Staff research, Staff discussion papers, Other, Research newsletters, , Technical reports, Staff working papers, Financial stability, Financial system regulation and policies
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Optimal Taxation in Asset Markets with Adverse Selection
What is the optimal tax schedule in over-the-counter markets, e.g., those for corporate bonds? I find that an optimal tax schedule is often non-monotonic. For example, trading of some high-price assets should be subsidized, and trading of some low-price assets should be taxed. -
A Financial Stability Analysis of Zombie Firms in Canada
We measure the prevalence of zombie firms in Canada and assess how they could potentially affect the financial system. -
Managing GDP Tail Risk
Models for macroeconomic forecasts do not usually take into account the risk of a crisis—that is, a sudden large decline in gross domestic product (GDP). However, policy-makers worry about such GDP tail risk because of its large social and economic costs.
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