Author: audiovisuel40973

Congratulations to Mélissa Coissard for her New Scholarships!

Posted on 17 May 202126 August 2021 by audiovisuel40973

Mélissa Coissard, doctoral student in economics under the research
supervision of professors Marie Connolly and Catherine Haeck, won three new scholarships this spring:
– merit scholarship from the Quebec Society and Culture Research Fund (FQRSC), ($21,000 / 3 years)
– merit scholarship from the J.-A. DeSève Foundation – Doctorate ($5,000)
– scholarship from the Association étudiante de l’École des sciences de la gestion (AéESG) – Engagement (1000 $)

Her research project aims to identify the impact and economic spinoffs of Quebec political interventions on the cognitive and non-cognitive development of young children. In particular, it will analyze the impact of two Quebec public policies: the preschool for four-year-olds-program, as well as the impact of the school interruption caused by the pandemic, as part of a study carried out for the Ministry of Education and Higher Education (MEES).

Congratulations Mélissa!

New article for Alessandro Barattieri - 25.03.2021

Posted on 25 March 202126 August 2021 by audiovisuel40973

The article "Banks Funding, Leverage, and Investment" written by Professor Barattieri, together with Laura Quadrini (ECB and Central Bank of Ireland) and Vincenzo Quadrini (University of Southern California and CEPR) has been published in the Journal of Financial Economics.

In this paper, the authors show that banks’ funding sources have changed significantly during the last two decades. In particular, the share of non-core funding (NCF), a measure of interconnectedness among banks, was high before the 2008 crisis but declined substantially after the crisis. The authors then propose a general equilibrium model where such interconnectedness provides insurance against idiosyncratic risks faced by banks. Insurance makes leverage and investment more attractive, but it also increases the vulnerability of the overall banking sector to crises. The authors show that a mechanism where agents learn over time about the likelihood of a crisis, could have been important for generating the observed dynamics of NCF and leverage in the US financial sector in the period 1999-2013. Moreover, the dynamics of NCF and leverage are shown to be important determinants of the dynamics of the macroeconomic variables.

LINK

New Release for Steve Ambler and his co-author

Posted on 27 February 201926 August 2021 by audiovisuel40973

In their new book “Navigating Turbulence: Canadian Monetary Policy Since 2004,” authors Steve Ambler and Jeremy Kronick assess the Bank of Canada’s policies from 2004, through the turbulence of the 2008-09 recession, the recovery and up to the current period. Overall, they give the Bank high marks for its stewardship. However, the Bank faces key new challenges posed by the current low-interest-rate, low-inflation environment that require response, according to the authors.

The book is available at the Renouf Online Bookstore at https://www.renoufbooks.com/bookstore/bookstore.aspx?c=bookstore&m=bd&l=nl&i=123954 .

Steve Ambler has just published two articles.

Posted on 26 February 201926 August 2021 by audiovisuel40973

The first, "Do demographics affect monetary policy transmission in Canada?", International Journal of Finance and Economics, is joint with Jeremy Kronick of the C.D. Howe Institute. The authors use panel data from Canada and its ten provinces to estimate the dynamic impact of monetary policy shocks since the 1980s. They show that population aging has significantly reduced the impact of those shocks. This can help explain the systematic undershooting of Canadian inflation compared to the Bank of Canada's target since the financial crisis, and in the long run could undermine the effectiveness of Canada's monetary policy. The article is available at https://www.onlinelibrary.wiley.com/doi/10.1002/ijfe.1691 .

The second article, "The effectiveness of unconventional monetary policy announcements in the euro area: An event and econometric study", Journal of International Money and Finance, is joint with Fabio Rumler of the Austrian central bank (the Oesterreichische Nationalbank). The authors use daily data on government bond yields and market-based inflatin expectations to analyse the impact of the European Central Bank's monetary policy announcements. They find highly significant effects on both nominal and real interest rates in the euro zone. The article is available at https://doi.org/10.1016/j.jimonfin.2019.02.007 .

Robert Leonard keynote speaker at the Austrian School of Economics Biennial Conference

Posted on 11 October 201826 August 2021 by audiovisuel40973

Two visitors this week to the Department.

Posted on 26 June 201826 August 2021 by audiovisuel40973

2018 IAAE Annual Conference – International Association for Applied Econometrics

Posted on 6 June 20189 July 2018 by audiovisuel40973

Honorable Mention for Juan Carvajalino

Posted on 1 December 201726 August 2021 by audiovisuel40973

Pavel Sevcik has published an article in Journal of Industrial Economics

Posted on 18 July 20171 February 2018 by audiovisuel40973

Pavel Sevcik has published his article "Do Multi-plant Firms Reduce Misallocation? Evidence from Canadian Manufacturing" a in the Journal of Industrial Economics. Using Canadian plant-level data, this paper shows that, depending on the industry, the differences in the average plant-level productivity and cross-plant allocation of resources between multi-plant and single-plant firms account for 1 to 15 per cent of the industry-level TFP. A large part of this contribution stems from more efficient cross-plant allocation of resources, measured by the covariance between plant size and productivity, in the pool of plants in multi-plant firms compared to the pool of plants in single-plant firms. There is less dispersion in the marginal products of the inputs, and thus less misallocation, in industries in which multi-plant firms account for a larger share of output. The patterns found in the cross-plant distribution of productivity and size are also consistent with better allocative efficiency among plants in multi-plant firms than among plants in single-plant firms.

Do Multi-plant Firms Reduce Misallocation? Evidence from Canadian Manufacturing [ lien: dx.doi.org/10.1111/joie.12132 ], Journal of Industrial Economics, Vol. 65, Issue 2, 2017, pages 275-308.

Two articles (Wilfried Koch and Julien Martin) accepted in the Review of Economics and Statistics

Posted on 11 July 20171 February 2018 by audiovisuel40973

Our colleagues Wilfried Koch and Julien Martin have just published a paper in the Review of Economics and Statistics.

In their paper entitled “Knocking on Tax Haven's Door: Multinational Firms and Transfer Pricing” Julien Martin, with Ron Davies, Mathieu Parenti and Farid Toubal, provide direct evidence that multinational firms manipulate their transfer prices to shift profits toward low-tax countries. They show that tax avoidance through transfer pricing is economically sizable and extremely granular: The bulk of the loss for tax authorities is driven by the exports of 450 firms to ten tax havens. The fiscal outcomes are therefore sizable.

The paper of Wilfried Koch, written with B. Diallo (former PhD student in our Department), entitled "Bank concentration and Schumpeterian Growth : theory and international evidence » and investigates the relationship between economic growth and bank concentration. Using the Schumpeterian growth paradigm, the authors theoretically and empirically show that the effects of bank concentration plays no role on the most advanced economies, but plays a negative role on developing countries farther from the frontier especially those with a certain level of their financial development.

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