Posts - Bank of Canada
https://www.bankofcanada.ca/rss-feeds/
Bank of Canada RSS Feedsen2024-03-29T13:19:02+00:00Research Update - December 2021
https://www.bankofcanada.ca/wp-content/uploads/2022/01/monthly-research-newsletter-december-2021.pdf
This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.2021-12-31T09:05:38+00:00enResearch Update - December 20212021-12-31Best Before? Expiring Central Bank Digital Currency and Loss Recovery
https://www.bankofcanada.ca/2021/12/staff-working-paper-2021-67/
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.2021-12-24T10:14:51+00:00enBest Before? Expiring Central Bank Digital Currency and Loss Recovery2021-12-24Digital currencies and fintechStaff Working Paper 2021-67https://www.bankofcanada.ca/wp-content/uploads/2021/12/swp2021-67.pdfStaff Working Paper 2021-67Charles M. KahnMaarten van OordtYu ZhuDecember 2021EE4E41E42Understanding the output gap
https://www.bankofcanada.ca/2021/12/understanding-output-gap/
The output gap is the difference between what an economy actually produces and what it would produce in an ideal world.2021-12-24T09:31:54+00:00enUnderstanding the output gap2021-12-24Understanding productivity
https://www.bankofcanada.ca/2021/12/understanding-productivity/
High productivity helps raise our standard of living and keep our economy competitive.2021-12-24T09:30:37+00:00enUnderstanding productivity2021-12-24News-Driven International Credit Cycles
https://www.bankofcanada.ca/2021/12/staff-working-paper-2021-66/
This paper examines the implications of positive news about future asset values that turn out to be incorrect at a later date in an open economy model with banking. The model captures the patterns of bank credit and current account dynamics in Spain between 2000 and 2010. The model finds that the use of unconventional policies leads to a milder bust.2021-12-23T13:31:43+00:00enNews-Driven International Credit Cycles2021-12-23Credit and credit aggregatesEconomic modelsFinancial stabilityRecent economic and financial developmentsSectoral balance sheetStaff Working Paper 2021-66https://www.bankofcanada.ca/wp-content/uploads/2021/12/swp2021-66.pdfStaff Working Paper 2021-66Galip Kemal OzhanDecember 2021EE4E44FF3F32F4F41GG1G15G2G21Operational details for upcoming secondary market purchases of Government of Canada securities (January 3-14)
https://www.bankofcanada.ca/2021/12/operational-details-upcoming-secondary-market-purchases-government-canada-securities-january-3-14/
As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP).2021-12-22T14:00:11+00:00enOperational details for upcoming secondary market purchases of Government of Canada securities (January 3-14)2021-12-22Predicting the Demand for Central Bank Digital Currency: A Structural Analysis with Survey Data
https://www.bankofcanada.ca/2021/12/staff-working-paper-2021-65/
How much of a CBDC would Canadian households want to hold, and what design features of a CBDC would they care about?2021-12-20T10:17:03+00:00enPredicting the Demand for Central Bank Digital Currency: A Structural Analysis with Survey Data2021-12-20Central bank researchDigital currencies and fintechStaff Working Paper 2021-65https://www.bankofcanada.ca/wp-content/uploads/2021/12/swp2021-65.pdfStaff Working Paper 2021-65Jiaqi LiDecember 2021EE5E50E58Quantifying the Economic Benefits of Payments Modernization: the Case of the Large-Value Payment System
https://www.bankofcanada.ca/2021/12/staff-working-paper-2021-64/
Canada is undertaking a major initiative to modernize its payments ecosystem. The modernized ecosystem is expected to bring significant benefits to Canadian financial markets and the overall economy. We develop an empirical framework to quantify the economic benefits of modernizing the payment system in Canada.2021-12-17T16:20:19+00:00enQuantifying the Economic Benefits of Payments Modernization: the Case of the Large-Value Payment System2021-12-17Financial institutionsFinancial system regulation and policiesPayment clearing and settlement systemsStaff Working Paper 2021-64https://www.bankofcanada.ca/wp-content/uploads/2021/12/swp2021-64.pdfStaff Working Paper 2021-64Neville ArjaniFuchun LiZhentong LuDecember 2021CC3EE4E42GG1G2G28Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design
https://www.bankofcanada.ca/2021/12/staff-working-paper-2021-63/
Should a CBDC be more like cash or bank deposits? An interest-bearing, cash-like CBDC not only makes payments more efficient but also increases total demand. This has positive effects on other transactions, inducing more deposit taking and lending and, thus, bank intermediation.2021-12-17T15:06:29+00:00enCentral Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design2021-12-17Digital currencies and fintechMonetary policyMonetary policy frameworkStaff Working Paper 2021-63https://www.bankofcanada.ca/wp-content/uploads/2021/12/swp2021-63.pdfStaff Working Paper 2021-63Jonathan ChiuMohammad DavoodalhosseiniDecember 2021EE5E50E58Revisiting 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 2021EE4E41E42E5E52E58HH1H12H6H63