E58 - Central Banks and Their Policies - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T05:22:58+00:00Predicting 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 2021EE5E50E58Central 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 2021EE4E41E42E5E52E58HH1H12H6H63Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-62/
Does the transmission of monetary policy change when interest rates are low or negative? We shed light on this question by analyzing the international bank lending channels of monetary policy using regulatory data on banks from four small open economies: Canada, Chile, the Czech Republic and Norway.2021-11-30T09:13:09+00:00enMonetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?2021-11-30Financial institutionsInternational topicsMonetary policy transmissionStaff Working Paper 2021-62https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-62.pdfStaff Working Paper 2021-62Jin CaoValeriya DingerTomás GómezZuzana GricMartin HodulaAlejandro JaraRagnar JuelsrudKarolis LiaudinskasSimona MalovanáYaz TerajimaNovember 2021EE4E43E5E52E58FF3F34F4F42GG2G21G28The impact of the Bank of Canada’s Government Bond Purchase Program
https://www.bankofcanada.ca/2021/10/staff-analytical-note-2021-23/
We assess the response of Government of Canada bond yields to the Bank of Canada’s initial announcement of the Government Bond Purchase Program (GBPP) as well as to the Bank’s later GBPP purchase operations.2021-10-15T10:00:10+00:00enThe impact of the Bank of Canada’s Government Bond Purchase Program2021-10-15The Bank of Canada’s “Horse Race” of Alternative Monetary Policy Frameworks: Some Interim Results from Model Simulations
https://www.bankofcanada.ca/2021/08/staff-discussion-paper-2021-13/
Bank of Canada staff are running a “horse race” of alternative monetary policy frameworks in the lead-up to 2021 renewal of the Bank’s monetary policy framework. This paper summarizes some interim results of model simulations from their research.2021-08-13T10:10:01+00:00enThe Bank of Canada’s “Horse Race” of Alternative Monetary Policy Frameworks: Some Interim Results from Model Simulations2021-08-13Central bank researchEconomic modelsInflation targetsMonetary policyMonetary policy frameworkMonetary policy transmissionStaff Discussion Paper 2021-13https://www.bankofcanada.ca/wp-content/uploads/2021/08/sdp2021-13.pdfThe Bank of Canada’s “Horse Race” of Alternative Monetary Policy Frameworks: Some Interim Results from Model SimulationsJosé DorichRhys R. MendesYang ZhangAugust 2021EE2E27E3E4E5E52E58The Positive Case for a CBDC
https://www.bankofcanada.ca/2021/07/staff-discussion-paper-2021-11/
We discuss the competition and innovation arguments for issuing a central bank digital currency (CBDC). A CBDC could be an effective competition policy tool for payments. A CBDC could also support the vibrancy of the digital economy. It could help solve market failures and foster competition and innovation in new digital payments markets.2021-07-20T09:59:49+00:00enThe Positive Case for a CBDC2021-07-20Digital currencies and fintechFinancial institutionsFinancial stabilityStaff Discussion Paper 2021-11https://www.bankofcanada.ca/wp-content/uploads/2021/07/sdp2021-11.pdfStaff Discussion Paper 2021-11Andrew UsherEdona ReshidiFrancisco RivadeneyraScott HendryJuly 2021EE4E42E5E58LL4L5Sequencing Extended Monetary Policies at the Effective Lower Bound
https://www.bankofcanada.ca/2021/07/staff-discussion-paper-2021-10/
In this analysis, we use simulations in the Bank of Canada’s projection model—the Terms-of-Trade Economic Model—to consider a suite of extended monetary policies to support the economy following the COVID-19 crisis.2021-07-15T14:59:27+00:00enSequencing Extended Monetary Policies at the Effective Lower Bound2021-07-15Coronavirus disease (COVID-19)Monetary policyMonetary policy transmissionStaff Discussion Paper 2021-10https://www.bankofcanada.ca/wp-content/uploads/2021/07/sdp2021-10.pdfStaff Discussion Paper 2021-10Yang ZhangLena SuchanekJonathan SwarbrickJoel WagnerTudor SchlangerJuly 2021EE3E4E5E52E58COVID-19 crisis: Liquidity management at Canada’s largest public pension funds
https://www.bankofcanada.ca/2021/05/staff-analytical-note-2021-11/
We examine how the eight largest Canadian public pension funds managed liquidity during the market turmoil in March 2020. The funds were generally resilient to large demands for liquidity and relied heavily on Canada's core funding markets.2021-05-28T09:50:35+00:00enCOVID-19 crisis: Liquidity management at Canada’s largest public pension funds2021-05-28Behaviour in the Canadian large-value payment system: COVID-19 vs. the global financial crisis
https://www.bankofcanada.ca/2021/05/staff-analytical-note-2021-7/
Unlike the 2008–09 global financial crisis, the onset of the COVID-19 crisis did not raise stress levels in Canada’s Large Value Transfer System. Swift changes to the Bank of Canada’s collateral policy and its large-scale asset purchase programs likely eased liquidity pressures in the system.2021-05-06T15:09:44+00:00enBehaviour in the Canadian large-value payment system: COVID-19 vs. the global financial crisis2021-05-06