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Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering ...
If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework....
How does monetary policy impact upon macroprudential regulation? This paper models monetary policy's transmission to bank risk taking, and its interac...
We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according ...
The notion of a tradeoff between output and financial stabilization is based on monetarymacroprudential models with unique equilibria. Using a game th...
The paper examines the implementation of macro-prudential policy. Given the coordination, flow of information, analysis, and communication required, m...
This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation....
Whether in crypto assets or in CBDCs, design choices can make an important difference to the energy consumption of digital currencies. This paper esta...
Lenders can exploit households' payment data to infer their creditworthiness. When households value privacy, they then face a tradeoff between protect...
The paper investigates the international integration of EM sovereign dollar-denominated and local-currency bond markets. Factor analysis is used to ex...
A Disaggregated Panel Analysis of Canada’s Manufacturing Exports
The waning of the commodity boom places renewed emphasis on manufacturing as an engine for Canadian growth. However, Canadian manufacturing exports ha...