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.
The Bank of Canada has a mandate to “promote the economic and financial welfare of Canada,” primarily through the conduct of monetary policy and promotion of a safe, sound and efficient financial system. Understanding the macroeconomic and financial system impacts of climate change and the transition to a low-carbon economy is therefore a priority for the Bank.
This 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.
Because financial and macroeconomic conditions are tightly interconnected, financial stability considerations are an important element of any monetary policy framework. Yet, the circumstances under which it would be appropriate for the Bank to use monetary policy to lean against financial risks need to be more fully specified (Côté 2014).
The Bank of Canada’s annual conference, held in November 2011, brought together leading researchers from universities, central banks and other institutions from around the world. Divided into four sessions plus two keynote addresses, the conference covered such topics as the use of cash and other means of payment in retail transactions, large-value payments systems, and […]