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182 result(s)

Canadian Financial Stress and Macroeconomic Conditions

Staff Discussion Paper 2020-4 Thibaut Duprey
Severe disruptions in the financial markets, as observed during the 2008 global financial crisis or the COVID-19 pandemic, can impair the stability of the entire financial system and worsen macroeconomic downturns.

Scenario Analysis and the Economic and Financial Risks from Climate Change

Staff Discussion Paper 2020-3 Erik Ens, Craig Johnston
This paper adapts climate-economy models that have been applied in other contexts for use in climate-related scenario analysis. We consider illustrative scenarios for the global economy that could generate economic and financial risks. Our results suggest there are significant economic risks from climate change and the move to a low-carbon economy.

Is Central Bank Currency Fundamental to the Monetary System?

Staff Discussion Paper 2020-2 Hanna Armelius, Carl Andreas Claussen, Scott Hendry
In this paper, we discuss whether the ability of individuals to convert commercial bank money (i.e., bank deposits) into central bank money is fundamentally important for the monetary system.

The Power of Helicopter Money Revisited: A New Keynesian Perspective

Staff Discussion Paper 2020-1 Thomas J. Carter, Rhys R. Mendes
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a “textbook” model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves.

Changing Fortunes: Long-Termism—G-Zero, Artificial Intelligence and Debt

Staff Discussion Paper 2019-12 Stephen S. Poloz
This paper discusses three long-term forces that are acting on the global economy and their implications for companies and policy-makers.

Technological Progress and Monetary Policy: Managing the Fourth Industrial Revolution

Staff Discussion Paper 2019-11 Stephen S. Poloz
This paper looks at the implications for monetary policy of the widespread adoption of artificial intelligence and machine learning, which is sometimes called the “fourth industrial revolution.”

2018 Bitcoin Omnibus Survey: Awareness and Usage

The Bank of Canada continues to use the Bitcoin Omnibus Survey (BTCOS) to monitor trends in Canadians’ awareness, ownership and use of Bitcoin. The most recent iteration was conducted in late 2018, following an 85 percent decline in the price of Bitcoin throughout the year.

A Comprehensive Evaluation of Measures of Core Inflation in Canada: An Update

Staff Discussion Paper 2019-9 Helen Lao, Ceciline Steyn
We provide an updated evaluation of the value of various measures of core inflation that could be used in the conduct of monetary policy. We find that the Bank of Canada’s current preferred measures of core inflation—CPI-trim, CPI-median and CPI-common—continue to outperform alternative core measures across a range of criteria.

Exploring Wage Phillips Curves in Advanced Economies

Staff Discussion Paper 2019-8 Rose Cunningham, Vikram Rai, Kristina Hess
We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework.