persists throughout our sample. The level of inefficiency matches distinct phases of both the Bank of Canada’s operations as …

The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy … implementation of monetary policy. An assessment of the effectiveness of the Bank of Canada's framework is also provided, including …

the central bank should absorb losses associated with default to provide risk-sharing stands in stark contrast to the …. With moral hazard, the central bank should avoid absorbing losses and Freeman's argument breaks down. However, we show that … optimal policy is for the central bank to make a restricted number of creditors compete for funds. By restricting the number …

device. This paper investigates how people react to sunspots in the context of a bank-run game in a controlled laboratory …

risks implied by the cross-sectional heterogeneity in bank behavior in short-term lending markets. Strategies in, and … reliance on the payments system as well as special liquidity-supplying tools provided by the central bank seem to be more …

on a growing body of related academic literature, this paper reviews the history and effectiveness of central bank …