Posts
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Efficiency and Bargaining Power in the Interbank Loan Market
Using detailed loan transactions-level data we examine the efficiency of an overnight interbank lending market, and the bargaining power of its participants. Our analysis relies on the equilibrium concept of the core, which imposes a set of no-arbitrage conditions on trades in the market. -
November 13, 2019
Quarterly Financial Report - Third Quarter 2019
Quarterly Financial Report - Third Quarter 2019 - For the period ended September 30, 2019 -
Banks’ Financial Distress, Lending Supply and Consumption Expenditure
The paper employs a unique identification strategy that links survey data on household consumption expenditure to bank-level data in order to estimate the effects of bank financial distress on consumer credit and consumption expenditures. -
What COVID-19 May Leave Behind: Technology-Related Job Postings in Canada
COVID-19 affects technology adoption: online job postings for technology-related occupations fall less during pandemic lockdowns and pick up faster during reopenings than postings for more traditional occupations. -
Cyclicality of Schooling: New Evidence from Unobserved Components Models
What is the time-varying impact of economic cycles on decisions to invest in human capital? -
September 1, 2021
Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada’s Balance Sheet
The Statement of Policy establishes the policy governing the acquisition and management of financial assets for the Bank’s balance sheet. It does not apply to the assets of the Bank’s pension trust fund or supplementary trust fund. -
An International Dynamic Term Structure Model with Economic Restrictions and Unspanned Risks
We construct a multi-country affine term structure model that contains unspanned macroeconomic and foreign exchange risks. The canonical version of the model is derived and is shown to be easy to estimate. -
Forward Guidance and Expectation Formation: A Narrative Approach
How exactly does forward guidance influence interest rate expectations? -
Market Timing of Long-Term Debt Issuance
The literature on market timing of long-term debt issuance yields mixed evidence that managers can successfully time their debt-maturity issuance. The early results that are indicative of debt-maturity timing are not robust to accounting for structural breaks or to other measures of debt maturity from firm-level data that account for call and put provisions in […]