Research - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T01:57:02+00:00Monetary Policy and Government Debt Dynamics Without Commitment
https://www.bankofcanada.ca/2019/12/staff-working-paper-2019-52/
I show that maturity considerations affect the optimal conduct of monetary and fiscal policy during a period of government debt reduction. I consider a New Keynesian model and study a dynamic game of monetary and fiscal policy authorities without commitment, characterizing the incentives that drive the choice of interest rate.2019-12-30T09:16:41+00:00enMonetary Policy and Government Debt Dynamics Without Commitment2019-12-30Fiscal policyMonetary policyStaff Working Paper 2019-52https://www.bankofcanada.ca/wp-content/uploads/2019/12/swp2019-52.pdfMonetary Policy and Government Debt Dynamics Without CommitmentDmitry MatveevDecember 2019EE5E52E6E62E63Technology Adoption in Input-Output Networks
https://www.bankofcanada.ca/2019/12/staff-working-paper-2019-51/
We study how input-output networks affect the speed of technology adoption. In particular, we model the decision to adopt the programming language Python 3 by software packages. Python 3 provides advanced features but is not backward compatible with Python 2, which implies it comes with adoption costs.2019-12-23T15:39:25+00:00enTechnology Adoption in Input-Output Networks2019-12-23Economic modelsFirm dynamicsProductivityStaff Working Paper 2019-51https://www.bankofcanada.ca/wp-content/uploads/2019/12/swp2019-51.pdfTechnology Adoption in Input-Output NetworksXintong HanLei XuDecember 2019CC6C61LL2L23L8L86OO1O14O3O33Monetary Payoff and Utility Function in Adaptive Learning Models
https://www.bankofcanada.ca/2019/12/staff-working-paper-2019-50/
When players repeatedly face an identical or similar game (e.g., coordination game, technology adoption game, or product choice game), they may learn through experience to perform better in the future. This learning behaviour has important economic implications.2019-12-20T15:53:25+00:00enMonetary Payoff and Utility Function in Adaptive Learning Models2019-12-20Econometric and statistical methodsEconomic modelsStaff Working Paper 2019-50https://www.bankofcanada.ca/wp-content/uploads/2019/12/swp2019-50.pdfMonetary Payoff and Utility Function in Adaptive Learning ModelsErhao XieDecember 2019CC5C57C7C72C9C92Creations and Redemptions in Fixed-Income Exchange-Traded Funds: A Shift from Bonds to Cash
https://www.bankofcanada.ca/2019/12/staff-analytical-note-2019-34/
The creation and redemption activity of fixed-income exchange-traded funds listed in the United States has shifted. Funds of established issuers have traditionally exchanged their shares for baskets of bonds. In contrast, young funds managed by new issuers tend to create and redeem their shares almost exclusively in cash. Cash transactions imply that new funds are taking on exposure to liquidity risk. This has implications for financial stability.2019-12-20T11:08:56+00:00enCreations and Redemptions in Fixed-Income Exchange-Traded Funds: A Shift from Bonds to Cash2019-12-20On the Evolution of Multiple Jobholding in Canada
https://www.bankofcanada.ca/2019/12/staff-working-paper-2019-49/
The number of workers who hold more than one job (a.k.a. multiple jobholders) has increased recently in Canada. While this seems to echo the view that non-standard work arrangements are becoming pervasive, the increase has in fact been trivial compared with the long-run rise of multiple jobholding that has occurred since the mid-1970s.2019-12-19T13:34:31+00:00enOn the Evolution of Multiple Jobholding in Canada2019-12-19Econometric and statistical methodsLabour marketsStaff Working Paper 2019-49https://www.bankofcanada.ca/wp-content/uploads/2019/12/swp2019-49.pdfOn the Evolution of Multiple Jobholding in CanadaOlena KostyshynaEtienne LaléDecember 2019EE2E24JJ2J21J22J6J60Furor over the Fed : Presidential Tweets and Central Bank Independence
https://www.bankofcanada.ca/2019/12/staff-analytical-note-2019-33/
We illustrate how market data can be informative about the interactions between monetary and fiscal policy. Federal funds futures are private contracts that reflect investor’s expectations about monetary policy decisions.2019-12-18T12:14:31+00:00enFuror over the Fed : Presidential Tweets and Central Bank Independence2019-12-18Model Uncertainty and Wealth Distribution
https://www.bankofcanada.ca/2019/12/staff-working-paper-2019-48/
This paper studies the implications of model uncertainty for wealth distribution in a tractable general equilibrium model with a borrowing constraint and robustness à la Hansen and Sargent (2008). Households confront model uncertainty about the process driving the return of the risky asset, and they choose robust policies.2019-12-17T08:29:50+00:00enModel Uncertainty and Wealth Distribution2019-12-17Asset pricingBusiness fluctuations and cyclesEconomic modelsStaff Working Paper 2019-48https://www.bankofcanada.ca/wp-content/uploads/2019/12/swp2019-48.pdfModel Uncertainty and Wealth DistributionEdouard DjeutemShaofeng XuDecember 2019DD3D8EE2The Cyber Incident Landscape
https://www.bankofcanada.ca/2019/12/staff-analytical-note-2019-32/
The Canadian financial system is vulnerable to cyber threats. But for many firms, cyber risk is difficult to quantify. We examine public information on past cyber incidents to better understand the current risk landscape and find that a holistic view is needed to fully grasp the nature of this risk.2019-12-13T09:00:23+00:00enThe Cyber Incident Landscape2019-12-13Changing Fortunes: Long-Termism—G-Zero, Artificial Intelligence and Debt
https://www.bankofcanada.ca/2019/12/staff-discussion-paper-2019-12/
This paper discusses three long-term forces that are acting on the global economy and their implications for companies and policy-makers.2019-12-11T10:17:23+00:00enChanging Fortunes: Long-Termism—G-Zero, Artificial Intelligence and Debt2019-12-11Financial stabilityInternational topicsMonetary policyMonetary policy and uncertaintyTrade integrationStaff Discussion Paper 2019-12https://www.bankofcanada.ca/wp-content/uploads/2019/12/sdp2019-12.pdfChanging Fortunes: Long-Termism—G-Zero, Artificial Intelligence and DebtStephen S. PolozDecember 2019EE6E63FF0F02F1F15F5F53F6HOO1O11O3O332018 Merchant Acceptance Survey
https://www.bankofcanada.ca/2019/12/staff-analytical-note-2019-31/
In 2015, the Bank of Canada surveyed merchants and found that cash was nearly universally accepted (Fung, Huynh and Kosse 2017). Since 2015, retail payments in Canada have become increasingly digitalized, as many Canadians have adopted digital payment innovations like contactless cards and Interac e-Transfer.2019-12-11T07:23:38+00:00en2018 Merchant Acceptance Survey2019-12-11