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We formulate a quantitative dynamic equilibrium theory of trade in the fed funds market, calibrate it to fit a comprehensive set of marketwide and micro-level cross-sectional observations, and use it to make two contributions to the operational side of monetary policy implementation. First, we...
Persistent link: https://www.econbiz.de/10014322758
Central banks play a crucial role in promoting financial stability. They act as financial system stabilizers through their capacity to create liquidity and channel it to financial institutions and markets in times of stress - a role that has evolved and expanded substantially over the past 15...
Persistent link: https://www.econbiz.de/10014577846
Canada, comparing Canada with the United States and reviewing briefly what the literature says about the most likely drivers … of the rise in inequality. Data show that income inequality in Canada increased substantially during the 1980s and first … has been higher than in Canada for the last four decades, with the main differences observed at the high end of the income …
Persistent link: https://www.econbiz.de/10013336143
Persistent link: https://www.econbiz.de/10014577895
Canada. We consider different measures of the stance of monetary policy and investigate active variation in mutual funds …
Persistent link: https://www.econbiz.de/10010235885
Canada. We consider different measures of the stance of monetary policy and investigate active variation in mutual funds …
Persistent link: https://www.econbiz.de/10013058535
, the Bank of Canada launched 10 extraordinary programs, 9 of which had never been used before, to restore market … functioning. As market conditions improved, 9 of the 10 programs were wound down. One, the Government of Canada Bond Purchase …
Persistent link: https://www.econbiz.de/10014251268
The United States is currently trying to manage a fast-moving public health crisis due to the coronavirus outbreak (COVID-19). The economic and financial ramifications of the outbreak are serious. This Working Paper discusses these ramifications and identifies three interrelated but potentially...
Persistent link: https://www.econbiz.de/10012839295
Using data from the Federal Reserve Banks' 2017 Small Business Credit Survey (SBCS), this paper investigates the various ways in which different types of firms with less than 500 employees experience and address hiring difficulties, including when they decide to increase compensation. {{p}} The...
Persistent link: https://www.econbiz.de/10012851545
Financing pension systems necessitates that actual output is redistributed from workers and entrepreneurs actually in activity in favour of retirees. Therefore, in a closed economy, the return on accrued pension funds, to be distributed to pensioners, is ceiled by the real growth of income,...
Persistent link: https://www.econbiz.de/10008677597