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A Microfounded Design of Interconnectedness-Based Macroprudential Policy
To address the challenges posed by global systemically important banks (G-SIBs), the Basel Committee on Banking Supervision recommended an “additional loss absorbency requirement” for these institutions. Along these lines, I develop a microfounded design of capital surcharges that target the interconnectedness component of systemic risk. -
Macroeconomic Uncertainty Through the Lens of Professional Forecasters
We analyze the evolution of macroeconomic uncertainty in the United States, based on the forecast errors of consensus survey forecasts of different economic indicators. Comprehensive information contained in the survey forecasts enables us to capture a real-time subjective measure of uncertainty in a simple framework. -
February 24, 2016
Connecting the Dots: Elevated Household Debt and the Risk to Financial Stability
Deputy Governor Lawrence Schembri discusses household debt, the risk it poses to financial stability and the role of the Bank of Canada. -
February 23, 2016
Bank of Canada Announces Deputy Governor Appointment
The Board of Directors of the Bank of Canada today announced the appointment of Sylvain Leduc as Deputy Governor, effective 2 May 2016. -
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.