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I am a Senior Economist in the Financial Stability Department at the Bank of Canada. I received my PhD in Economics from University of California, Los Angeles.
My primary research interests are macroeconomics and monetary economics. My research focuses on heterogeneity in macroeconomics.
Contact Information:
Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9, Canada
mvieyraecon [at] gmail.com
PUBLICATIONS
PUBLICATIONS
A Q-Theory of Banks, with Juliane Begeneau, Saki Bigio, and Jeremy Majerovitz.
accepted, Review of Economic Studies
Abstract. Bank capital requirements are based on book values, which are slow to reflect losses. In this article, we develop a dynamic model of banks to study the interaction of regulation and delayed accounting. Our model explains four stylized facts: book and market values diverge during crises, the market-to-book ratio predicts future profitability, book leverage constraints rarely bind strictly even as market leverage fans out during crises, and banks delever gradually after net-worth shocks. We show how delayed accounting can allow the regulator to achieve better outcomes than immediate (mark-to-market) accounting. In an estimated version of the model, the optimal regulation couples faster loan-loss recognition with a modest relaxation of the book leverage constraint.
WORK IN PROGRESS
WORK IN PROGRESS
Mortgage Interest Payments, Consumption, and Monetary Policy, with Mike Irwin
The Expenditure Channel of Monetary Policy
Housing Flows over the Business Cycle, with Christopher Naubert
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