Janet Hua Jiang - Latest - Bank of Canada
https://www.bankofcanada.ca/rss-feeds/
Bank of Canada RSS Feedsen2024-03-29T15:44:54+00:00Is Money Essential? An Experimental Approach
https://www.bankofcanada.ca/2023/07/staff-working-paper-2023-39/
Monetary theory says that money is essential if it helps to achieve better incentive-feasible outcomes. We test this in the laboratory.2023-07-28T14:43:21+00:00enIs Money Essential? An Experimental Approach2023-07-28Central bank researchEconomic modelsStaff Working Paper 2023-39https://www.bankofcanada.ca/wp-content/uploads/2023/07/swp2023-39.pdfStaff Working Paper 2023-39Janet Hua JiangPeter NormanDaniela PuzzelloBruno SultanumRandall WrightJuly 2023CC9C92EE4E5Pricing Indefinitely Lived Assets: Experimental Evidence
https://www.bankofcanada.ca/2023/04/staff-working-paper-2023-25/
We study the trading of an asset with bankruptcy risk. The traded price of the asset is, on average, 40% of the expected total dividend payments. We investigate which economic models can explain the low traded price.2023-04-24T14:52:48+00:00enPricing Indefinitely Lived Assets: Experimental Evidence2023-04-24Asset pricingFinancial marketsStaff Working Paper 2023-25https://www.bankofcanada.ca/wp-content/uploads/2023/04/swp2023-25.pdfStaff Working Paper 2023-25John DuffyJanet Hua JiangHuan XieApril 2023CC9C91C92DD8D81GG1G12Inflation, Output, and Welfare in the Laboratory
https://www.bankofcanada.ca/2023/02/staff-working-paper-2023-11/
We investigate the effect of inflation on output and welfare in the laboratory. Consistent with monetary theory, we find that inflation acts as a tax on monetary exchange and reduces output and welfare.2023-02-13T10:42:09+00:00enInflation, Output, and Welfare in the Laboratory2023-02-13Inflation and pricesInflation: costs and benefitsMonetary policyStaff Working Paper 2023-11https://www.bankofcanada.ca/wp-content/uploads/2023/02/swp2023-11.pdfStaff Working Paper 2023-11Janet Hua JiangDaniela PuzzelloCathy ZhangFebruary 2023CC9C92DD8D83EE4E40Central Bank Digital Currencies and Banking: Literature Review and New Questions
https://www.bankofcanada.ca/2023/02/staff-discussion-paper-2023-4/
We review the nascent but fast-growing literature on central bank digital currencies (CBDCs), focusing on their potential impacts on private banks. We evaluate these impacts in three areas of traditional banking: payments, lending and liquidity and maturity transformation. We also take a broader look at CBDCs and highlight two promising directions for future research.2023-02-10T07:41:01+00:00enCentral Bank Digital Currencies and Banking: Literature Review and New Questions2023-02-10Central bank researchDigital currencies and fintechFinancial institutionsFinancial stabilityStaff Discussion Paper 2023-4https://www.bankofcanada.ca/wp-content/uploads/2023/02/sdp2023-4.pdfCentral Bank Digital Currencies and Banking: Literature Review and New QuestionsJames ChapmanJonathan ChiuMohammad DavoodalhosseiniJanet Hua JiangFrancisco RivadeneyraYu ZhuFebruary 2023EE5E50E58GG0G00LL0L00How Long is Forever in the Laboratory? Three Implementations of an Infinite-Horizon Monetary Economy
https://www.bankofcanada.ca/2021/04/staff-working-paper-2021-16/
Standard monetary models adopt an infinite horizon with discounting. Testing these models in the lab requires implementing this horizon within a limited time frame. We compare three approaches to such an implementation and discuss their relative advantages.2021-04-05T07:50:27+00:00enHow Long is Forever in the Laboratory? Three Implementations of an Infinite-Horizon Monetary Economy2021-04-05Central bank researchEconomic modelsInflation and pricesStaff Working Paper 2021-16https://www.bankofcanada.ca/wp-content/uploads/2021/04/swp2021-16.pdfHow Long is Forever in the Laboratory? Three Implementations of an Infinite-Horizon Monetary EconomyJanet Hua JiangDaniela PuzzelloCathy ZhangApril 2021CC9C92DD8D83EE4E40Monetary Policy Pass-Through with Central Bank Digital Currency
https://www.bankofcanada.ca/2021/03/staff-working-paper-2021-10/
Many central banks are considering issuing a central bank digital currency (CBDC). This would introduce a new policy tool—interest on CBDC. We investigate how this new tool would interact with traditional monetary policy tools, such as the interest on central bank reserves.2021-03-12T10:23:25+00:00enMonetary Policy Pass-Through with Central Bank Digital Currency2021-03-12Digital currencies and fintechMonetary policy transmissionStaff Working Paper 2021-10https://www.bankofcanada.ca/wp-content/uploads/2021/03/swp2021-10.pdfStaff Working Paper 2021-10Janet Hua JiangYu ZhuMarch 2021EE5E50E52Safe Payments
https://www.bankofcanada.ca/2020/12/staff-working-paper-2020-53/
In a cashless economy, would the private sector invest in the optimal level of safety in a deposit-based payment system? In general, because of externalities, the answer is no. While the private sector could over- or under-invest in safety, the government can use taxes or subsidies to correct private incentives.2020-12-11T07:54:12+00:00enSafe Payments2020-12-11Central bank researchDigital currencies and fintechFinancial institutionsPayment clearing and settlement systemsStaff Working Paper 2020-53https://www.bankofcanada.ca/wp-content/uploads/2020/12/swp2020-53.pdfSafe PaymentsJonathan ChiuMohammad DavoodalhosseiniJanet Hua JiangYu ZhuDecember 2020EE4E42E5E50GG2G21CBDC adoption and usage: some insights from field and laboratory experiments
https://www.bankofcanada.ca/2020/06/staff-analytical-note-2020-12/
This note discusses insights from historical launches of new payment methods and related laboratory experiments on the potential adoption and use of a central bank digital currency in the Canadian context.2020-06-29T10:40:15+00:00enCBDC adoption and usage: some insights from field and laboratory experiments2020-06-29Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
https://www.bankofcanada.ca/2019/05/staff-working-paper-2019-20/
We show that issuing a deposit-like central bank digital currency (CBDC) with a proper interest rate would encourage banks to pay higher interest to keep their customers. Banks would then attract more deposits and offer more loans. Hence, a CBDC would not necessarily crowd out private banking.2019-05-30T12:58:57+00:00enBank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment2019-05-30Digital currencies and fintechMarket structure and pricingMonetary policyMonetary policy frameworkStaff Working Paper 2019-20https://www.bankofcanada.ca/wp-content/uploads/2019/05/swp2019-20.pdfCentral Bank Digital Currency and BankingJonathan ChiuMohammad DavoodalhosseiniJanet Hua JiangYu ZhuMay 2019EE5E50E58Competing Currencies in the Laboratory
https://www.bankofcanada.ca/2017/12/staff-working-paper-2017-53/
We investigate competition between two intrinsically worthless currencies as a result of decentralized interactions between human subjects. We design a laboratory experiment based on a simple two-country, two-currency search model to study factors that affect circulation patterns and equilibrium selection.2017-12-07T15:35:11+00:00enCompeting Currencies in the Laboratory2017-12-07Central bank researchDigital currencies and fintechStaff Working Paper 2017-53https://www.bankofcanada.ca/wp-content/uploads/2017/12/swp2017-53.pdfCompeting Currencies in the LaboratoryJanet Hua JiangCathy ZhangDecember 2017CC9C92DD8D83EE4E40