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103 Results

Macroprudential Rules and Monetary Policy when Financial Frictions Matter

Staff Working Paper 2012-6 Jeannine Bailliu, Césaire Meh, Yahong Zhang
This paper examines the interaction between monetary policy and macroprudential policy and whether policy makers should respond to financial imbalances. To address this issue, we build a dynamic general equilibrium model that features financial market frictions and financial shocks as well as standard macroeconomic shocks.

Analyzing Default Risk and Liquidity Demand during a Financial Crisis: The Case of Canada

Staff Working Paper 2011-17 Jason Allen, Ali Hortaçsu, Jakub Kastl
This paper explores the reliability of using prices of credit default swap contracts (CDS) as indicators of default probabilities during the 2007/2008 financial crisis.

The Welfare Implications of Fiscal Dominance

Staff Working Paper 2008-28 Carlos De Resende, Nooman Rebei
This paper studies the interdependence between fiscal and monetary policy in a DSGE model with sticky prices and non-zero trend inflation. We characterize the fiscal and monetary policies by a rule whereby a given fraction k of the government debt must be backed by the discounted value of current and future primary surpluses.

Policy Coordination in an International Payment System

Staff Working Paper 2008-17 James Chapman
Given the increasing interdependence of both financial systems and attendant payment and settlement systems a vital question is what form should optimal policy take when there are two connected payment systems with separate regulators.

A Model of Tiered Settlement Networks

Staff Working Paper 2008-12 James Chapman, Jonathan Chiu, Miguel Molico
This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure.
Content Type(s): Staff research, Staff working papers Topic(s): Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, G, G2, G21

Should Central Banks Adjust Their Target Horizons in Response to House-Price Bubbles?

Staff Discussion Paper 2007-4 Meenakshi Basant Roi, Rhys R. Mendes
The authors investigate the implications of house-price bubbles for the optimal inflation-target horizon using a dynamic general-equilibrium model with credit frictions, house-price bubbles, and small open-economy features. They find that, given the distribution of shocks and inflation persistence over the past 25 years, the optimal target horizon for Canada tends to be at the lower […]

Modelling Payments Systems: A Review of the Literature

Staff Working Paper 2007-28 Jonathan Chiu, Alexandra Lai
Payments systems play a fundamental role in an economy by providing the mechanisms through which payments arising from transactions can be settled. The existing literature on the economics of payments systems is large but loosely organized, in that each model uses a distinct set-up and sometimes a distinct equilibrium concept.
Content Type(s): Staff research, Staff working papers Topic(s): Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, G, G2, G21
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