This paper empirically investigates banks' investment allocations over the recent business cycle. I identify unsolicited deposit shocks resulting from unconventional energy development and estimate bank allocations of these deposits. In the pre-recession period, banks lend 38 percent of...

Given the mission of the international oil companies which is to find, develop, refine and market hydrocarbon resource in a fashion that achieves the highest economic returns to the owners coupled with the competitiveness of attracting international investment capital, it follows then that oil...

We study the behaviour of Canadian total factor productivity growth over the past 60 years. We find that the observed stagnation during the last 20 years is entirely accounted for by the Oil sector. Higher oil prices made capital-intensive sources of oil like the oil sands viable to extract on a...