Central banks may engage in large-scale lending and asset purchases to stabilize financial markets and implement monetary policy during crises. The ability of these actio[...]

This paper uncovers trends in payment timing in Canada’s Large Value Transfer System (LVTS) from 2003 to 2011. Descriptive analysis shows that LVTS payment activity has n[...]

The author proposes a test for the parametric specification of each component in the diffusion matrix of a d-dimensional diffusion process. Overall, d (d-1)/2 test statis[...]

This paper studies the efficiency of financial intermediation through securitization in a model with heterogeneous investment projects and asymmetric information about th[...]

Using transaction-level data from a three-day shopping diary, we estimate a model of consumer payment instrument choice that disentangles the effect of merchant card acce[...]

For central banks who study the use of cash, acceptance of card payments is an important factor. Surveys to measure levels of card acceptance and the costs of payments ca[...]

We investigate how coordination requirement, measured by the coordination parameter, affects the occurrence of miscoordination-based bank runs in controlled laboratory en[...]

Capturing financial network linkages and contagion in stress test models are important goals for banking supervisors and central banks responsible for micro- and macropru[...]

Liquidity flows through a financial network cannot be accurately described using external processing constraints alone. Behavioral aspects of participants also matter. A [...]

Bank reliance on short-term funding has increased over time. While an effective source of financing in good times, the 2007 financial crisis has exposed the vulnerability[...]