May 16, 2016
Posts
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Housing and Tax-Deferred Retirement Accounts
Assets in tax-deferred retirement accounts (TDA) and housing are two major components of household portfolios. In this paper, we develop a life-cycle model to examine the interaction between households’ use of TDA and their housing decisions. -
Identification and Estimation of Risk Aversion in First-Price Auctions with Unobserved Auction Heterogeneity
This paper shows point identification in first-price auction models with risk aversion and unobserved auction heterogeneity by exploiting multiple bids from each auction and variation in the number of bidders. The required exclusion restriction is shown to be consistent with a large class of entry models. -
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May 6, 2016
Stress Prevention: Central Banks and Financial Stability
Deputy Governor Lawrence Schembri discusses central banks and the maintenance of financial stability. -
May 5, 2016
Release of the 2015 Bank of Canada FMI Oversight Activities Annual Report
The Bank of Canada today published the 2015 annual report on its oversight of payment, clearing and settlement systems, which are also known as financial market infrastructures or FMIs. -
Estimating Systematic Risk Under Extremely Adverse Market Conditions
This paper considers the problem of estimating a linear model between two heavy-tailed variables if the explanatory variable has an extremely low (or high) value. We propose an estimator for the model coefficient by exploiting the tail dependence between the two variables and prove its asymptotic properties. -
May 2, 2016
Bank of Canada designates Automated Clearing Settlement System under the Payment Clearing and Settlement Act
The Governor of the Bank of Canada has designated, effective 2 May 2016, the Automated Clearing Settlement System (ACSS) for oversight under the Payment Clearing and Settlement Act (PCSA) as a clearing and settlement system that has the potential to pose payments system risk. -
April 30, 2016
Research Update - April 2016
This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.