February 23, 2016
Uncategorized
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To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse
This paper studies how the allocation of residual losses affects trading and welfare in a central counterparty. I compare loss sharing under two loss-allocation mechanisms – variation margin haircutting and cash calls – and study the privately and socially optimal degree of loss sharing. -
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Monetary Commitment and the Level of Public Debt
We analyze the interaction between committed monetary policy and discretionary fiscal policy in a model with public debt, endogenous government expenditures, distortive taxation and nominal rigidities. -
February 16, 2016
Bank of Canada Announces Future Changes to its Published Foreign Exchange Rate Data
The Bank of Canada today announced that, effective 1 March 2017, it will make a series of changes to the number, frequency and calculation methodology of its published foreign exchange rates. -
February 16, 2016
Bank of Canada announces winners of The Governor’s Challenge student competition
The Bank of Canada today announced the winners of The Governor’s Challenge, a new student competition in which teams simulate the role of advisor to the Bank’s Governing Council. -
February 16, 2016
Results of the 28-day and 84-day 16 February 2016 Term Repo Operation
Results of today's term repo operation. -
February 16, 2016
Bank of Canada Announces the Minimum Bid Rate for Today's Term Repo Operation
Bank of Canada Announces the Minimum Bid Rate for Today's Term Repo Operation. -
The Role of the International Monetary Fund in the Post-Crisis World
The International Monetary Fund (IMF, or the Fund) has undergone a number of significant policy changes and reforms in the wake of the global financial crisis. Most notably, in December 2015, the United States approved long-delayed legislation to increase the representation of developing countries in the Fund’s governance structure. -
February 12, 2016
Bank of Canada Announces Details of its Term Repo Operations
The Bank of Canada announced today that it will conduct term repo operations.