E58 - Central Banks and Their Policies - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T14:45:13+00:00CBDC: Banking and Anonymity
https://www.bankofcanada.ca/2024/03/staff-working-paper-2024-9/
We examine the optimal amount of user anonymity in a central bank digital currency in the context of bank lending. Anonymity, defined as the lender’s inability to discern an entrepreneur’s actions that enable fund diversion, influences the choice of payment instrument due to its impact on a bank’s lending decisions.2024-03-22T13:47:02+00:00enCBDC: Banking and Anonymity2024-03-22Digital currencies and fintechStaff Working Paper 2024-9https://www.bankofcanada.ca/wp-content/uploads/2024/03/swp2024-9.pdfStaff Working Paper 2024-9Yuteng ChengRyuichiro IzumiMarch 2024EE4E42E5E58GG2G28Central Bank Digital Currency and Banking Choices
https://www.bankofcanada.ca/2024/02/staff-working-paper-2024-4/
To what extent does a central bank digital currency (CBDC) compete with bank deposits? To answer this question, we develop and estimate a structural model where each household chooses which financial institution to deposit their digital money with.2024-02-08T09:27:59+00:00enCentral Bank Digital Currency and Banking Choices2024-02-08Central bank researchDigital currencies and fintechStaff Working Paper 2024-4https://www.bankofcanada.ca/wp-content/uploads/2024/02/swp2024-4.pdfCentral Bank Digital Currency and Banking ChoicesJiaqi LiAndrew UsherYu ZhuFebruary 2024EE5E50E58Supporting the Transition to Net-Zero Emissions: The Evolving Role of Central Banks
https://www.bankofcanada.ca/2023/12/staff-discussion-paper-2023-31/
While climate change was largely tackled by government policies in the past, central banks are increasingly grappling with the risks climate change poses. They are evaluating their operational policies to reflect these risks and the transition to a net-zero economy. This paper explores the trade-offs and considerations central banks face.2023-12-18T14:46:24+00:00enSupporting the Transition to Net-Zero Emissions: The Evolving Role of Central Banks2023-12-18Central bank researchClimate changeFinancial marketsStaff Discussion Paper 2023-31https://www.bankofcanada.ca/wp-content/uploads/2023/12/sdp2023-31.pdfSupporting the Transition to Net-Zero Emissions: The Evolving Role of Central BanksKaren McGuinnessDecember 2023DD5D53EE5E58E6E63GG3G32QQ5Q54Central Bank Crisis Interventions: A Review of the Recent Literature on Potential Costs
https://www.bankofcanada.ca/2023/12/staff-discussion-paper-2023-30/
Central banks’ actions to stabilize financial markets and implement monetary policy during crises may come with costs and side effects. We provide a literature review of these costs and discuss measures that may mitigate the negative impacts of crisis actions.2023-12-11T13:33:31+00:00enCentral Bank Crisis Interventions: A Review of the Recent Literature on Potential Costs2023-12-11Central bank researchFinancial institutionsFinancial marketsFinancial stabilityLender of last resortStaff Discussion Paper 2023-30https://www.bankofcanada.ca/wp-content/uploads/2023/12/sdp2023-30.pdfCentral Bank Crisis Interventions: A Review of the Recent Literature on Potential CostsPatrick AldridgeDavid CimonRishi ValaDecember 2023EE5E58GG1G10G2G20Estimating the Appropriate Quantity of Settlement Balances in a Floor System
https://www.bankofcanada.ca/2023/10/staff-discussion-paper-2023-26/
This paper presents two complementary approaches to estimating the appropriate quantity of settlement balances needed to effectively operate monetary policy under a floor system in Canada.2023-10-13T12:36:33+00:00enEstimating the Appropriate Quantity of Settlement Balances in a Floor System2023-10-13Financial institutionsFinancial marketsFinancial system regulation and policiesMonetary policy implementationPayment clearing and settlement systemsStaff Discussion Paper 2023-26https://www.bankofcanada.ca/wp-content/uploads/2023/10/sdp2023-26.pdfEstimating the Appropriate Quantity of Settlement Balances in a Floor SystemNarayan BulusuMatthew McNeelyKaetlynd McRaeJonathan WitmerOctober 2023EE4E41E42E5E52E58GG2G21G28What People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey Experiment
https://www.bankofcanada.ca/2023/06/staff-working-paper-2023-36/
We conduct a large-scale survey to shed light on what people believe about public finance. An experiment demonstrates that central bank communication can persistently shift views on monetary financing. It further suggests that views on monetary financing impact support for fiscal discipline.2023-06-14T09:52:58+00:00enWhat People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey Experiment2023-06-14Central bank researchFiscal policyMonetary policyStaff Working Paper 2023-36https://www.bankofcanada.ca/wp-content/uploads/2023/06/swp2023-36.pdfWhat People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey ExperimentCars HommesJulien PinterIsabelle SalleJune 2023CC8C83EE5E58E6E60E62E7E70GG5G53HH3H31Reviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?
https://www.bankofcanada.ca/2023/05/staff-discussion-paper-2023-10/
At the onset of the pandemic, the Bank of Canada transitioned its framework for monetary policy implementation from a corridor system to a floor system, which it has since decided to maintain. We provide a comprehensive analysis of both frameworks and assess their relative merits based on five key criteria that define a sound framework.2023-05-15T11:57:08+00:00enReviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?2023-05-15Market structure and pricingMonetary policy implementationPayment clearing and settlement systemsStaff Discussion Paper 2023-10https://www.bankofcanada.ca/wp-content/uploads/2023/05/sdp2023-10.pdfReviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?Toni GravelleRon MorrowJonathan WitmerMay 2023DD4D47EE4E42E5E58How Banks Create Gridlock to Save Liquidity in Canada's Large Value Payment System
https://www.bankofcanada.ca/2023/05/staff-working-paper-2023-26/
We show how participants in Canada’s new high-value payment system save liquidity by exploiting the new gridlock resolution arrangement. The findings have important implications for the design of these systems and shed light on financial institutions’ liquidity preference.2023-05-04T14:58:19+00:00enHow Banks Create Gridlock to Save Liquidity in Canada's Large Value Payment System2023-05-04Financial institutionsPayment clearing and settlement systemsStaff Working Paper 2023-26https://www.bankofcanada.ca/wp-content/uploads/2023/05/swp2023-26.pdfStaff Working Paper 2023-26Rodney J. GarrattZhentong LuPhoebe TianMay 2023EE4E42E5E58GG2G21A Review of the Bank of Canada’s Support of Key Financial Markets During the COVID-19 Crisis
https://www.bankofcanada.ca/2023/04/staff-discussion-paper-2023-9/
The COVID-19 pandemic placed unprecedented strain on the global financial system. We describe how the Bank of Canada responded to the rapidly deteriorating liquidity in core Canadian fixed-income markets.2023-04-28T08:23:33+00:00enA Review of the Bank of Canada’s Support of Key Financial Markets During the COVID-19 Crisis2023-04-28Coronavirus disease (COVID-19)Financial marketsMarket structure and pricingMonetary policy and uncertaintyStaff Discussion Paper 2023-9https://www.bankofcanada.ca/wp-content/uploads/2023/04/sdp2023-9.pdfA Review of the Bank of Canada’s Support of Key Financial Markets During the COVID-19 CrisisJoshua FernandesMichael MuellerApril 2023EE4E44E5E58GG0G01Central Bank Forecasting: A Survey
https://www.bankofcanada.ca/2023/03/staff-working-paper-2023-18/
We review the literature on central bank forecasting with a special focus on the Federal Reserve, European Central Bank, Bank of England and Bank of Canada.2023-03-31T08:24:55+00:00enCentral Bank Forecasting: A Survey2023-03-31Monetary policyStaff Working Paper 2023-18https://www.bankofcanada.ca/wp-content/uploads/2023/03/swp2023-18.pdfStaff Working Paper 2023-18Carola Conces BinderRodrigo SekkelMarch 2023EE4E47E5E52E58