In the canonical view of over-the-counter markets, dealers intermediate single-asset trades one at a time. We study a complementary role: when investors trade several assets at once, dealers absorb the joint position into inventory, insuring against execution risk. Using data on the near-universe of Canadian fixed-income trades, we find that bundled transactions account for 20…
Maritime transport remains the backbone of global trade, yet the port and shipping network that carries it has been transformed by containerization and related technological advances. Drawing on newly available granular data—digitized historical shipping records, georeferenced ship movements, and shipment-level routing information—we present five stylized facts on the structure and evolution of the maritime network….
A handful of Democratic lawmakers have introduced new taxes on oil and gas companies in response to higher oil prices. The design of these taxes varies, but their goal is to tax the “windfall” profits of these companies. Despite their names, these taxes are far from true taxes on windfall profits and would have negative…
We show that incorporating uninsurable countercyclical income risk into a standard international RBC model can qualitatively and quantitatively account for the quantity puzzles in open-economy macro, namely (i) the Backus-Smith puzzle, (ii) the Backus-Kehoe-Kydland puzzle and (iii) the weak correlation between the trade balance and the exchange rate. We also show that our model can…
Reality check—top earners already pay majority of taxes in Canada beng Thu, 07/16/2026 – 07:35 EST. READ TIME 3 MIN. As Canadians grapple with a sputtering economy and the cost of living, some advocates want governments in Canada to increase taxes on high-income individuals. According to this narrative, the tax system is “unfair” and governments…
Economics Jul 14, 2026 Nouriel Roubini Despite this year’s US/Israeli-Iran war causing the largest-ever disruption to global oil supplies, the shocks of the 1970s had a greater impact. Because oil has been used as a weapon for so long, markets, policymakers, and…
We are grateful to Jensen Ahokovi and Shantanu Kamat for their research assistance. We would also like to thank Vincent Armantano, David Arnold, Julia Barezneva, Vafa Behnam, Julian Betts, Jonathan Brownrigg, Richard Carson, Gabriel Canedo Riedel, Matthew Chingos, Julie Berry Cullen, Gordon Dahl, Ricardo Di Cato, Maria de la Paz Ferro, Martha Fiehn, Erick Gong,…
Executive Summary The discussion included the overall calibration of bank capital requirements in the UK, as well as the areas identified by the FPC for further work in December, which were: the usability of buffers, the functioning of the leverage ratio framework; and the interactions between different elements of the capital stack, particularly in relation…
The framework that has long guided development economics no longer reflects how modern economies actually create value. As the boundaries that once separated sectors become blurred, prosperity increasingly depends on how economies build the ecosystems that sustain technological progress and nurture new productive capacity. CAPE TOWN—The economist Dani Rodrik recently reopened one of development economics’…
Please enable JavaScript if it is disabled in your browser or access the information through the links provided below. July 16, 2026 Agencies issue joint statement on handling of highly sensitive information during bank examinations Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation…