This paper assesses the usefulness of comprehensive payments data for macroeconomic predictions in Canada. Specifically, we evaluate which type of payments data are usefu[...]

The way consumers have paid for goods and services has been undergoing fundamental changes in recent years; and especially in the last year due to the pandemic. Canadians[...]

We present a screening model of the risk sensitivity of bank capital regulation. A banker funds a project with uninsured deposits and costly capital. Capital resolves a m[...]

The Covid-19 pandemic and its resulting public health mitigation measures have caused large-scale economic disruption globally. At this time, there is an increased need t[...]

We model asset encumbrance by banks subject to rollover risk and study the consequences for fragility, funding costs, and prudential regulation. A bank’s privately optima[...]

Using detailed transactions-level data on interbank loans, we examine the efficiency of an overnight interbank lending market and the bargaining power of its participants[...]

This paper investigates how liquidity conditions in Canada may affect domestic and/or foreign lending of globally active Canadian banks, and whether this transmission is [...]

Using detailed loan transactions-level data we examine the efficiency of an overnight interbank lending market, and the bargaining power of its participants. Our analysis[...]

In the Canadian large value payment system an important goal is to understand how liquidity is transferred through the system and hence how efficient the system is in set[...]

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[...]