The Effect of Oil Price Shocks on Asset Markets: Evidence from Oil Inventory News
We quantify the reaction of U.S. equity, bond futures, and exchange rate returns to oil price shocks driven by oil inventory news.
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1080
result(s)
Demand for Payment Services and Consumer Welfare: The Introduction of a Central Bank Digital Currency
Staff working paper 2020-7
Kim Huynh,
Jozsef Molnar,
Oleksandr Shcherbakov,
Qinghui Yu
Using a two-stage model, we study the determinants of Canadian consumers’ choices of payment method at the point of sale. We estimate consumer preferences and adoption costs for various combinations of payment methods. We analyze how introducing a central bank digital currency would affect the market equilibrium.
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
C,
C5,
C51,
E,
E4,
E42,
L,
L1,
L14,
L5,
L52
Research Theme(s):
Models and tools,
Econometric, statistical and computational methods,
Economic models,
Money and payments,
Digital assets and fintech,
Retail payments
A Uniform Currency in a Cashless Economy
Staff analytical note 2020-7
Walter Engert,
Ben Fung
A number of questions can arise when considering the implications of a cashless society. This note considers whether cash is necessary for a uniform currency.
Content Type(s):
Staff research,
Staff analytical notes
JEL Code(s):
E,
E4,
E41,
E42,
E5
Research Theme(s):
Money and payments,
Cash and bank notes,
Digital assets and fintech,
Payment and financial market infrastructures
A Portfolio-Balance Model of Inflation and Yield Curve Determination
Staff working paper 2020-6
Antonio Diez de los Rios
How does the supply of nominal government debt affect the macroeconomy? To answer this question, we propose a portfolio-balance model of the yield curve in which inflation is determined through an interest rate rule.
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
E,
E4,
E43,
E5,
E52,
G,
G1,
G12,
H,
H6,
H63
Research Theme(s):
Models and tools,
Economic models,
Monetary policy,
Inflation dynamics and pressures,
Monetary policy framework and transmission,
Monetary policy tools and implementation
IMPACT: The Bank of Canada’s International Model for Projecting Activity
Technical report No. 116
Patrick Blagrave,
Claudia Godbout,
Justin-Damien Guénette,
René Lalonde,
Nikita Perevalov
We present the structure and features of the International Model for Projecting Activity (IMPACT), a global semi-structural model used to conduct projections and policy analysis at the Bank of Canada. Major blocks of the model are developed based on the rational error correction framework of Kozicki and Tinsley (1999), which allows the model to strike a balance between theoretical structure and empirical performance.
Content Type(s):
Staff research,
Technical reports
JEL Code(s):
C,
C6,
C68,
E,
E2,
E27,
E3,
E37,
F,
F0,
F01,
F3,
F32,
F4,
F47
Research Theme(s):
Models and tools,
Economic models,
Monetary policy,
Real economy and forecasting,
Structural challenges,
International trade, finance and competitiveness
Identifying Consumer-Welfare Changes when Online Search Platforms Change Their List of Search Results
Staff working paper 2020-5
Ryan Martin
Online shopping is often guided by search platforms. Consumers type keywords into query boxes, and search platforms deliver a list of products. Consumers' attention is limited, and exhaustive searches are often impractical.
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
C,
C1,
C14,
D,
D1,
D11,
D12,
D6,
D8,
D83,
L,
L4,
L40
Research Theme(s):
Financial markets and funds management,
Market structure,
Models and tools,
Econometric, statistical and computational methods
Technology Approach for a CBDC
Staff analytical note 2020-6
Dinesh Shah,
Rakesh Arora,
Han Du,
Sriram Darbha,
John Miedema,
Cyrus Minwalla
In this note, we highlight a range of technical options and considerations in designing a contingent system for a central bank digital currency (CBDC) in Canada and explore how these options achieve stated public policy goals.
Content Type(s):
Staff research,
Staff analytical notes
JEL Code(s):
E,
E4,
E42,
E5,
E51,
O,
O3,
O31
Research Theme(s):
Money and payments,
Digital assets and fintech,
Payment and financial market infrastructures,
Retail payments
CBDC and Monetary Sovereignty
Staff analytical note 2020-5
Antonio Diez de los Rios,
Yu Zhu
In an increasingly digitalized world, issuers of private digital currency can weaken central banks’ ability to stabilize the economy. By continuing to make central bank money attractive as a payment instrument in a digital world, a central bank digital currency (CDBC) could help to maintain a country’s monetary sovereignty.
Content Type(s):
Staff research,
Staff analytical notes
JEL Code(s):
E,
E5,
E52,
E58,
F,
F5,
F55,
G,
G1,
G15
Research Theme(s):
Financial system,
Financial stability and systemic risk,
Monetary policy,
Monetary policy tools and implementation,
Money and payments,
Digital assets and fintech,
Payment and financial market infrastructures
CBDC and Monetary Policy
Staff analytical note 2020-4
Mohammad Davoodalhosseini,
Francisco Rivadeneyra,
Yu Zhu
Improving the conduct of monetary policy is unlikely to be the main motivation for central banks to issue a central bank digital currency (CBDC). While some argue that a CBDC could allow more complex transfer schemes or the ability to break below the zero lower bound, we find these benefits might be small or difficult to realize in practice.
Content Type(s):
Staff research,
Staff analytical notes
JEL Code(s):
E,
E4,
E41,
E5,
E51,
E52
Research Theme(s):
Monetary policy,
Monetary policy framework and transmission,
Monetary policy tools and implementation,
Money and payments,
Digital assets and fintech
A Financial Stability Analysis of Zombie Firms in Canada
Staff analytical note 2020-3
Timothy Grieder,
Juan Ortega
We measure the prevalence of zombie firms in Canada and assess how they could potentially affect the financial system.
Content Type(s):
Staff research,
Staff analytical notes
JEL Code(s):
G,
G3,
G32
Research Theme(s):
Financial system,
Financial stability and systemic risk,
Household and business credit