Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However,[...]

The payments landscape in Canada is rapidly changing and will continue to evolve, fuelled by strong and persistent drivers. In Canada, the Canadian Payments Association ([...]

We develop an asymmetric, two-country equilibrium business cycle model to study the role of international trade in transmitting the real effects of financial shocks acros[...]

I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices. It is shown that this i[...]

This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I construct an overlapping generations general equilibrium mo[...]

There is widespread agreement that, in the United States, higher house prices raise consumption via collateral or possibly wealth effects. The presence of similar channel[...]

This paper evaluates the international spillover effects of large-scale asset purchases (LSAPs) using a two-country dynamic stochastic general-equilibrium model with nomi[...]

This paper studies the use of information for incentives and risk sharing in agency problems. When the principal is risk neutral or the outcome is contractible, risk shar[...]

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

We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and [...]