To address the banking system's non-performing loan (NPL) problem, the Chinese government set up four asset management corporations (AMCs). They were to buy up bad debts of the big four state-owned commercial banks and dispose of them over 10 years, taking a large step towards NPL resolution....

This paper examines the empirical evidence of the liquidity effect in Canada. In the presence of the liquidity effect, the initial impact of an unanticipated expansionary monetary policy is to lower nominal and real interest rates for a short period of time. Eventually, however, the anticipated...

Theory and empirical evidence suggest that the term structure of interest rates reflects risk premiums as well as market expectations about future inflation and real interest rates. We propose an approach to extracting such premiums and expectations by exploiting both the comovements among...

This paper examines the role of money when private information about the quality of the goods is present. In the private information environment, barter exchange for high-quality goods is rare since people have incentive to produce low-quality goods and attempt to cheat uninformed trading...

In this paper, the authors use the vector autoregression method to examine the effects of monetary policy in Canada including the empirical evidence of the liquidity effect in particular. They use the excess cash reserves of the chartered banks and the surprise component of excess cash reserves...

To address the banking system’s non-performing loan (NPL) problem, the Chinese government set up four asset management corporations (AMCs). They were to buy bad debts from mainly the big four state-owned commercial banks and dispose of them over 10 years, taking a large step towards NPL...

Given technological advances and the widespread use of the Internet, various digital currencies have emerged. In most cases, Internet platforms such as Facebook and Amazon restrict the functionality of their digital currencies to enhance the business model and maximize their profits. While...