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172
result(s)
The Share of Systematic Variations in the Canadian Dollar—Part II
Staff Analytical Note 2017-1
Jean-Sébastien Fontaine,
Guillaume Nolin
This analytical note examines how much of the systematic variation in the Canadian dollar is attributable to its sensitivity to commodity prices. We introduce a new “oil” portfolio that captures systematic variations when the exchange rates of commodity exporters and commodity importers move in opposite directions.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Exchange rates
JEL Code(s):
F,
F3,
F31
Global Real Activity for Canadian Exports: GRACE
Staff Discussion Paper 2017-2
André Binette,
Tony Chernis,
Daniel de Munnik
Canadian exports have often disappointed since the Great Recession. The apparent disconnect between exports and the Bank of Canada’s current measure of foreign demand has created an impetus to search for an alternative.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Balance of payments and components,
Econometric and statistical methods,
Exchange rates
JEL Code(s):
F,
F1,
F10,
F14,
F4,
F43
An Improved Equation for Predicting Canadian Non-Commodity Exports
Staff Discussion Paper 2017-1
Patrick Alexander,
Jean-Philippe Cayen,
Alex Proulx
We estimate two new equations for Canadian non-commodity exports (NCX) that incorporate three important changes relative to the current equation used at the Bank of Canada.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Balance of payments and components,
Exchange rates,
International topics
JEL Code(s):
F,
F1,
F10,
F14,
F17
The Share of Systematic Variations in the Canadian Dollar—Part I
Staff Analytical Note 2016-15
Jean-Sébastien Fontaine,
Guillaume Nolin
In this analytical note we show that the share of the systematic variations in the Canadian dollar has risen significantly in the past two decades. Systematic variations in the exchange rate are shared with other currencies. This parallels the equity market, where variations in the price of a given stock are shared with variations in the prices of other stocks.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Exchange rates
JEL Code(s):
F,
F3,
F31
On the Value of Virtual Currencies
Staff Working Paper 2016-42
Wilko Bolt,
Maarten van Oordt
This paper develops an economic framework to analyze the exchange rate of virtual currency. Three components are important: first, the current use of virtual currency to make payments; second, the decision of forward-looking investors to buy virtual currency (thereby effectively regulating its supply); and third, the elements that jointly drive future consumer adoption and merchant acceptance of virtual currency.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Digital currencies and fintech,
Exchange rates
JEL Code(s):
E,
E4,
E42,
E5,
E51,
F,
F3,
F31,
G,
G1
Global Macro Risks in Currency Excess Returns
Staff Working Paper 2016-32
Kimberly Berg,
Nelson C. Mark
We study a cross section of carry-trade-generated currency excess returns in terms of their exposure to global fundamental macroeconomic risk.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Exchange rates,
Interest rates
JEL Code(s):
E,
E2,
E21,
E4,
E43,
F,
F3,
F31,
G,
G1,
G12
Ce que révèle une analyse sectorielle des dynamiques récentes de l’inflation au Canada
Staff Analytical Note 2016-7
Laurence Savoie-Chabot
Decomposing total inflation in Canada as measured by the consumer price index (CPI) into its key macroeconomic factors, as presented in the most recent Monetary Policy Report, is an interesting exercise that shows how the exchange rate pass-through, commodity prices and the output gap have influenced the evolution of the total inflation rate over time. This aggregate approach, however, may mask important sectoral changes.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Exchange rates,
Inflation and prices
JEL Code(s):
E,
E3,
E31
What to Expect When China Liberalizes Its Capital Account
Staff Discussion Paper 2016-10
Mark Kruger,
Gurnain Pasricha
When China joined the World Trade Organization in December 2001, it marked a watershed for the world economy. Ten years from now, the opening of China’s capital account and the financial integration that will unfold will be viewed as a milestone of similar importance.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Balance of payments and components,
Exchange rate regimes,
International topics
JEL Code(s):
F,
F3,
F31,
F32,
G,
G1,
G18
A Bitcoin Standard: Lessons from the Gold Standard
Staff Working Paper 2016-14
Warren E. Weber
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange that would exist under the Bitcoin standard.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Exchange rates,
Financial services,
Inflation and prices
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58