Credit and credit aggregates, Lender of last resort, Monetary and financial indicators, Financial institutions, Financial markets, International financial markets, Monetary policy implementation, Financial system regulation and policies, Financial services, Financial stability, Market structure and pricing, Payment clearing and settlement systems
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Supporting the Transition to Net-Zero Emissions: The Evolving Role of Central Banks
While climate change was largely tackled by government policies in the past, central banks are increasingly grappling with the risks climate change poses. They are evaluating their operational policies to reflect these risks and the transition to a net-zero economy. This paper explores the trade-offs and considerations central banks face. -
Central Bank Crisis Interventions: A Review of the Recent Literature on Potential Costs
Central banks’ actions to stabilize financial markets and implement monetary policy during crises may come with costs and side effects. We provide a literature review of these costs and discuss measures that may mitigate the negative impacts of crisis actions. -
Testing Collusion and Cooperation in Binary Choice Games
This paper studies the testable implication of players’ collusive or cooperative behaviour in a binary choice game with complete information. I illustrate the implementation of this test by revisiting the entry game between Walmart and Kmart. -
How Far Do Canadians Need to Travel to Access Cash?
This paper develops a travel-based metric to measure Canadians’ access to cash from automated banking machines (ABMs) and financial institution branches. We find that, overall, access to cash remained stable between 2019 and 2022. The total number of ABMs in Canada increased by 3.7% and the total number of branches decreased by 5.2% during that period. -
November 9, 2023
Getting used to higher interest rates
Senior Deputy Governor Carolyn Rogers talks about why interest rates could settle at a higher level than Canadians are used to and why preparing early for that possible outcome is important. -
November 9, 2023
Financial stability in a world of higher interest rates
Senior Deputy Governor Carolyn Rogers talks about financial stability in an era of higher interest rates. -
Digitalization: Prices of Goods and Services
This paper outlines and assesses the various channels through which digitalization can affect prices of goods and services. -
Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans
We investigate alternative student debt contracts that defer payments and ease the burden of student loans on US households by preserving disposable income early in borrowers’ lives. Our model shows substantial welfare gains from these contracts relative to existing plans and gains similar to the Biden administration's proposals but with a significantly lower cost. -
Decentralized finance: Innovations and challenges
Decentralized finance surged in popularity around 2020. We explore its value and limitations and highlight some potential regulatory concerns.