Find Bank of Canada research by keyword, author, content type, JEL code, topic or date of publication.
Receive notification by email whenever new research is added to the website.
1919
result(s)
Consumer Credit Regulation and Lender Market Power
Staff Working Paper 2024-36
Zachary Bethune,
Joaquín Saldain,
Eric R. Young
We investigate the welfare consequences of consumer credit regulation in a dynamic, heterogeneous-agent model with endogenous lender market power. Lenders post credit offers and borrowers—some informed and others uninformed—apply for credit. We calibrate the model to match characteristics of the unsecured consumer credit market and use the calibrated model to evaluate interest rate ceilings.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Financial markets,
Interest rates
JEL Code(s):
D,
D1,
D15,
D4,
D43,
D6,
D60,
D8,
D83,
E,
E2,
E21,
G,
G5,
G51
Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?
Staff Working Paper 2024-35
Jonathan Chiu,
Cyril Monnet
This paper explores the implications of introducing digital public and private monies (e.g. tokenized central bank digital currency [CBDC] or tokenized deposits) for stablecoins and illicit crypto transactions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Financial stability,
Monetary policy
JEL Code(s):
E,
E5,
E50,
E58
Estimating the Portfolio-Balance Effects of the Bank of Canada’s Government of Canada Bond Purchase Program
Staff Working Paper 2024-34
Antonio Diez de los Rios
Using a novel dynamic portfolio balance model of the yield curve for Government of Canada bonds, I find that the Bank of Canada’s Government of Canada Bond Purchase Program reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Central bank research,
Coronavirus disease (COVID-19),
Interest rates,
Monetary policy
JEL Code(s):
E,
E4,
E43,
E5,
E52,
G,
G1,
G12,
H,
H6,
H63
Evaluating the portfolio balance effects of the Government of Canada Bond Purchase Program on the Canadian yield curve
Staff Analytical Note 2024-22
Antonio Diez de los Rios
The Bank of Canada’s Government of Canada Bond Purchase Program, launched in response to the COVID-19 pandemic, lowered the weighted average maturity of the Government of Canada’s debt by approximately 1.4 years. This in turn reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Asset pricing,
Central bank research,
Coronavirus disease (COVID-19),
Interest rates,
Monetary policy
JEL Code(s):
E,
E4,
E43,
E5,
E52,
G,
G1,
G12,
H,
H6,
H63
Digital Payments: A Framework for Inclusive Design
Staff Discussion Paper 2024-15
Sebastian Hernandez,
Alexandra Sutton-Lalani,
John Miedema,
Virginie Cobigo,
Fatoumata Bah,
Munazza Tahir,
Danika Lévesque,
Badr Omrane
We propose a framework for designing cognitively accessible payment and banking interfaces through design guidelines, testing and proposed measures to optimize system learnability and user workload. We include, as a case study, the results of testing this framework with users with cognitive disabilities, using a prototype system for voice payments.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Accessibility,
Bank notes,
Central bank research,
Digital currencies and fintech,
Digitalization,
Financial services
Monetary Policy Governance: Bank of Canada Practices to Support Policy Effectiveness
Staff Discussion Paper 2024-14
Brigitte Desroches,
Sharon Kozicki,
Laure Simon
We examine different monetary policy governance structures and discuss the important roles of non-legislated processes and practices. We also provide an update on monetary policy governance at the Bank of Canada and how it has evolved over time.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Credibility,
Monetary policy communications,
Monetary policy framework
JEL Code(s):
E,
E0,
E02,
E5,
E58
Ecosystem Models for a Central Bank Digital Currency: Analysis Framework and Potential Models
Staff Discussion Paper 2024-13
Youming Liu,
Francisco Rivadeneyra,
Edona Reshidi,
Oleksandr Shcherbakov,
André Stenzel
This note analyzes different economic models of a central bank digital currency (CBDC) ecosystem where the central bank chooses different levels of market involvement and usage of policy levers. The analysis suggests that there are trade-offs between the costs to the central bank and its ability to achieve policy goals like universal access.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E5,
E58,
E6,
E61,
L,
L5
Household Food Inflation in Canada
Staff Working Paper 2024-33
Olena Kostyshyna,
Maude Ouellet
We study food inflation rates for Canadian households during periods of low and high inflation from 2012Q4 to 2023Q4. Households experienced more varied inflation rates during the recent high inflation. Cumulative food inflation has been 2.2 percentage points higher for lower-income households than for highest-income households since the inflation surge.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices
JEL Code(s):
E,
E2,
E21,
E3,
E30,
E31,
L,
L8,
L81
Let’s Get Physical: Impacts of Climate Change Physical Risks on Provincial Employment
Staff Working Paper 2024-32
Thibaut Duprey,
Soojin Jo,
Geneviève Vallée
We analyze 40 years’ worth of natural disasters using a local projection framework to assess their impact on provincial labour markets in Canada. We find that disasters decrease hours worked within a week and lower wage growth in the medium run. Our study highlights that disasters affect vulnerable workers through the income channel.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Climate change,
Labour markets,
Regional economic developments
JEL Code(s):
C,
C3,
C33,
E,
E2,
E24,
J,
J3,
Q,
Q5,
Q54