Research
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Examining Full Collateral Coverage in Canada’s Large Value Transfer System
The Large Value Transfer System (LVTS) is Canada’s main electronic interbank funds transfer system that financial institutions use daily to transmit thousands of payments worth several billions of dollars. -
Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces
A significant body of empirical studies demonstrates sizable national border effects in foreign trade of Canadian provinces throughout the 1980s and 1990s. This paper revisits and expands the scope of the border effects analysis by estimating the border effect in trade with U.S. states as well as countries in the European Union (EU) and the G 20 using more recent data from 2001–10. -
Risk Sharing in the Presence of a Public Good
This paper studies an economy where agents can spend resources on consuming a private good and on funding a public good. There is asymmetric information regarding agents’ relative preference for private versus public good consumption. -
On the Welfare Cost of Rare Housing Disasters
This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I construct an overlapping generations general equilibrium model with recursive preferences and housing disaster shocks. -
Managerial Compensation Duration and Stock Price Manipulation
I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices.