Financial stability, Financial system regulation and policies
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May 14, 2020
Release of the Financial System Review
Press conference following the release of the Financial System Review. -
April 30, 2020
Teachable Moments from the Pandemic
Governor Stephen S. Poloz talks about the Bank of Canada’s response to the COVID-19 pandemic. -
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. -
January 30, 2020
How vulnerabilities like debt can affect interest rates
Deputy Governor Paul Beaudry explains to students at Laval University why financial vulnerabilities—such as household debt—are important for the Bank of Canada when it sets interest rates. -
January 30, 2020
Monetary Policy and Financial Vulnerabilities
Deputy Governor Paul Beaudry discusses how financial vulnerabilities present a challenge for monetary policy. -
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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