We study how disruptions to the supply of foreign critical inputs (FCIs) - that is, inputs primarily sourced from extra-EU countries with highly concentrated supply, advanced technology products, or which are key to the green transition - might affect value added at different levels of...

We develop a bottom-up approach to estimating the slope of the primitive form of the New Keynesian Phillips curve, which features marginal cost as the relevant real activity variable. Using quarterly micro data on prices, costs, and output from the Belgian manufacturing sector, we estimate...

While past decades were characterized by economic liberalization and deregulation, there re-mains an enduring presence of political influence over the private economy. Such influence can either benefit (e.g. government support addressed at survival and growth prospects) or harm (e.g. reduced...

This paper studies the impact of Higher Order Belief (HOB) shocks, representing shifts in agents' beliefs about others' beliefs, on macroeconomic outcomes. The dynamic causal effects of these shocks are identified by leveraging a combination of a proxy-VAR approach and DSGE-based instruments....

Mobile phones are ubiquitous around the world, making them obvious conduits for innovative payment technologies, or mobile payments. In Canada, five out of six adults regularly use a mobile phone. However, they have not started to use mobile payments at the same rate as other payment...

We study a government policy that restricts repayment choices with the aim of reducing credit card debt. The policy requires the minimum payment on credit card balances in Quebec to be at least 2% of the statement balance for cards opened before August 2019 and at least 5% for cards opened after...

How does the transmission of monetary policy change when a central bank digital currency (CBDC) is introduced in the economy? Do aspects of CBDC design, such as how substitutable it is with bank deposits and whether it is interest bearing, matter? We study these questions in a general...