Discussion Papers

This paper presents a methodology to infer multivariate densities that characterize the asset values for a system of financial institutions, and...

This paper provides an explanation for the variety of contracts offered by competitive firms for seemingly identical products or services. I show that...

Using panel data for 189 economies from 2004 to 2016, we show that business-friendly regulations are correlated with the poverty headcount at the...

Predicting stock market crashes is a focus of interest for both researchers and practitioners. Several prediction models have been developed, mostly...

Policymakers and investors often conceptualize trend growth as simply a medium/long term average growth rate. In practice, these averages are usually...

At any point in time, skills gaps, mismatches, and shortages arise because of an imperfect correspondence between the singular sets of skills required...

Do employers in "non-STEM" occupations (e.g. Graphic Designers, Economists) seek to hire STEM (Science, Technology, Engineering, and Mathematics)...

Leveraged term loans are typically arranged by banks but distributed to institutional investors. Using novel data, we find that to elicit investors’...

This Paper continues the study of the Optimal Consumption Function in a Brownian Model of Accumulation, see Part A [2001] and Part B  [2014]; a...

This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis...

Financial instability and its destructive effects on the economy can lead to financial crises due to its contagion or spillover effects to other parts...

Economic research has often relied on a measure of external financial dependence that is constructed using U.S. data and applied to other countries...

The Canadian 6/49 Lotto©, despite its unusual payout structure, is one of the few government sponsored lotteries that has the potential for a...

We study optimal monetary policy in the presence of financial stability concerns. We build a model in which monetary easing can lower the cost of...

This paper has two main objectives: first, to provide a formal definition of endogenous systemic risk that is firmly grounded in equilibrium dynamics...

For a discounted stochastic game with an uncountable state space and compact metric action spaces, we show that if the measurable-selection-valued...