We study the role of intermediaries (brokers) in the Canadian mortgage market. In this market, consumers can search for quotes in one of two ways: on their own or via a broker. We provide descriptive evidence that borrowers who transact through brokers are different from those who do not....

Canada is in the midst of developing three new core payment systems: Lynx, Settlement Optimization Engine (SOE) and Real-Time Rail (RTR). Lynx and SOE will replace the current Large Value Transfer System (LVTS) and Automated Clearing Settlement System (ACSS), whereas RTR will be a new...

Canada is in the midst of developing three new core payment systems: Lynx, Settlement Optimization Engine (SOE) and Real-Time Rail (RTR). Lynx and SOE will replace the current Large Value Transfer System (LVTS) and Automated Clearing Settlement System (ACSS), whereas RTR will be a new...

In his new book, Peter Wallison argues the Dodd-Frank Act was the result of a false narrative about the 2008 financial crisis, blaming the crisis on the private sectors when in fact it was caused by the US government’s housing policies. This was not harmless error; the act will suppress...

It is clear that there is no legitimate basis for the proposed expensing of employee stock options.

Requiring companies to expense options in the absence of any satisfactory method to evaluate their costs would be inconsistent with the principles and objectives of accounting.

In a financial intermediary, risk managers can expend effort to reduce loan probability of default and loss given default, but effort is unobservable. Incentive compensation (IC) can induce manager effort. When deposit insurance is subsidized, the demand for risk management declines. Regulatory...

This working paper provides a critical analysis of national policymaking by state attorneys general.

The establishment of new accounting rules for expensing options would likely do more harm than good.

In this volume, the author describes the changes in wages during the 1980s that led to increased rewards in schooling in the labor market.