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A view advanced in the aftermath of the late-2000s financial crisis is that lower than optimal interest rates lead to excessive risk taking by financial intermediaries. W[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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Consumers often purchase more than one differentiated product, assembling a portfolio, which might potentially affect substitution patterns of demand and, as a consequenc[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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We study price posting with undirected search in a search-theoretic monetary model with divisible money and divisible goods. Ex ante homogeneous buyers experience match s[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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The purpose of this paper is twofold. First, we provide a detailed social accounting matrix (SAM), which incorporates the income and financial flows into the standard inp[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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This paper empirically examines how dispersions across investors beliefs influence traders order submission decisions in the foreign exchange market. Previous research ha[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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Recent studies on counterfeiting in a monetary search framework show that counterfeiting does not occur in a monetary equilibrium. These findings are inconsistent with th[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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This paper studies discounting in mortgage markets. Using transaction-level data on Canadian mortgages, we document that over time there's been an increase in the average[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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The effectiveness of monetary policy depends, to a large extent, on market expectations of its future actions. In a standard New Keynesian business-cycle model with ratio[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits. In a model of platform management, we[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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We examine the safety of government bonds in the presence of Knightian uncertainty amongst financial market participants. In our model, the information insensitivity of g[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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