H6 - National Budget, Deficit, and Debt - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T01:26:01+00:00Gazing at r-star: A Hysteresis Perspective
https://www.bankofcanada.ca/2023/01/staff-working-paper-2023-5/
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to show that the major change driving household asset demand over this period is instead an increased desire—for a given age and income level—to hold assets.2023-01-12T09:46:25+00:00enGazing at r-star: A Hysteresis Perspective2023-01-12Economic modelsFiscal policyInflation and pricesInflation targetsInterest ratesMonetary policyMonetary policy frameworkStaff Working Paper 2023-5https://www.bankofcanada.ca/wp-content/uploads/2023/01/swp2023-5.pdfGazing at r-star: A Hysteresis PerspectivePaul BeaudryKatya KartashovaCésaire MehJanuary 2023EE2E21E3E31E4E43E5E52E58E6E62GG5G51HH6Revisiting the Monetary Sovereignty Rationale for CBDCs
https://www.bankofcanada.ca/2021/12/staff-discussion-paper-2021-17/
One argument for central bank digital currencies (CBDCs) is that without them, private and foreign digital monies could displace domestic currencies, threatening the central bank’s monetary policy and lender of last resort capabilities. I revisit this monetary sovereignty rationale and offer a wider view—one that considers a broader set of currency functions and captures important cross-country variation.2021-12-17T14:28:05+00:00enRevisiting the Monetary Sovereignty Rationale for CBDCs2021-12-17Debt managementDigital currencies and fintechExchange rate regimesFinancial stabilityMonetary policyStaff Discussion Paper 2021-17https://www.bankofcanada.ca/wp-content/uploads/2021/12/sdp2021-17.pdfRevisiting the Monetary Sovereignty Rationale for CBDCsSkylar BrooksDecember 2021EE4E41E42E5E52E58HH1H12H6H63The Side Effects of Safe Asset Creation
https://www.bankofcanada.ca/2021/07/staff-working-paper-2021-34/
The secular decline in real interest rates has created a challenge for monetary policy, now confronting the zero lower bound more often. An increase in the supply of safe assets reduces downward pressure on the natural interest rate. This allows monetary policy to reach price stability and full employment, but not without cost—permanently lower investment.2021-07-15T10:49:44+00:00enThe Side Effects of Safe Asset Creation2021-07-15Fiscal policyMonetary policy implementationStaff Working Paper 2021-34https://www.bankofcanada.ca/wp-content/uploads/2021/07/swp2021-34.pdfThe Side Effects of Safe Asset CreationSushant AcharyaKeshav DograJuly 2021EE3E4E5GG1HH6Monetary Policy, Trends in Real Interest Rates and Depressed Demand
https://www.bankofcanada.ca/2021/06/staff-working-paper-2021-27/
Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.2021-06-11T11:00:53+00:00enMonetary Policy, Trends in Real Interest Rates and Depressed Demand2021-06-11Debt managementEconomic modelsFiscal policyInflation and pricesInterest ratesMonetary policyStaff Working Paper 2021-27https://www.bankofcanada.ca/wp-content/uploads/2021/06/swp2021-27.pdfStaff Working Paper 2021-27Paul BeaudryCésaire MehJune 2021EE2E4E43E44E5E52E6E62E63HH3H6H63A Portfolio-Balance Model of Inflation and Yield Curve Determination
https://www.bankofcanada.ca/2020/03/staff-working-paper-2020-6/
How does the supply of nominal government debt affect the macroeconomy? To answer this question, we propose a portfolio-balance model of the yield curve in which inflation is determined through an interest rate rule.2020-03-09T14:55:00+00:00enA Portfolio-Balance Model of Inflation and Yield Curve Determination2020-03-09Asset pricingDebt managementInflation and pricesInterest ratesMonetary policyStaff Working Paper 2020-6https://www.bankofcanada.ca/wp-content/uploads/2020/03/swp2020-6.pdfStaff Working Paper 2020-6Antonio Diez de los RiosMarch 2020EE4E43E5E52GG1G12HH6H63Alternative Futures for Government of Canada Debt Management
https://www.bankofcanada.ca/2018/12/staff-discussion-paper-2018-15/
This paper presents four blue-sky ideas for lowering the cost of the Government of Canada’s debt without increasing the debt’s risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus lowering their cost at issuance.2018-12-06T14:49:48+00:00enAlternative Futures for Government of Canada Debt Management2018-12-06Debt managementFinancial marketsMarket structure and pricingStaff Discussion Paper 2018-15https://www.bankofcanada.ca/wp-content/uploads/2018/12/sdp2018-15.pdfAlternative Futures for Government of Canada Debt ManagementCorey GarriottSophie LefebvreGuillaume NolinFrancisco RivadeneyraAdrian WaltonDecember 2018GG1G12G2G24HH6H63Government of Canada Fixed-Income Market Ecology
https://www.bankofcanada.ca/2018/09/staff-discussion-paper-2018-10/
This discussion paper is the third in the Financial Markets Department’s series on the structure of Canadian financial markets. These papers are called “ecologies” because they study the interactions among market participants, infrastructures, regulations and the terms of the traded contract itself.2018-09-20T11:25:52+00:00enGovernment of Canada Fixed-Income Market Ecology2018-09-20Debt managementFinancial institutionsFinancial marketsFinancial servicesStaff Discussion Paper 2018-10https://www.bankofcanada.ca/wp-content/uploads/2018/09/sdp2018-10.pdfGovernment of Canada Fixed-Income Market EcologyLéanne Berger-SoucyCorey GarriottAndré UscheSeptember 2018GG1G10G2G20HH6H63The Government of Canada Debt Securities Data Set
https://www.bankofcanada.ca/2018/02/technical-report-112/
We present the daily time series of the outstanding amounts of all Government of Canada marketable debt securities from July 2001 to June 2017.2018-02-07T16:02:03+00:00enThe Government of Canada Debt Securities Data Set2018-02-07Debt managementEconometric and statistical methodsFinancial marketsTechnical Report 112https://www.bankofcanada.ca/wp-content/uploads/2018/02/tr112.pdfThe Government of Canada Debt Securities Data SetJeffrey GaoFrancisco RivadeneyraGabriel Rodriguez RondonFebruary 2018CC8C80GG1G10HH6H63A Barometer of Canadian Financial System Vulnerabilities
https://www.bankofcanada.ca/2017/12/staff-analytical-note-2017-24/
This note presents a composite indicator of Canadian financial system vulnerabilities—the Vulnerabilities Barometer. It aims to complement the Bank of Canada’s vulnerabilities assessment by adding a quantitative and synthesized perspective to the more granular (distributional) analysis presented in the Financial System Review.2017-12-18T10:27:38+00:00enA Barometer of Canadian Financial System Vulnerabilities2017-12-18Analyzing Fiscal Sustainability
https://www.bankofcanada.ca/2013/08/working-paper-2013-27/
The authors study the implications of fiscal policy behaviour for sovereign risk in a framework that determines a country’s fiscal limit, the point at which, for economic or political reasons, taxes and spending can no longer adjust to stabilize debt.2013-08-20T09:05:35+00:00enAnalyzing Fiscal Sustainability2013-08-20Economic modelsFiscal policyWorking Paper 2013-27https://www.bankofcanada.ca/wp-content/uploads/2013/08/wp2013-27.pdfAnalyzing Fiscal SustainabilityHuixin BiEric M. LeeperAugust 2013EE6E62E65HH6H63