We investigate high-frequency impacts of macroprudential policy announcements using novel Canadian daily data. Lender-side tightening announcements reduce large banks’ pe[...]

Bank capital requirements are based on book values, which are slow to reflect losses. In this article, we develop a dynamic model of banks to study the interaction of reg[...]

This paper studies an empirical model of shoe-leather cost applied to consumer cash withdrawal. The unique feature is to estimate the effect of shoe-leather cost from the[...]

We use novel datasets from multiple sources to quantify US and Canadian consumers’ net pecuniary costs of making payments across income cohorts. The net costs include mer[...]

One of the most important channels through which monetary policy affects the real economy is changes in mortgage rates. This paper studies the effects of mortgage rate ch[...]

This paper proposes a novel methodology to calibrate the magnitude of the countercyclical capital buffer (CCyB) using market‐based stress tests. The macroprudential autho[...]

We provide experimental evidence on coordination within large groups that could proxy the atomistic nature of real-world markets. We use a bank run game where the two pur[...]

We offer a theory of financial contagion based on the information choice of investors after observing a financial crisis elsewhere. We study global coordination games of [...]

We develop an agent-based model of traditional banks and asset managers to investigate the contagion risk related to fire sales and balance sheet interactions. We take a [...]

We estimate a perfect information static entry game to study the effect of cultural entry barriers on entry and competition in the retail banking industry. Canada provide[...]