Posts

• January 14, 2022

  Climate transition scenario data

  In November 2020, the Bank of Canada launched a pilot project with the Office of the Superintendent of Financial Institutions aimed at better understanding risks to the economy and the financial system related to climate change. Part of this work included developing a set of Canada-relevant climate transition scenarios that explore pathways consistent with achieving certain climate targets.

• Transition Scenarios for Analyzing Climate-Related Financial Risk

  Staff Discussion Paper 2022-1 Y.-H. Henry Chen, Erik Ens, Olivier Gervais, Hossein Hosseini Jebeli, 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 Research 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
• January 13, 2022

  Notice of memorandum of understanding between the Autorité des marchés financiers, the British Columbia Securities Commission, the Ontario Securities Commission and the Bank of Canada

  In support of its mandate as the resolution authority for Canadian financial market infrastructures (FMIs), the Bank of Canada has entered into a memorandum of understanding (MOU) with the Autorité des marchés financiers, the British Columbia Securities Commission and the Ontario Securities Commission.

  Content Type(s): Press, Market notices

• 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 Research 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 Research 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 Research Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): E, E4, E42, G, G2
• January 10, 2022

  Operational details for upcoming secondary market purchases of Government of Canada securities (January 17-28)

  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).

  Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program

• 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 Research Topic(s): Firm dynamics, Recent economic and financial developments JEL Code(s): C, C5, C55, C8, C81, D, D2, D22, E, E3, E32
• December 31, 2021

  Research Update - December 2021

  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.

  Content Type(s): Staff research, Research newsletters

• 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 Research Topic(s): Digital currencies and fintech JEL Code(s): E, E4, E41, E42