Characterization of the Galactic White Dwarf Population in the Next Generation Virgo Cluster Survey

Halo white dwarfs remain one of the least studied stellar populations in the Milky Way because of their faint luminosities. Recent work has uncovered a population of hot white dwarfs which are thought to be remnants of low-mass Population II stars. This thesis uses optical data from the Next Generation Virgo Cluster Survey (NGVS) and ultravoilet data from the GALEX Ultraviolet Virgo Cluster Survey (GUViCS) to select candidates which may belong to this population of recently formed halo white dwarfs. A colour selection was used to separate white dwarfs from QSOs and main-sequence stars. Photometric distances are calculated using model colour-absolute magnitude relations. Proper motions are calculated by using the difference in positions between objects from the Sloan Digital Sky Survey and the NGVS. The proper motions are combined with the calculated photometric distances to calculate tangential velocities, as well as approximate Galactic space velocities. White dwarf candidates are characterized as belonging to either the disk or the halo using a variety of methods, including calculated scale heights (z> 1 kpc), tangential velocities (vt >200 km/s), and their location in (V,U) space. The 20 halo white dwarf candidates which were selected using Galactic space velocities are analyzed, and their colours and temperatures suggest that these objects represent some of the youngest white dwarfs in the Galactic halo.

International Capital Flows and Monetary Policy Spillovers

This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.

The Brain Drain : Myth and Reality - What it is and What Should be Done (Working Paper 13)

The brain drain debate has been marked by a considerable amount of confusion and frustration, largely because there has been relatively little hard data available, and that which exists has often been twisted into very different forms by those with competing policy agendas. The first goal of this paper is to pull together and summarize the available evidence regarding the size and nature of the outflows, thus establishing an empirical basis from which the issue can be addressed. The second goal is to address some of the major related policy issues. This begins with some general brain drain policy principles. The personal income tax cuts solution is then addressed with simulations of the effects on government revenues and the associated costs “per brain”, thus putting such discussions on a much firmer empirical footing. A number of alternative proposals are then suggested for various problem groups of brain drain workers.