This is a replication of Mayshar et al. (2022) (henceforth MMP).1 The article posits that the state (defined as societal hierarchy such as tax-levying elites) originated from cultivation of appropriable cereal grains, contrary to the conventional theory that the state originated from increased...

This paper examines how monetary and macroprudential policies interact and possibly complement each other in achieving their respective price and financial stability objectives. We first review the Canadian experience of housing market cycles and highlight the need to coordinate the two sets of...

We propose a novel framework to analyze how policy-makers can manage risks to the median projection and risks specific to the tail of gross domestic product (GDP) growth. By combining a quantile regression of GDP growth with a vector autoregression, we show that monetary and macroprudential...

I construct a new composite measure of systemic financial market stress for Canada. Compared with existing measures, it better captures the 1990 housing market correction and more accurately reflects the absence of diversification opportunities during systemic events. The index can be used for...

This is a replication of Mayshar et al. (2022) (henceforth MMP).1 The article posits that the state (defined as societal hierarchy such as tax-levying elites) originated from cultivation of appropriable cereal grains, contrary to the conventional theory that the state originated from increased...