ElasticSearch Score: 8.205655
We study the formation of price bubbles on experimental asset markets where cash earns interest. There are two main conclusions.
ElasticSearch Score: 8.126816
January 30, 2003
In the year just ended, the global economy faced a number of exceptional challenges, reflecting a wide range of economic, financial, and geopolitical risks and uncertainties. These included the fallout from the September 2001 terrorist attacks, corporate accounting scandals, stock market volatility, and developments in the Middle East. Despite this global backdrop, the Canadian economy outperformed virtually all other industrial economies, growing by about 3 1/4 per cent and creating 560,000 jobs, while inflation expectations remained well anchored to the Bank of Canada’s 2 per cent inflation-control target.
ElasticSearch Score: 7.8566437
Should managers be paid in stock options if they provide stock-market participants with information about the firm? This paper studies how firm owners trade off the benefit of stock-price incentives and better-informed market participants against the cost of potential stock-price manipulation.
ElasticSearch Score: 7.760881
May 13, 1998
Canada’s inflation-control targets establish a specific medium-term objective for monetary policy.
ElasticSearch Score: 7.7437716
September 10, 2010
We are three years into the global financial crisis, and its dynamics still dominate the economic outlook. In particular, broad forces of bank, household, and sovereign deleveraging can be expected to add to the variability and temper the pace of global economic growth in the years ahead.
ElasticSearch Score: 7.6829615
We analyze 40 years’ worth of natural disasters using a local projection framework to assess their impact on provincial labour markets in Canada. We find that disasters decrease hours worked within a week and lower wage growth in the medium run. Our study highlights that disasters affect vulnerable workers through the income channel.
ElasticSearch Score: 7.658689
Our study aims to gain insight on financial stability and climate transition risk. We develop a methodological framework that captures the direct effects of a stressful climate transition shock as well as the indirect—or systemic—implications of these direct effects. We apply this framework using data from the Canadian financial system.
ElasticSearch Score: 7.6087737
The exponential family, relative entropy, and distortion are methods of transforming probability distributions. We establish a link between those methods, focusing on the relation between relative entropy and distortion.
ElasticSearch Score: 7.516852
The authors examine how the use of extreme value theory yields collateral requirements that are robust to extreme fluctuations in the market price of the asset used as collateral.
ElasticSearch Score: 7.4760094
We propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to hold foreign long-term bonds. We study the implications of financial integration on monetary policy transmission. Among various aspects of financial integration, the bond duration plays a major role. These results hold for conventional and unconventional monetary policies.