Miguel Molico was appointed Senior Research Director of the Financial Stability Department (FSD) in February 2014. In this role, he is part of both the Economic and Financial Research (EFR) team and the Financial Stability Department’s senior leadership team and oversees the modelling and research divisions of FSD. He previously held the role of Director of Research in the Funds Management and Banking Department (FBD) since 2010.
Miguel primary research interests include monetary theory, monetary policy implementation, and payment systems. His research has been published in leading academic journals, including the Journal of Monetary Economics, the Journal of Economic Theory, the International Economic Review and the Journal of Money, Credit and Banking.
Prior to joining the Bank in 2006, Miguel held academic positions at the Penn State University and the University of Western Ontario. He holds a PhD in economics from the University of Pennsylvania.
Staff Discussion Papers
On the Nexus of Monetary Policy and Financial Stability: Effectiveness of Macroprudential Tools in Building Resilience and Mitigating Financial ImbalancesThis paper reviews the Canadian and international evidence of the effectiveness of macroprudential policy measures in building resilience and mitigating financial imbalances. The analysis concludes that these measures have broadly achieved their goal of increasing the overall resilience of the financial system to the buildup of imbalances and increasing the financial system’s ability to withstand adverse shocks.
Staff Working Papers
- "Central Bank Haircut Policy," (with James Chapman and Jonathan Chiu) Annals of Finance, August 2011, 7 (3), p.319-348.
- "Uncertainty, Inflation, and Welfare," (with Jonathan Chiu) Journal of Money, Credit, and Banking, 43: 487-512.
- "Liquidity, Redistribution, and the Welfare Cost of Inflation," (with Jonathan Chiu) Journal of Monetary Economics, 57 (4) 2010:428-38.
- "The Distribution of Money and Prices in Search Equilibrium," International Economic Review, 47 (3), 2006: 701-22.
- "Indivisibilities, Lotteries, and Monetary Exchange," (with Alexander Berentsen and Randall Wright), Journal of Economic Theory, 107 (1) 2002: 70-94.
- "A Model of Tiered Settlement",
(with J, chapman and J. Chiu), Journal of Money, credit and Banking.
- "Production Synergies, Technology Adoption, Unemployment, and Wages",
(with Gwen Eudey), Finance and Economics Discussion Series, 2001-29, Federal Reserve Board, Washington, DC.