We study the interplay between monetary policy and financial conditions shocks. Such shocks have a significant and similar impact on the real economy, though with different degrees of persistence. The systematic fed funds rate response to a financial shock contributes to bringing the economy...

In its 2008 budget, the federal government became the most recent jurisdiction to introduce legislation to permit the “unlocking” of funds transferred from pension plans to locked-in retirement plans.The funds are normally transferred on the termination or retirement of a pension plan...