Price selection is a simple, model-free measure of selection in price setting. It exploits comovement between inflation and the level from which adjusting prices departed[...]

This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After documenting some stylised facts of credit-less rec[...]

Rising levels of household indebtedness have created concerns about the vulnerabilities of households to adverse economic shocks and the impact on financial stability. To[...]

We propose a drifting-coefficient model to empirically study the effect of money on output growth in Canada and to examine the role of prevailing financial conditions for[...]

Nous construisons un cadre d'analyse formel pour simuler l'impact de divers chocs économiques sur le ratio du service de la dette des ménages, en utilisant des données d'[...]

This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rise[...]

The financial crisis of 2007–09 has highlighted the importance of developments in financial conditions for real economic activity. The authors estimate the effect of curr[...]

The authors introduce new measures of important underlying macroeconomic phenomena that affect the financial side of the economy. These measures are calculated using the [...]

With the demise of monetary targeting over the past 20 years in many major countries, the question has arisen as to whether central banks should look at money at all when[...]

The authors use a dynamic general-equilibrium model to study the role financial frictions play as a transmission mechanism of Canadian monetary policy, and to evaluate th[...]