This article uses reinforcement learning (RL) to approximate the policy rules of banks participating in a high-value payment system (HVPS). The objective of the RL agents[...]

High-value payment systems (HVPSs) are typically liquidity intensive because payments are settled on a gross basis. State-of-the-art solutions to this problem include alg[...]

Supplemental material for peer-reviewed article published in Management Science. Paper published online July 12, 2024. When citing this dataset, please also cite the asso[...]

A new wholesale payments system launched in Canada in 2021. This real-time gross settlement system, called Lynx, has two types of settlement mechanisms, one allowing offs[...]

Purpose: This paper aims to present four blue-sky ideas for lowering the cost of the Government of Canada’s debt without increasing the debt’s risk profile.
Design/me[...]

Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the trade-off between public and pr[...]

We present a policy framework for electronic money (e-money) and payments. The framework poses a set of positive questions related to the areas of responsibility of centr[...]

This book covers the latest advances in the theory and practice of public investment management. It includes the most up-to-date developments in the implementation of pub[...]

We document the effects of investor preferences for bonds with particular characteristics on their yields. Using a unique security-level dataset on institutional investor[...]

How does financial development affect the magnitude of the business cycles fluctuations? We examine this question in a general equilibrium model with heterogeneous agents[...]