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I study an economy in which money and credit coexist as means of payment and the settlement of credit requires money. The model extends recent developments in microfounde[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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2.
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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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3.
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This paper studies the welfare effects of different credit arrangements and how these effects depend on the trading mechanism and inflation. In a competitive market, a de[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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4.
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This paper applies a static model of an interest rate corridor to the Canadian data, and estimates the aggregate demand for central-bank settlement balances in the Large [...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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This paper examines the interaction between monetary policy and macroprudential policy and whether policy makers should respond to financial imbalances. To address this i[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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We present a model of central bank collateralized lending to study the optimal choice of the haircut policy. We show that a lending facility provides a bundle of two type[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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7.
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This paper examines empirically the impact of financial stress on the transmission of monetary policy shocks in Canada. The model used is a threshold vector autoregressio[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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8.
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This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Reg[...]
2008 | Text | Staff Working Paper - Document de travail du personnel |
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9.
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We use a method similar to Google's PageRank procedure to rank banks in the Canadian Large Value Transfer System (LVTS). Along the way we obtain estimates of the payment [...]
2008 | Text | Staff Working Paper - Document de travail du personnel |
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10.
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This paper studies the interdependence between fiscal and monetary policy in a DSGE model with sticky prices and non-zero trend inflation. We characterize the fiscal and [...]
2008 | Text | Staff Working Paper - Document de travail du personnel |
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