Publications

The Centre has a regular discussion paper series dedicated to academic research, as well as a special paper series focused on policy analysis. In addition, affiliated researchers publish a variety of books, reports and opinion pieces.

Discussion Papers
Mar 2017
DP 68
This Paper continues the study of the Optimal Consumption Function in a Brownian Model of Accumulation, see Part A [2001] and Part B  [2014]; a further Part D, dealing with the effects of perturbations of the Brownian model, is in preparation....
Discussion Papers
Mar 2017
DP 67
Franziska Bremus and Katja Neugebauer
This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey...
Discussion Papers
Mar 2017
DP 66
Jalal Etesami, Ali Habibnia and Negar Kiyavash
Financial instability and its destructive effects on the economy can lead to financial crises due to its contagion or spillover effects to other parts of the economy. Having an accurate measure of systemic risk gives central banks and policy makers...
Discussion Papers
Mar 2017
DP 65
Peter S. Eppinger and Katja Neugebauer
Economic research has often relied on a measure of external financial dependence that is constructed using U.S. data and applied to other countries under the assumption of a stable industry ranking across countries. We exploit unique survey data...
Discussion Papers
Feb 2017
DP 64
Steven D. Moffitt and Bill Ziemba
The Canadian 6/49 Lotto©, despite its unusual payout structure, is one of the few government sponsored lotteries that has the potential for a favourable strategy we call "buying the pot". By "buying the pot" we mean that a...
Discussion Papers
Jan 2017
DP 63
Viral Acharya and Guillaume Plantin
We study optimal monetary policy in the presence of financial stability concerns. We build a model in which monetary easing can lower the cost of capital for firms and restore the natural level of investment, but does also subsidize inefficient...
Opinion Pieces
Dec 2016
Discretionary macroprudential policies aim to be countercyclical by adjusting risk-taking across the financial cycle. This column argues that the opposite effect may happen in certain cases. Depending on how regulators measure risk and how they...
Opinion Pieces
Dec 2016
Political risk is a major cause of systemic financial risk. This column argues that both the integrity and the legitimacy of macroprudential policy, or ‘macropru’, depends on political risk being included with other risk factors. Yet it...
Discussion Papers
Aug 2016
DP 62
This paper has two main objectives: first, to provide a formal definition of endogenous systemic risk that is firmly grounded in equilibrium dynamics of temporary financial networks (i.e., short-term lending and investment networks); and...
Discussion Papers
Aug 2016
DP 61
For a discounted stochastic game with an uncountable state space and compact metric action spaces, we show that if the measurable-selection-valued, Nash payoff selection correspondence of the underlying one-shot game contains a sub-...

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