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1925
result(s)
Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge in the US?
Staff Working Paper 2024-38
Jing Cynthia Wu,
Yinxi Xie,
Ji Zhang
We assess whether unconventional monetary and fiscal policy implemented in response to the COVID-19 pandemic in the U.S. contribute to the 2021-2023 inflation surge through the lens of several different empirical methodologies and establish a null result.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Central bank research,
Fiscal policy,
Inflation and prices,
Monetary policy
JEL Code(s):
E,
E3,
E31,
E5,
E52,
E6,
E63
Beyond the averages: Measuring underlying wage growth using Labour Force Survey microdata
Staff Analytical Note 2024-23
Fares Bounajm,
Tessa Devakos,
Gabriela Galassi
When it comes to understanding the influence of labour costs on inflation, average wage growth is a misleading indicator because it is affected by composition effects. We propose an alternative measure that corrects for these effects by using microdata from the Labour Force Survey. Our new measure has many desirable properties, including reduced volatility and a better relationship with labour market fundamentals.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Econometric and statistical methods,
Labour markets
JEL Code(s):
C,
C3,
C31,
J,
J2,
J21,
J3,
J30,
J31,
J8,
J82
An Anatomy of Firms’ Political Speech
Staff Working Paper 2024-37
Pablo Ottonello,
Wenting Song,
Sebastian Sotelo
We study the distribution of political speech across U.S. firms. We develop a measure of political engagement based on firms’ communications (earning calls, regulatory filings, and social media) by training a large language model to identify statements that contain political opinions. Using these data, we document five facts about firms’ political engagement.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Firm dynamics,
Market structure and pricing,
Recent economic and financial developments
JEL Code(s):
D,
D2,
D22,
D6,
D63,
G,
G4,
G41,
L,
L1,
L11,
L2,
L20
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