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2343
result(s)
On the Wedge Between the PPI and CPI Inflation Indicators
Staff Working Paper 2022-5
Shang-Jin Wei,
Yinxi Xie
We find that the CPI and PPI inflation indexes co-moved strongly throughout the late 20th century, but their correlation has fallen substantially since the early 2000s. We offer a structural explanation for this divergence based on the growth of global supply chains since 2000. This finding offers a unique perspective for the future design of optimal monetary policy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Inflation targets,
International topics,
Monetary policy
JEL Code(s):
E,
E3,
E31,
E5,
E52,
E58,
F,
F1,
F11,
F12,
F4,
F41,
F6,
F62
The Financial Origins of Non-fundamental Risk
Staff Working Paper 2022-4
Sushant Acharya,
Keshav Dogra,
Sanjay Singh
We explore the idea that the financial sector can be a source of non-fundamental risk to the rest of the economy. We also consider whether policy can be used to reduce this risk—either by increasing the supply of publicly backed safe assets or by reducing the demand for safe assets.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Financial markets,
Financial stability
JEL Code(s):
D,
D5,
D52,
D8,
D84,
E,
E6,
E62,
G,
G1,
G10,
G12
Assessing Climate-Related Financial Risk: Guide to Implementation of Methods
Technical Report No. 120
Hossein Hosseini,
Craig Johnston,
Craig Logan,
Miguel Molico,
Xiangjin Shen,
Marie-Christine Tremblay
A pilot project on climate transition scenarios by the Bank of Canada and the Office of the Superintendent of Financial Institutions assessed climate-related credit and market risks. This report describes the project’s methodologies and provides guidance on implementing them.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Climate change,
Credit and credit aggregates,
Econometric and statistical methods,
Financial stability
JEL Code(s):
C,
C5,
C53,
C8,
C83,
G,
G1,
G3,
G32
Transition Scenarios for Analyzing Climate-Related Financial Risk
Staff Discussion Paper 2022-1
Y.-H. Henry Chen,
Erik Ens,
Olivier Gervais,
Hossein Hosseini,
Craig Johnston,
Serdar Kabaca,
Miguel Molico,
Sergey Paltsev,
Alex Proulx,
Argyn Toktamyssov
Climate transition scenarios clarify climate-related risks to our economy and financial system. This paper summarizes key results of Canada-relevant scenarios developed in a pilot project on climate risk by the Bank of Canada and the Office of the Superintendent of Financial Institutions.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Climate change,
Economic models,
Financial stability,
International topics
JEL Code(s):
C,
C6,
C68,
D,
D5,
D58,
E,
E5,
E50,
O,
O4,
O44,
P,
P1,
P18,
Q,
Q5,
Q54
Housing demand in Canada: A novel approach to classifying mortgaged homebuyers
Staff Analytical Note 2022-1
Mikael Khan,
Yang Xu
We introduce a novel approach to categorize mortgaged homebuyers into first-time homebuyers, repeat homebuyers and investors. We show how these groups contribute to activity in Canadian housing markets, and we analyze the differences in their demographic and financial characteristics.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial stability,
Housing
JEL Code(s):
R,
R2,
R21,
R3,
R31
Firm Inattention and the Efficacy of Monetary Policy: A Text-Based Approach
Staff Working Paper 2022-3
Wenting Song,
Samuel Stern
How much attention do firms pay to macroeconomic news? Through a novel text-based measure, two facts emerge. First, attention is polarized. Most firms either never or always pay attention to economic conditions. Second, it is countercyclical. During recessions, more firms pay attention, and firms pay greater attention to macroeconomic news.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Inflation and prices,
Monetary policy
JEL Code(s):
D,
D8,
D83,
E,
E4,
E44,
E5,
E52
What Drives Bitcoin Fees? Using Segwit to Assess Bitcoin's Long-Run Sustainability
Staff Working Paper 2022-2
Colin Brown,
Jonathan Chiu,
Thorsten Koeppl
We explore what drives transaction fees in the Bitcoin system and consider whether Bitcoin can remain tamper proof in the long run.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
G,
G2
Business Closures and (Re)Openings in Real Time Using Google Places
Staff Working Paper 2022-1
Thibaut Duprey,
Daniel E. Rigobon,
Philip Schnattinger,
Artur Kotlicki,
Soheil Baharian,
T. R. Hurd
The COVID-19 pandemic highlighted the need for policy-makers to closely monitor disruptions to the retail and food business sectors. We present a new method to measure business opening and closing rates using real-time data from Google Places, the dataset behind the Google Maps service.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Firm dynamics,
Recent economic and financial developments
JEL Code(s):
C,
C5,
C55,
C8,
C81,
D,
D2,
D22,
E,
E3,
E32
Best Before? Expiring Central Bank Digital Currency and Loss Recovery
Staff Working Paper 2021-67
Charles M. Kahn,
Maarten van Oordt,
Yu Zhu
We consider introducing an expiry date for offline digital currency balances. Consumers whose digital cash expired would automatically receive the funds back into their online account. This functionality could increase demand for digital cash, with the time to expiry playing a key role.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech
JEL Code(s):
E,
E4,
E41,
E42