Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick, May 28, 1875.

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick. This is torn into 2 parts. Text is not affected, May 31, 1875.

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick, June 1, 1875.

Printed blank of freight Notice for shipping from the Suspension Bridge to St. Catharines for tiles and collars

Printed blank of freight Notice for shipping from the Suspension Bridge to St. Catharines for tiles and collars, June 25, 1875.

Printed blank of freight Notice for shipping from the Suspension Bridge to St. Catharines for tile

Printed blank of freight Notice for shipping from the Suspension Bridge to St. Catharines for tiles, Aug.6, 1875.

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick, Aug. 30, 1875.

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick, Sept. 10, 1875.

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick

Printed blank of freight Notice for shipping from Buffalo Station to St. Catharines for brick, Sept. 29, 1875.

Post card with a notice of freight arrival addressed to S.D. Woodruff from the Great Western Railway for castings, a keg and grates

Post card with a notice of freight arrival addressed to S.D. Woodruff from the Great Western Railway for castings, a keg and grates, Aug.11, [1876].

Printed blank from the New York Central and Hudson River Railroad Express Freight Line, New York for shipping packages of brackets and racks to S.D. Woodruff of St. Catharines

Printed blank from the New York Central and Hudson River Railroad Express Freight Line, New York for shipping packages of brackets and racks to S.D. Woodruff of St. Catharines. This document is signed by R.L. Crawford, agent, Aug.11, 1876.

Some Implications of the Zero Lower Bound on Interest Rates for the Term Structure and Monetary Policy

In an economy where cash can be stored costlessly (in nominal terms), the nominal interest rate is bounded below by zero. This paper derives the implications of this nonnegativity constraint for the term structure and shows that it induces a nonlinear and convex relation between short- and long-term interest rates. As a result, the long-term rate responds asymmetrically to changes in the short-term rate, and by less than predicted by a benchmark linear model. In particular, a decrease in the short-term rate leads to a decrease in the long-term rate that is smaller in magnitude than the increase in the long-term rate associated with an increase in the short-term rate of the same size. Up to the extent that monetary policy acts by affecting long-term rates through the term structure, its power is considerably reduced at low interest rates. The empirical predictions of the model are examined using data from Japan.

ITEM : An Integrated Transport Economy Model - Price Elasticities of Freight Transport Demand in Canada : Three Canadian Markets and Four Commodities.

Rapport de recherche

A Semi-Parametric Factor Model for Interest Rates.

Understanding the dynamics of interest rates and the term structure has important implications for issues as diverse as real economic activity, monetary policy, pricing of interest rate derivative securities and public debt financing. Our paper follows a longstanding tradition of using factor models of interest rates but proposes a semi-parametric procedure to model interest rates.