The Ecology of Automated Market Makers
This paper describes the ecology of automated market makers, which are the most popular decentralized exchange model for the pricing and trading of crypto assets within decentralized finance.
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.
1978
result(s)
The Role of Public Money in the Digital Age
Staff Discussion Paper 2024-11
Francisco Rivadeneyra,
Scott Hendry,
Alejandro García
A well-functioning monetary system is characterized by public and private forms of money that exchange at par as value flows freely between them. A relevant retail public money—whether in the form of cash, a central bank digital currency or both—is a necessary component of such a monetary system.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Central bank research,
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E50,
E58
Untapped Potential: Mobile Device Ownership and Mobile Payments in Canada
Staff Working Paper 2024-25
Marie-Hélène Felt,
Angelika Welte,
Katrina Talavera
We present a two-stage model of mobile phone and mobile payment usage that controls for selectivity. This reveals unobserved factors that work against having a mobile phone and toward mobile paying. Therefore, people who are unable to acquire or choose not to own a mobile device might have unmet payment needs.
Content Type(s):
Staff research,
Staff working papers
Research Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
C,
C3,
C39,
D,
D1,
D12,
E,
E4,
E42
Analysis of DeFi Oracles
Staff Discussion Paper 2024-10
Xun Deng,
Sidi Mohamed Beillahi,
Cyrus Minwalla,
Han Du,
Andreas Veneris,
Fan Long
Oracles are constructs used in decentralized finance to price assets relative to each other. However, oracles contain defects that could lead to manipulation attacks. Such attacks exploit pricing models embedded within oracles to defraud creators and users. We automatically verify defects, which if mitigated, improves the security of digital currency.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Central bank research,
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E51,
G,
G1,
G15,
O,
O3,
O31
Deriving Longer-Term Inflation Expectations and Inflation Risk Premium Measures for Canada
Staff Discussion Paper 2024-9
Bruno Feunou,
Zabi Tarshi
We present two models for long-term inflation expectations and inflation risk premiums for Canada.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C5,
C58,
E,
E4,
E43,
E47,
G,
G1,
G12
2023 Methods-of-Payment Survey Report: The Resilience of Cash
Staff Discussion Paper 2024-8
Christopher Henry,
Matthew Shimoda,
Doina Rusu
We present key results from the 2023 Methods-of-Payment Survey. Results show that measures of cash management and use have remained stable since 2020, and that Canadians increased their adoption of payment alternatives such as mobile apps in 2023.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
D,
D8,
D83,
E,
E4,
E41
The Output-Inflation Trade-off in Canada
Staff Discussion Paper 2024-7
Stefano Gnocchi,
Fanny McKellips,
Rodrigo Sekkel,
Laure Simon,
Yinxi Xie,
Yang Zhang
We explain how the Bank of Canada’s policy models capture the trade-off between output and inflation in Canada. We provide new estimates of the trade-off and contrast them with those in the Bank’s macroeconomic models.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
Inflation and prices,
Monetary policy transmission
JEL Code(s):
E,
E3,
E31,
E5,
E52
How big is cash-futures basis trading in Canada’s government bond market?
Staff Analytical Note 2024-16
Andreas Uthemann,
Rishi Vala
Cash-futures basis trading has grown alongside the Government of Canada bond futures market. We examine this growth over time in relation to Government of Canada bond and repurchase agreement markets and provide details on the type of market participants that engage in this type of trading activity.
Content Type(s):
Staff research,
Staff analytical notes
Research Topic(s):
Financial institutions,
Financial markets,
Financial stability,
Market structure and pricing
JEL Code(s):
D,
D4,
D47,
D5,
D53,
G,
G1,
G12,
G2,
G23
Non-bank financial intermediation: Canada’s submission to the 2023 global monitoring report
Staff Analytical Note 2024-15
Malcolm Fisher,
Alan Walsh
We share insights from Canadian data from 2002 to 2022 that the Bank of Canada collected. The Bank submits these data each year to the Financial Stability Board for inclusion in its Global Monitoring Report on Non-Bank Financial Intermediation.
Content Type(s):
Staff research,
Staff analytical notes
Research Topic(s):
Financial institutions,
Sectoral balance sheet
JEL Code(s):
G,
G2,
G21,
G22,
G23
Central Bank Liquidity Policy in Modern Times
Staff Discussion Paper 2024-6
Skylar Brooks
Across several dimensions of lender of last resort policy, I highlight broad changes that have occurred since the 2008–09 global financial crisis and discuss some of the key challenges, choices and considerations facing the designers of central bank liquidity tools today.
Content Type(s):
Staff research,
Staff discussion papers
Research Topic(s):
Central bank research,
Financial institutions,
Financial markets,
Financial stability,
Lender of last resort
JEL Code(s):
D,
D5,
D53,
E,
E5,
E58,
E6,
E61,
G,
G0,
G01,
G2,
G21,
G23,
H,
H1,
H12