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2333
result(s)
COVID-19 and Financial Stability: Practice Ahead of Theory
Staff Discussion Paper 2022-18
Jing Yang,
Hélène Desgagnés,
Grzegorz Halaj,
Yaz Terajima
The COVID-19 pandemic uncovered policy challenges related to the economic measures that were taken to support the economy. Two years later, we attempt to identify the broader impact of these measures and research that needs to follow.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Coronavirus disease (COVID-19),
Financial stability,
Financial system regulation and policies
JEL Code(s):
E,
E5,
E58,
E6,
E61,
G,
G2,
G21,
H,
H3,
H8,
H84
Cash, COVID-19 and the Prospects for a Canadian Digital Dollar
Staff Discussion Paper 2022-17
Walter Engert,
Kim Huynh
We provide an analysis of cash trends in Canada before and during the COVID-19 pandemic. We also consider the potential two scenarios for issuance of a central bank digital currency in Canada: the emergence of a cashless society or the widespread use of an alternative digital currency in Canada. Finally, we discuss the Canadian experience in maintaining cash as an efficient and accessible method of payment and store of value.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Central bank research,
Coronavirus disease (COVID-19),
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C12,
C9,
E,
E4,
O,
O5,
O54
BoC–BoE Sovereign Default Database: What’s new in 2022?
Staff Analytical Note 2022-11
David Beers,
Elliot Jones,
Karim McDaniels,
Zacharie Quiviger
The BoC–BoE database of sovereign debt defaults, published and updated annually by the Bank of Canada and the Bank of England, provides comprehensive estimates of stocks of government obligations in default.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Debt management,
Development economics,
Financial stability,
International financial markets
JEL Code(s):
F,
F3,
F34,
G,
G1,
G10,
G14,
G15
Has wage setting changed in Canada? Evidence from the pre-pandemic 2020 Wage-Setting Survey
Staff Analytical Note 2022-10
David Amirault,
Sarah Miller,
Matthieu Verstraete
Just before the pandemic began, the Bank of Canada conducted the 2020 Wage-Setting Survey. The goal was to explore the unusual trend of subdued wage growth in 2018 and 2019 despite a tightening in the labour market. Although this wage puzzle was beginning to resolve at the time of the survey, results highlight changes in several factors that may have important impacts on wage dynamics.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Labour markets
JEL Code(s):
J,
J3,
J31,
J32,
J33,
J6,
J63
Risk and State-Dependent Financial Frictions
Staff Working Paper 2022-37
Martin Harding,
Rafael Wouters
Using a nonlinear New Keynesian model with a financial accelerator, we show that financial frictions generate large state-dependent amplification effects. Shocks propagate more strongly in periods of financial stress. We propose an endogenous regime-switching DSGE framework for efficient estimation and improved model fit.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Credit and credit aggregates,
Financial stability,
Monetary policy
JEL Code(s):
E,
E5,
E52,
E58
Weather the Storms? Hurricanes, Technology and Oil Production
Staff Working Paper 2022-36
Johan Brannlund,
Geoffrey R. Dunbar,
Reinhard Ellwanger,
Matthew Krutkiewicz
Do technological improvements mitigate the potential damages from extreme weather events? We show that hurricanes lower offshore oil production in the Gulf of Mexico and that stronger storms have larger impacts. Regulations enacted in 1980 that required improved offshore construction standards only modestly mitigated the production losses.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Climate change,
Potential output
JEL Code(s):
C,
C2,
C22,
C23,
Q,
Q4,
Q40,
Q48,
Q5,
Q54
PayTech and the D(ata) N(etwork) A(ctivities) of BigTech Platforms
Staff Working Paper 2022-35
Jonathan Chiu,
Thorsten Koeppl
Why do BigTech platforms introduce payment services? We explore this using a model in which a monopoly platform faces a trade-off between the costs associated with privacy concerns and the revenue from data services. We then analyze the feedback effects between data and payments.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
D,
D8,
E,
E4,
E42,
L,
L1
Income Inequality in Canada
Staff Discussion Paper 2022-16
Sarah Burkinshaw,
Yaz Terajima,
Carolyn A. Wilkins
Data show that income inequality in Canada increased substantially during the 1980s and first half of the 1990s but has been relatively stable over the past 25 years. This increase was felt mainly by low-income earners and younger people, while older people benefited from higher retirement income.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Labour markets,
Monetary and financial indicators
JEL Code(s):
D,
D3,
D31,
D6,
D63,
I,
I2,
I24,
I3,
I32,
J,
J3,
J31,
J32,
N,
N3,
N32
How Do People View Price and Wage Inflation?
Staff Working Paper 2022-34
Monica Jain,
Olena Kostyshyna,
Xu Zhang
This paper examines household-level data from the Canadian Survey of Consumer Expectations (CSCE) to understand households’ expectations about price and wage inflation, how those expectations link to views about labour market conditions and the subsequent impact on households’ outlook for real spending growth.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Monetary policy communications
JEL Code(s):
C,
C8,
C83,
D,
D8,
D84,
E,
E2,
E21,
E24,
E3,
E31