Publications

Policymakers and investors often conceptualize trend growth as simply a medium/long term average growth rate. In practice, these averages are usually...

At any point in time, skills gaps, mismatches, and shortages arise because of an imperfect correspondence between the singular sets of skills required...

Despite the partial realignment of European long-term government bonds after the crisis in 2012, there has been some renewed divergence in yields in...

Brexit is likely to cause considerable disruption for financial markets. Some worry that it may also increase systemic risk. This column revisits the...

Do employers in "non-STEM" occupations (e.g. Graphic Designers, Economists) seek to hire STEM (Science, Technology, Engineering, and Mathematics)...

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...

This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis...

Financial instability and its destructive effects on the economy can lead to financial crises due to its contagion or spillover effects to other parts...

Economic research has often relied on a measure of external financial dependence that is constructed using U.S. data and applied to other countries...

The Canadian 6/49 Lotto©, despite its unusual payout structure, is one of the few government sponsored lotteries that has the potential for a...

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...

Discretionary macroprudential policies aim to be countercyclical by adjusting risk-taking across the financial cycle. This column argues that the...

Political risk is a major cause of systemic financial risk. This column argues that both the integrity and the legitimacy of macroprudential policy...

This paper has two main objectives: first, to provide a formal definition of endogenous systemic risk that is firmly grounded in equilibrium dynamics...

For a discounted stochastic game with an uncountable state space and compact metric action spaces, we show that if the measurable-selection-valued...

We identify a new class of uncountable-compact discounted stochastic games for which existence of stationary Markov equilibria can be established and...