- Master of Arts in Economics, Carleton University (2001)
- Bachelor of Arts in Economics (Honours), Wilfrid Laurier University (1998)
Staff discussion papers
Staff working papers
The Impact of Liquidity on Bank ProfitabilityThe recent crisis has underlined the importance of sound bank liquidity management. In response, regulators are devising new liquidity standards with the aim of making the financial system more stable and resilient. In this paper, the authors analyse the impact of liquid asset holdings on bank profitability for a sample of large U.S. and Canadian banks.
Corporate Balance Sheets in Developed Economies: Implications for InvestmentIn this paper, the authors examine the aggregate national balance-sheets of non-financial corporations in Australia and the G7 countries with a view to assessing both their financial structure and their financial position. More importantly, the authors investigate whether the financial position of non-financial corporations (i.e., debt-to-equity ratio) is material to the economy's investment prospects and whether the importance of this channel differs depending on the structure of corporate financing i.e., bank-based or market-oriented financing structures.
Convergence of Government Bond Yields in the Euro Zone: The Role of Policy HarmonizationSince the early 1980s, long-term government bond yields in the euro zone have declined, in line with those in other industrialized countries.
Financial Conditions Indexes for CanadaThe authors construct three financial conditions indexes (FCIs) for Canada based on three approaches: an IS-curve-based model, generalized impulse-response functions, and factor analysis.
Bank of Canada Review articles
November 17, 2016
Recent Changes to the Bank of Canada’s Emergency Lending Assistance PolicyEmergency Lending Assistance (ELA) is a discretionary last-resort collateralized loan or ad-vance by the Bank of Canada to eligible financial institutions (FIs) and financial market infrastructures (FMIs) facing serious liquidity problems. In December 2015, the Bank revised its ELA policy to (i) replace the requirement for an FI’s solvency with the requirement for a credible recovery and resolution framework; (ii) include mortgages as eligible collateral; and (iii) clarify both the eligibility requirements for FMIs and provincially regulated deposit-taking FIs.
Financial System Review articles
- "How leverage ceilings helped Canada avoid the crisis,"
(with Étienne Bordeleau and Allan Crawford). The Banker: How to run a bank 2011. March 2011.