff working paper, |x1701-9397 ; |v2018-37
500	|a"July 2018."
504	|aIncludes bibliographical references (p. 31-33).
520	3 |a"This paper studies the effects of monetary policy shocks on firms’ participation in exporting. We develop a two-country dynamic stochastic general equilibrium model in which heterogeneous firms make forward-looking decisions on whether to participate in the export market and prices are staggered across firms and time. We show that while lower interest rates and a currency depreciation associated with an expansionary monetary policy help to increase the value of exporting, the inflationary effects of the policy stimulus weaken the competitiveness of some firms, resulting in a contraction in firms’ export participation. In contrast, positive productivity shocks lead to a currency depreciation and an expansion in export participation at the same time. We show that, overall, the extensive margin is more sensitive to firms’ price competitiveness with other firms in the export market than to exchange rate movements or interest rates"--Abstract, p. ii.
546	|aIncludes abstract in French.
692	07|2gccst|aMonetary policy
692	07|2gccst|aInternational trade
692	07|2gccst|aExports
700	1 |aShukayev, Malik.
710	2 |aBank of Canada.
830	#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2018-37.|w(CaOODSP)9.806221
856	40|qPDF|s1.33 MB|uhttps://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-5-2018-37-eng.pdf